Former Kerjaya Prospek Property CEO takes the helm at Ayer Holdings

• From July 2023 to September 2024, Joanne Lee Sor Phaik served as CEO of Kerjaya Prospek Property Bhd (KL:KPPROP), where she led transformation initiatives to drive sustainable value and returns.

KUALA LUMPUR (July 1): Property and plantation outfit Ayer Holdings Bhd (KL:AYER), formerly known as TAHPS Group Bhd, has promoted its deputy group CEO Joanne Lee Sor Phaik to succeed Chua Seng Yong, who is retiring.

Chua, 62, was appointed as group CEO in August 2022. He has more than 30 years of experience in property, construction, retail and hospitality industries.

Lee, 55, was appointed as deputy group CEO of Ayer Holdings on Oct 15, 2024. In her new role as group CEO, Lee will lead Ayer Holdings in its next phase of growth and transformation to deliver long-term value to stakeholders, according to Ayer Holdings' filing with Bursa Malaysia on Tuesday.

From July 2023 to September 2024, Lee served as CEO of Kerjaya Prospek Property Bhd (KL:KPPROP), where she led transformation initiatives to drive sustainable value and returns. Prior to that, she was the deputy CEO of Tropicana Corp Bhd (KL:TROP), where she played an instrumental role in the company's growth, leading local and international sales, as well as business development efforts, Ayer Holdings added.

Ayer Holdings saw a 37.6% decline in net profit to RM3.93 million in the first quarter ended March 31, 2025 (1QFY2025) compared with RM6.3 million a year earlier, mainly due to reduced profit from both the property and plantation segments, consistent with the lower revenue generated, which fell 5% year-on-year.

Ayer Holdings shares closed unchanged at RM6.72 on Tuesday, giving it a market capitalisation of RM503 million. The stock has fallen 6.67% so far this year.

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