THE family controlling the SingHaiyi property development group has taken the reins at another property developer here, OKH Global.
Celine Tang, SingHaiyi's group managing director since 2013 and wife of Chinese tycoon Gordon Tang, was named OKH Global's executive chairman and chief executive officer with effect Aug 2, OKH said in a Singapore Exchange filing on Tuesday night.
She replaced in both of those roles Bon Ween Foong, who was redesignated deputy chief executive officer with effect Aug 2, OKH added. Mr Bon remains an executive director.
OKH also appointed a new non-executive director, Ng Kheng Choo with effect Aug 2. Ms Ng, 42, is SingHaiyi Group's chief operating officer.
Mrs Tang, 49, has since 2003 been managing director of Haiyi Holdings, SingHaiyi's controlling shareholder. The management change at OKH came after Haiyi Holdings agreed earlier this year to subscribe for 500 million new shares representing 44.3 per cent of the issued and paid-up share capital of OKH, after a drastic fall in OKH shares in March that happened when part of OKH shareholdings Mr Bon pledged to certain financial institutions were "forcibly sold" on the market.
Haiyi also agreed in May to lend OKH S$10 million.