Heng Huat director quits in less than two weeks

  • Corporate News
  • Thursday, 20 Feb 2020

PETALING JAYA: In less than two weeks of assuming the position, Heng Huat Resources Group Bhd executive director Datuk Teoh Hai Hin has resigned from his role citing personal reasons.

A filing with Bursa Malaysia revealed that he owned indirect interest of some 1.54 million shares of the group.

Previously, Teoh was the managing director of Hong Seng Group, which is involved in commercial and heavy vehicle distribution, asset management, property development and construction, Heng Huat noted in the filing that Teoh was instrumental in the growth and the development of Hong Seng Group.

“Teoh started his business in 1978 from a small workshop selling games, spare parts, genset marine engines, used and rebuilt trucks and other.

“Under his stewardship, Teoh expanded and transformed Hong Seng business into a conglomerate as the group’s business also include assets management, property developer and construction,” added Heng Huat.

Recently, there has been a slew of boardroom changes in Heng Huat after its chairman Ooi Chieng Sim and seven others were charged with drug trafficking in Bukit Mertajam, Penang last month.

Ooi was redesignated as non-executive director in the group and later suspended.The chairman and seven others were charged with committing the offence at ATTA Global Group Bhd’s warehouse in Perai.

Ooi was also executive chairman of ATTA Global prior to his suspension.

Earlier this month, ATTA Global said several of its properties in Penang and luxury cars were seized by the police amid investigations.

The police also froze several shares trading accounts with regard to the company as well as a subsidiary’s banking accounts.

Following the police investigation, Heng Huat and ATTA shares have been suspended from trading since Jan 16.

Heng Huat was last done at 3.5 sen, valued at RM11.89mil, while ATTA was last traded at 45 sen, valued at RM92.94mil.

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