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FCAMCL gets new CEO (Amended)
The manager of Frasers Commercial Trust has announced the appointment of a new chief executive.
Low Chee Wah will step down as chief executive of Frasers Centrepoint Asset Management (Commercial) Ltd (FCAMCL) with effect from Dec 31, 2016.
He will be replaced by Jack Lam who will be appointed as CEO-designate with immediate effect. Mr Lam will assume the CEO office on Jan 1, 2017.
Mr Lam has more than 20 years of experience in the real estate industry, spanning the areas of investment, asset management, advisory and research, among others.
Having joined Frasers Centrepoint Ltd (FCL) Group in 2006, he has held several senior management and leadership roles during his tenure prior to the latest appointment.
Most recently, he was general manager (Investment & Business Development) in the Commercial and Greater China division of FCL since July 2011, and immediately preceding that he was the deputy CEO and head, Investment, of Frasers Centrepoint Asset Management Ltd, the manager of Frasers Centrepoint Trust.
Mr Low will relinquish his current role to assume wider responsibilities at FCL and will remain on the board of FCAMCL as a non-executive and non-independent director.
Under Mr Low's stewardship over the last eight years, the distribution per unit (DPU) of the trust has grown at a compounded annual growth rate of 9.8 per cent per annum.
The trust achieved its highest distributable income of S$77.6 million or 9.82 cents in DPU to unitholders for the financial year ended Sept 30, 2016.
Amendment note: The entity that has a change of chief executive should have been Frasers Centrepoint Asset Management (Commercial) Ltd instead of Frasers Centrepoint Asset Management Ltd. Jack Lam was the deputy CEO and head, Investment, of Frasers Centrepoint Asset Management Ltd, not FCAMCL. We apologise for the errors.