Cheah resigns as Sunway REIT chairman

Sunway Group founder and chairman Tan Sri Jeffrey Cheah at the Star Media Group's Power Talks: Business Series which was held at Sunway University, Sunway, Petaling Jaya

KUALA LUMPUR: The manager of Sunway Real Estate Investment Trust (Sunway REIT), Sunway REIT Management Sdn Bhd, has announced that its non-independent and non-executive chairman, Tan Sri Dr Jeffrey Cheah Fook Ling, will resign effective Friday.

In a statement, Sunway REIT Management said it had appointed Tan Sri Ahmad Mohd Don, who is the company’s senior independent non-executive director, as independent non-executive chairman, beginning Oct 1, 2016.

“The change from a non-independent chairman to an independent chairman is in line with the REIT manager’s endeavour to continuously enhance its corporate governance best practices, which are consistent with the principles and recommendations of the Malaysian Corporate Governance Code 2012,” it said.

“This latest development will see the REIT manager’s board of directors comprising seven directors of which the ratio of independent directors to non-independent directors is 3:4,” it said.

Meanwhile, Sunway REIT Management said it had also appointed Sarena Cheah Yean Tih as a member of the remuneration committee and nomination committee with effect from Oct 1, 2016 to replace Cheah.

Cheah, the founder and current chairman of the conglomerate Sunway Group, expressed confidence that the REIT manager will continue to deliver its commitment to the unitholders under the leadership of Ahmad Don. - Bernama