Ekovest MD Lim Keng Cheng redesignated as non-executive director

• Keng Cheng, 62, is nephew to Ekovest’s executive chairman Tan Sri Lim Kang Hoo, who controls about 28% stake in the construction group.

KUALA LUMPUR (March 6): Ekovest Bhd managing director Tan Sri Lim Keng Cheng (pictured) has been redesignated as non-executive director with immediate effect, while his alternate director Lim Ding Shyong also stepped down, citing “other commitment” as reason.

Keng Cheng, 62, is nephew to Ekovest’s executive chairman Tan Sri Lim Kang Hoo, who controls about 28% stake in the construction group.

Keng Cheng owns 2.89% in Ekovest as of Jan 26 this year. Meanwhile, he also controls an 81% stake in LEAP Market-listed Lim Seong Hai Capital Bhd, where he sits on the board as non-executive chairman.

Keng Cheng has been Ekovest’s managing director since May 2011, and holds directorship in Iskandar Waterfront Holdings Sdn Bhd (IWH), a real estate developer which is also controlled by Kang Hoo.

Just a day ago, on Tuesday (March 5), IWH and PLS Plantations Bhd — in which Ekovest owns a 67.1% stake — signed a memorandum of understanding (MOU) with Shenzhen provincial government-owned Shenzhen Shenyue Joint Investment Co Ltd (SSJI) to develop an industrial park and innovation hub in Johor.

The proposed development is of a 1,000-acre Johor-Shenzhen Industrial Park in Ulu Sedili, together with a 50-acre Johor-Shenzhen Innovation Development Hub in Johor Bahru.

PLS Plantations is the landowner of one of the identified locations for the developments, said IWH.

Shares of Ekovest closed half a sen or 1.1% lower at 44.5 sen on Wednesday, giving it a market capitalisation of RM1.32 billion.

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