PETALING JAYA: Datuk Tan Keat Tet, the founder and chairman of Iconic Group Sdn Bhd, has been appointed as the executive director of Sanbumi Holdings Bhd.
According to filings with Bursa Malaysia, Tan emerged as the substantial shareholder of the tourism and property company in January 2019 after the completion of the 10% private placement to subscribe for 22.64 million new shares. Tan owns a direct interest of 16.9% and indirect interest of 3.2% in the company.
The funds raised from the private placement have been allocated for the working capital of Sanbumi.
On April 2, Sanbumi’s wholly-owned subsidiary, Sanbumi Sawmill Sdn Bhd, had signed a joint-venture agreement with a wholly-owned subsidiary of Iconic Group, Iconic Development Sdn Bhd, to develop freehold land in Penang. The mixed development project, namely Iconic Point, will comprise 48 units of three-storey semi-detached shop office, a three-storey detached shop office, a four-storey 48-room hotel and three units of drive-thru food and beverage outlets.