Quek quits Hong Leong Industries

Banking tycoon Tan Sri Quek Leng Chan has resigned as chairman and director of Hong Leong Industries Bhd, Hong Leong Group Bhd's manufacturing arm.

In a filing to Bursa Malaysia Bhd, the company said the move was in line with the group's internal restructuring.

The company also announced the re-designation of Datuk Kwek Leng San, previously the president and chief executive officer, to chairman of the company.

It also announced the appointments of Chong Choon Yeng as chief financial officer and Dr Zaha Rina Zahari as a director in the company.

Chong joined Hong Leong Group as general manager (finance) in August 2011.

Meanwhile, second quarter net profit was almost halved due to lower revenue in the motorcycle and ceramic tiles business.

It was affected by the disruption of imported parts from Thailand following the recent flood there.

The company made RM35.5 million for the quarter ended December 31, 2011, compared with RM58.8 million the year before.

Revenue was higher by almost 15 per cent for the quarter at RM488.6 million, compared with RM426.5 million a year before.

The stock fell by 1 sen to close at RM4.28 yesterday.

btimes.com.my