Jeffrey Cheah relinquishes chairman post at Sunway REIT Management

The manager of Sunway Real Estate Investment Trust (Sunway REIT), Sunway REIT Management Sdn Bhd, today announced that its Non-Independent Non-Executive Chairman, Tan Sri Dr Jeffrey Cheah Fook Ling, will resign effective Friday.

In a statement Thursday, Sunway REIT Management said, it has appointed Tan Sri Ahmad Mohd Don, who is the company's Senior Independent Non-Executive Director, as Independent Non-Executive Chairman, beginning Oct 1, 2016.

"The change from a non-independent chairman to an independent chairman is in line with the REIT manager's endeavour to continuously enhance its corporate governance best practices, which are consistent with the principles and recommendations of the Malaysian Corporate Governance Code 2012," it said.

"This latest development will see the REIT manager's board of directors comprises seven directors of which the ratio of independent directors to non-independent directors is 3:4," it said.

Meanwhile, Sunway REIT Management said, it has also appointed Sarena Cheah Yean Tih as a member of the Remuneration Committee and Nomination Committee with effect from Oct 1, 2016 to replace Cheah.

Cheah, the founder and current chairman of the conglomerate Sunway Group, expressed confident that the REIT manager will continue to deliver its commitment to the unitholders under the leadership of Ahmad Don. -- Bernama