Aseana says manager will step down 30 June – Aseana Properties says that Ireka Development Management Sdn Bhd (“IDM”), the current Development Manager of Aseana, will cease to act as the company’s development manager on 30 June 2019. This represents an extension to IDM’s three months’ notice period and is to ensure a smooth handover following recent appointments.
IDM is a wholly-owned subsidiary of Ireka Corporation Berhad (“ICB”) which holds 23.07% of Aseana’s issued share capital. IDM previously advised the board that it decided to vacate its role as Aseana’s development manager to avoid any perception of conflict between IDM’s role as development manager and ICB’s position as a substantial shareholder of Aseana.
The board decided to internalise the management of Aseana as the most practical and expeditious option moving forward. This involved hiring of a full-time CEO backed up by a small team to manage the key functions of the company. The CEO may choose to outsource certain functions of the company in order to minimise the fixed overheads.
The CEO they have appointed is Say Yeong . He has experience across the fields of banking, property development and investment, as well as real estate finance. After obtaining a Bachelor of Accountancy degree from the National University of Singapore in 1987, Say Yeong served in various banking roles in Singapore, Taiwan and Malaysia. In 2002, he joined Singapore’s CapitaLand group, one of Asia’s largest real estate companies.
As managing director of CapitaLand Malaysia, he was involved in establishing a real estate investment trust (REIT) and private equity property funds for the group. From 2012, he was involved in senior positions in other Malaysian listed entities in both property and banking.
ASPL : Aseana says manager will step down 30 June