PETALING JAYA: Local tycoon Tan Sri Khoo Kay Peng’s Malayan United Industries Bhd (MUI) was among the most active stocks yesterday following the new appointment of Kay Peng’s son Andrew Khoo Boo Yeow as the new CEO.
At market close, MUI’s share price gained 1 sen or 4.8% to 22 sen on some 31.94 million shares done.
Kay Peng, which holds a 47.58% stake in MUI, has been redesignated as executive chairman.
MUI told Bursa Malaysia yesterday that Kay Peng will take on a more strategic role while Boo Yeow will focus on the day to day operations and the implementation of strategies of the group.
“The separation of executive chairman and CEO is also in line with good corporate governance practice enabling the respective individuals to better focus on their respective roles and responsibilities. It is also part of the group’s effort on succession planning for its directors and key management.”
MUI said the board is confident that under the leadership of Boo Yeow coupled with his exemplary qualifications and diverse backgrounds, will be able to bring the group to the next level.
“The board will give its full support to his management team to implement the going-forward strategy of transforming the group from a diversified and asset-rich conglomerate into a focused and profitable business group.”