IOI Properties' finance chief resigns to pursue other interests

• The company has yet to announce Melissa Tan Swee Peng’s replacement.

KUALA LUMPUR (May 13): IOI Properties Group Bhd (KL:IOIPG) has announced the resignation of its chief financial officer Melissa Tan Swee Peng (pictured) effective from June 3, after having served the company for about two years.

Tan, 50, is resigning "to pursue other personal interests and opportunities”, the property developer said in a filing with Bursa Malaysia on Monday. She was appointed as the CFO on June 1, 2022, according to the company's website.

She oversaw IOI Properties’ finance and treasury management, corporate finance, legal and compliance. She was also involved in driving the group's digital transformation and technology, and sustainability initiatives.

The company has yet to announce Tan’s replacement.

IOI Properties’ net profit for the second quarter ended Dec 31, 2023 (2QFY2024) declined 70% to RM121.5 million from a year earlier, amid a weaker performance of its property development segment as well as its hospitality-and-leisure business.

Quarterly revenue was down 9.48% to RM606.9 million, from RM670.44 million for 2QFY2023.

For the first six months of FY2024, net profit slumped 71.61% to RM295.94 million, from RM1.04 billion for the same period in FY2023, dragged by all business segments except property investment.

Half-year revenue fell 7.86% to RM1.25 billion from RM1.36 billion, mainly due to lower sales for the property development segment in Malaysia and China.

Shares in IOI Properties closed up 15 sen, or 6.38%, at RM2.50 on Monday, giving the group a market capitalisation of RM13.77 billion.

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