Damansara Realty sees departure of two board members

KUALA LUMPUR (Nov 20): Two of Damansara Realty Bhd's (DBhd) directors have stepped down from the company's board effective immediately.

In a filing with Bursa Malaysia yesterday, DBhd said Datuk Daing A. Malek Daing A. Rahaman, 62, was stepping down as executive vice-chairman after expressing his intention to retire from his post at a recent board meeting, saying he is planning to withdraw gradually from all external commitments.

“DBhd is in better shape now than it was in 2014 when I first came onboard and I am confident that I am leaving it in the hands of professional managers who are committed in the continued sustainable growth of DBhd Group in the future,” he said in a separate statement.

Daing A. Malek was appointed to the board on May 26, 2014. He has more than 30 years of experience in the real estate, property development, construction and material supplies. He is also a member of the Johor Council of Royal Court.

He holds an indirect interest of 49.57% equity shareholding in DBhd through Seaview Holdings Sdn Bhd.

At the same time, Datuk Md Othman Yusof, 60, is resigning as independent non-executive director of the company, citing personal commitments which require his full attention. Md Othman was appointed to the board on Dec 15, 2015.

He is also an executive director of Country Garden Pacificview Sdn Bhd, a position he had held since 2013.

Earlier in July, DBhd had beefed up its board with the appointment of the group chief executive officer Brian Iskandar Zulkarim as the group managing director. It also appointed Azhari Abdul Hamid as the group executive director and Vinnie Chong Pui Ling as an independent non-executive director.

“The board is continuously enhancing its governance and ensuring its composition reflects the range of talent and expertise needed for DBhd to thrive,” said its chairman Datuk Ahmad Zahri Jamil.

DBhd shares closed down one sen or 2.82% at 34.5 sen yesterday, with 82,800 shares done, bringing a market capitalisation of RM109.84 million. — theedgemarkets.com

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