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KUALA LUMPUR (April 1): Property developer NCT Alliance Bhd (KL:NCT) has appointed Ong Chou Wen (pictured) as its first chief executive officer.
The Edge learnt that this is the first time NCT Alliance has appointed a professional CEO since its listing on Bursa Malaysia’s ACE Market in 2004, having previously been led by managing directors.
The group was previously known as Grand-Flo Bhd before coming under the control of the family of executive chairman and managing director Datuk Seri Yap Ngan Choy in 2019.
Ong previously served as CEO of Tropicana Corp Bhd (KL:TROP) and led the property division of WCT Holdings Bhd (KL:WCT) through WCT Land Sdn Bhd.
During his tenure at Tropicana, he spearheaded initiatives focused on balance sheet strengthening, including de-gearing efforts, land monetisation, joint ventures and attracting foreign investment.
At WCT Land, he was involved in restructuring sales and marketing functions and implementing strategies to enhance operational performance.
Ong has also held senior positions at HCK Capital Group Bhd (KL:HCK), Mah Sing Group Bhd (KL:MAHSING) via Southville City Sdn Bhd, Putrajaya Holdings Sdn Bhd, and UEM Sunrise Bhd (KL:UEMS), where he was involved in several large-scale development projects, according to the group.
Shares in NCT Alliance closed unchanged at 57 sen on Wednesday, giving the group a market capitalisation of RM1.21 billion. The stock has declined by more than 8% year to date.
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