SP Setia chief to quit next year?

by **hlk** Fri 13 Dec 2013, 22:52

STELLAR STEWARDSHIP: Property tycoon hints at leaving before contract expires in 2015

SP SETIA Bhd's Tan Sri Liew Kee Sin will step down as president and chief executive officer, possibly a year short of his contract that expires in May 2015, or earlier.

Liew, who joined SP Setia at the age of 37, has been with the company for 17 years.

Speaking after a media briefing here yesterday, Liew indicated his intention to step down soon and not wait until 2015.

Rumour has it that Liew will leave the company around the Chinese New Year period next year. In May 1 2014, he would have served SP Setia for 18 years.

Under his leadership, SP Setia shot to fame globally after it won the rights to redevelop the billion-ringgit Battersea Power Station project in London, together with the Employees Provident Fund and Sime Darby Bhd.

SP Setia has 27 ongoing projects, including 15 slated for launches from next year that worth a combined RM102 billion.

There is speculation that Liew will have keen interest in up-and-coming property developer Eco World Development Sdn Bhd, in which his eldest son Liew Tian Xiong is a director.
Liew did not deny nor confirm the talk.

"SP Setia has been around for 25 years. It is the biggest property developer in Malaysia by net profit and sales. Five years ago, we expanded overseas and the projects are all bearing fruit.

"We have a great team, and this has led SP Setia to become what it is today. I have decided to move on. It has been a good journey for me," he said.

Early this year, Liew was listed by Forbes as Malaysia's 38th richest man with a net worth of US$230 million (RM743 million).

He still owns 67.79 million shares in SP Setia, or 2.76 per cent. Based on yesterday's closing price of RM3.09, the stake amounts to RM209 million.

With Liew's departure, the next big question is what will happen to SP Setia, although it has been said that the baton will be passed on to current chief operating officer Datuk Voon Tin Yow.

"Whether I stay or go, it doesn't matter anymore. We have set a good growth path for SP Setia where its earnings will strengthen, at least for the next three years," he said.

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