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TEHO unit terminates JV arrangement with Sok Bun
TEHO International said its unit, TEHO Cambodia, has entered into a termination agreement with joint venture partner Okhna Sok Bun.
Under this termination agreement, Mr Bun has agreed to transfer 510 ordinary shares representing 51 per cent stake in TEHO-SBG Development Co to Yim Chhay Line, who had replaced Mr Bun as director for the Cambodian joint venture since last August.
Teho Development (Cambodia) owns the other 49 per cent stake in the JV.
Mrs Yim Chhay Line is the daughter of Cambodia's Deputy Prime Minister, HE Yim Chhay Ly, and chairman of the Council for Agricultural and Rural Development (CARD).
Her appointment at the JV company last year followed Mr Bun's resignation after the latter was accused of a brutal attack on a former television presenter in Cambodia last month. Mr Bun had also resigned as a director of ECG Cambodia, the lead marketing agency for The Bay, which is TEHO International's flagship integrated project in Cambodia.