Kretam reshuffles board after executive chairman steps down
Kretam Holdings Bhd is reshuffling its leadership after its executive chairman stepped down effective Nov 1, following nearly three years at the helm of the company. The move also brings changes to the board and risk committee of the Sabah-based oil palm plantation company.
Highlights
- Yin Kong Fung, Kretam's executive chairman since March 2024, resigned with immediate effect, citing other work commitments.
- Kretam appointed Chiong Yong Foo, who has more than 40 years of experience in the palm oil industry and a 20% indirect interest, as a non-independent non-executive director.
- Kretam shares closed unchanged at 64 sen, with a market capitalisation of RM1.47 billion; Datuk Lim Nyuk Sang remains the major shareholder, with a 33.07% direct interest.
This article was translated from the original. Read the original version by our correspondent here.
Board changes and appointment details
As reported by The Edge Malaysia, citing the company's bourse filing, Yin Kong Fung, 48, stepped down as executive chairman and executive director, citing "other work commitments".He also relinquished his position as chairman of Kretam's risk committee. Yin was appointed executive chairman in March 2024.
At the same time, Kretam announced the appointment of Chiong Yong Foo as a non-independent non-executive director. Yong Foo, 61, has a direct interest in 1.37 million shares, equivalent to 0.06% of Kretam, and an indirect interest in 465.71 million shares, or 20%, through Jeng Huat (Bahau) Realty Sdn Bhd and Kahang Palm Oil Mill Sdn Bhd.
Yong Foo is the uncle of Chiong Li Wei, an executive director of Kretam. He holds a bachelor's degree in business administration from the University of Toledo in Ohio, U.S., and has more than 40 years of experience in oil palm plantation management.
Implications for the shareholding structure and market
Following Yin's departure from the risk committee, its remaining members are major shareholder Datuk Lim Nyuk Sang, also known as Freddy Lim, and Wong Lee Hung.Lim holds a 33.07% direct interest in Kretam and a 12.76% indirect interest through his private company, Santraprise Sdn Bhd. Kretam shares closed unchanged at 64 sen on Monday, giving it a market capitalisation of RM1.47 billion.
In our earlier article on the impact of the 1MDB scandal on corporate governance, we examined how failures in controls, audits and checks and balances intensified debate about board accountability. We also discussed the need to strengthen whistleblower protections and the role of internal auditors, who need to take a more proactive approach to detecting risks early, including when significant influence and board appointments are involved.
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