Yong Tai MD and co-founder resigns

An artist impression of Impression Melaka which can cater 2,000 viewers in a time.

KUALA LUMPUR: Yong Tai Bhd co-founder and managing director Wong Liew Lin @ Liew Fat Lin has resigned, citing “other commitment and busy schedule.”

The garment manufacturer, which has diversified into property development and proposed to venture also into operating cultural performances, told Bursa Malaysia that Wong, 69, stepped down effective Tuesday (March 15).

Executive director Datuk Ng Jet Heong, 51, resigned on the same day as well. The reason for resignation mirrored Wong’s: “Due to other commitment and busy schedule.”

The Yong Tai group started in 1971, founded by Wong and his brother. According to the company’s latest annual report, Wong had been in charge of the overall operation since its inception.

Yong Tai returned to profitability in the financial year ended June 30, 2015, swinging to a net profit of RM7.73mil from a net loss of RM7.28mil the year before.

For the half-year ended Dec 31, 2015, the company posted an unaudited net profit of RM686,000, compared with the RM745,000 achieved in the corresponding period in 2014.

To raise funds to undertake projects such as the Impression Melaka performance project, Yong Tai has proposed to issue new ordinary shares and irredeemable convertible preference shares which will lead to Impression Culture Asia Ltd (whose ultimate parent is Hong Kong-listed packaging material company Sino Haijing Holdings Ltd) becoming Yong Tai's substantial shareholder with a 34.5% stake.  
Yong Tai shares added 2.5 sen to close at 80 sen on Tuesday, with 2.45 million shares traded for the day.