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Philip Ting steps down as CEO and director of Hong Leong Asia, resigns from subsidiaries

HONG Leong Asia's chief executive and director Philip Ting Sii Tien, 64, gave notice on Monday to resign to pursue other interests.

The resignation will take effect on Jan 6 2019.

Tan Eng Kwee, a former Hong Leong Asia chief financial officer between 2008 and 2011 who was most recently an independent financial consultant, is to take over Mr Ting's positions. 

On Monday, Mr Tan assumed the position of director and joined the company as CEO-designate.

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The board approved Mr Tan's appointment after the nominating committee's recommendation and considering his corporate and finance experience, the industrial conglomerate that is part of Hong Leong Group said in a statement on Monday to the Singapore Exchange.

Mr Tan has also served in senior roles at Epsilon Global Communications and Dynapack Asia, to name a few.

On Monday, Mr Ting also resigned as executive director and chief executive officer of cement manufacturer Tasek Corporation to pursue other interests. He also stepped down as director of hospitality operations, property development and investment holding from HL Global Enterprises. Both are subsidiaries of Hong Leong Asia.

Hong Leong Asia's counter closed on Monday at S$0.51, down half a Singapore cent or 0.97 per cent. HL Global Enterprises' counter closed at S$0.41, up S$0.01 or 2.5 per cent, before the announcements were made.