By Ahmad Naqib Idris
KUALA LUMPUR (Jan 2): Teh Kiak Seng, founder and managing director of property developer Tambun Indah Land Bhd, is handing over the running of the company’s day-to-day operations to his son, Teh Deng Wei, who is taking over Kiak Seng’s MD role, starting today.
Kiak Seng, who is 70, has been redesignated as executive deputy chairman instead, Tambun Indah announced in a stock exchange filing today. Kiak Seng controls 40.25% stake in Tambun Indah, of which 7.31% is held directly.
Deng Wei, 33, began his career in investment banking with an international investment bank in London. He then relocated to Singapore and joined the Southeast Asia investment banking team of the same bank. “His last held position in the bank was associate, prior to his resignation to join the property industry,” said Tambun Indah.
He is also the nephew of executive director Teh Theng Theng, Kiak Seng’s sister.
At 3.13pm, Tambun Indah shares rose 1.5 sen or 2.08% to 73.5 sen, giving it a market capitalisation of RM318.59 million. The stock is up 4.36% from a year ago.