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SINGAPORE property tycoon Kwek Leng Beng is retiring from Hong Leong Asia (HLA), the trade and industrial arm of Hong Leong Group, due to other commitments.
Mr Kwek, 75, has been a director of HLA since 1981, and non-executive chairman since 1995. His cousin Kwek Leng Peck, currently an executive director, will succeed him as executive chairman of HLA following the company's annual general meeting in April.
HLA said Mr Kwek saw the successful listing of the company on Singapore Exchange in 1998 and contributed to its growth from being an integrated building materials supplier to its current standing as one of the region's major manufacturing and distribution players.
Mr Kwek Leng Peck has the ability, experience and knowledge to devote full-time attention to HLA so the company can face challenges brought about by intensified competition and bearish sentiment in the global economy, Mr Kwek Leng Beng said.
HLA said Mr Kwek Leng Beng's "continuing commitments and responsibilities as chairman of City Developments Limited, Millennium & Copthorne Hotels plc and Hong Leong Finance Limited, all of which are listed subsidiaries of the Hong Leong Group Singapore, currently take up much of his time and energy".
HLA last traded at S$0.88 on Thursday.