CCM Group restructures board, reviews core businesses

CATALIST-LISTED CCM Group yesterday announced a board and management restructuring, issued a profit warning for FY2013, and said it was diversifying into property development in Australia.

The construction company said executive directors Chan Pui Yee and Chan Tien Chih, and independent director Aloysius Wee were resigning and will be stepping down from the board with effect from Feb 1. Ms Chan Pui Yee has also resigned from the board of CCM Industrial, a wholly-owned subsidiary of CCM Group, and as an employee of the group. Mr Chan Tien Chih will remain an executive director of CCM Industrial.

Joseph Liew, chief executive officer of CCM Group, will be the company's sole executive director. Other board members comprise non-executive and independent directors. "We will recompose and revamp the board and senior management," said Mr Liew.