Sanbumi appoints new exec director

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.