KUALA LUMPUR (April 30): Tycoon Tan Sri Quek Leng Chan has stepped down as chairman of GuocoLand (Malaysia) Bhd effective immediately, amid an internal rationalisation and streamlining exercise.

In a filing with Bursa Malaysia, GuocoLand said Quek, 74, will be replaced by incumbent non-executive director Choong Yee How as chairman.

Independent and non-executive director Tan Sri Nik Mohamed Yaacob had also resigned after serving the board for more than 12 years, alongside non-independent non-executive director Datuk Poh Yang Hong, who stepped down due to work commitments.

GuocoLand shares fell 0.5 sen or 0.55% to close at 91 sen today, giving it a market capitalisation of RM637.42 million. — theedgemarkets.com

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