Ibraco executive chairman calls it a day

by **Cals** Tue 17 Sep 2013, 03:10

Published: Saturday September 14, 2013 MYT 12:00:00 AM
Updated: Saturday September 14, 2013 MYT 6:53:08 AM
Ibraco executive chairman calls it a day

.KUCHING: Ibraco Bhd executive chairman Datuk Wee Song Ching, who is also the company’s single largest shareholder, has resigned with immediate effect.
Wee was appointed executive director of the property developer in December 2010 and redesignated as executive chairman in March 2011.
He owns some 26.29 million shares, representing 21.5% of Ibraco’s capital of 126.19 million shares.
The reason given for his resignation was his current state of health and increasing commitment to his various business activities, according to a filing with Bursa Malaysia.
Wee is involved in several private companies, which are principally involved in construction.
According to Ibraco, there might be a potential conflict with wholly owned Ibraco Construction Sdn Bhd, which is also involved in construction.
Wee has more than 20 years’ experience in the construction and building industry.
Meanwhile, 11 million shares representing 8.7% stake in Ibraco were traded off-market at RM2.87, or a total of about RM31.6mil on Thursday.
The transaction price, an all-time high for the company, was at a premium of 47 sen over the closing price of RM2.40 on the same day.
Ibraco shares have been on an uptrend in moderate trading in recent weeks. Year-to-date, it has gained some 50% from 2012 closing of RM1.59.
The company’s other substantial shareholders as at May 23 were Sharifah DeborahSophia Ibrahim (20.53%), Chew Chiaw Han (16% including indirect holdings via Hiap Ghee Seng Sdn Bhd), Ng Cheng Chuan (9.67%) and Chia Kwai Lin (6.14%).