18 September 2014

CEO Voon to part ways with S P Setia on Jan 1, 2015 to pursue his own interests

  18 September 2014

PETALING JAYA: S P Setia Bhd’s Datuk Voon Tin Yow will part ways with the company he has served for close to 20 years, four months ahead of his original contract as acting president and chief executive officer.

Voon was appointed S P Setia acting president and CEO from May 1 this year until April 30 next year to replace its founder, Tan Sri Liew Kee Sin, who had departed the company on April 30.

However, Voon will leave the company that he had built together with Liew on Jan 1, 2015.

In a statement, he said: “Having served for almost two decades, it is time for me to step down to pursue my own interests.

“I am happy that S P Setia is currently strong and stable; and I believe the team spirit in the company will persevere during this period of transition.”

Previously, S P Setia’s former chief financial officer Datuk Teow Leong Seng had also relinquished his position earlier than expected.

Liew, Teow and Voon had been together in S P Setia for more than 17 years.

The company announced that Voon would be replaced by Datuk Khor Chap Jen, who is currently S P Setia’s acting deputy president and chief operating officer, effective Jan 1, 2015.

Meanwhile, executive vice-president Datuk Wong Tuck Wai will take over Khor’s position as acting deputy president and COO from Jan 1, 2015.

The company also announced its third quarter ended July 31 financial results that saw its revenue jump 12% to RM902.66mil compared with a year earlier.

Net profit rose marginally by 2% to RM103.32mil compared with the previous corresponding quarter.

It attributed the better financial performance to the higher overall group sales achieved since financial year 2012 (FY12) and improved profit contribution from completed parcels.

“The group achieved RM1.42bil sales during the third quarter, up from the previous quarter’s sales of RM715mil,” it noted. S P Setia’s 40% stake in the United Kingdom project, Battersea Power Station, translated to sales of RM735mil versus the group’s overall sales of RM1.42bil for the quarter under review.

For the first 10 months of FY14, the developer’s group sales totalled RM3.81bil while unbilled sales stood at RM10.88bil.

“Despite the Malaysian property market going through a period of softness, the group posted satisfactory sales for the current quarter largely due to the successful Phase 2 residential launch by its joint-venture project, Battersea Power Station, in the United Kingdom,” it said in a filing with Bursa Malaysia.

~ By THE STAR

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