SP Setia President and CEO Resigns
Battersea Power Station project in
London until September 2015 given
the prominence of the international
project.
Liew would also remain managing
director for Qinzhou Development
(M) Consortium Sdn Bhd, a Sinoforeign joint venture company to
develop the China-Malaysia Qinzhou
Industrial Park in the republic until
the same period.
Tan Sri Liew Kee Sin
Ten months after SP Setia Bhd
unveiled its succession plan, head
honcho Tan Sri Liew Kee Sin has
announced his intention to resign as
president and chief executive officer.
Also quitting the company is chief
financial officer Datuk Teow Leong
Seng.
Liew’s departure was expected
by industry observers but Teow’s
resignation came as a surprise as he
was named deputy chairman in the
property player’s succession plan
earlier, analysts said.
Liew would leave the property giant
on April 30 while Teow would stay
on until July 31. Liew and Teow
would continue to be involved in the
Sources said the property magnate
would eventually emerge in Eco
World Development Group Bhd
after his stint in SP Setia. It is also
speculated that present chief
operating officer Datuk Voon
Tin Yow, who was appointed the
company’s acting president and
chief executive officer, might also
resign later.
In a statement, SP Setia said Voon’s
appointment would be effective
from May 1, 2014 until April 30,
2015. Voon would be supported by
executive vice-president Datuk Khor
Chap Jen who would be appointed
acting deputy president during the
same period, it said.
Non-independent non-executive
director Tan Sri Lee Lam Thye has
also resigned yesterday to focus on
his new role as the deputy chairman
of the National Unity Consultative
Council.
SP Setia chairman Tun Zaki Tun
Azmi said: “Whilst the board and
I are greatly saddened by the
departure of Liew, Teow and Lee,
we are confident that the group
will continue to be in steady hands
under Voon and Khor.”
Observers expected its biggest
owner Permodalan Nasional Bhd
(PNB) to take more proactive
measures in managing its talents
as well as setting the company’s
direction going forward.
It was earlier reported that Datuk
Jamaludin Osman of I&P Group Sdn
Bhd – PNB’s property arm – was
among the candidates tipped to
take over Liew’s stewardship. There
were also talks of a possible asset
injection by PNB into SP Setia.
Liew said: “Given the solid footing
which the company is on, I believe
the time has arrived for me to step
down after 18 years as CEO.
“With my children all growing up
and starting out on their own
career paths, I am looking forward
to spending more time with them,
mentoring and guiding them.”
Liew’s eldest son, Tian Xiong, is a
major shareholder and director in
Eco World, another property firm set
up by former SP Setia top brass.
SP Setia fell five sen to close at
RM2.88 while Eco World was up one
sen to RM4.15.
Analysts said the market has priced
in Liew’s retirement from SP Setia
and they expected the company’s
operation to remain intact for the
time being.
Bloomberg data showed that its
forward price-to-earnings (P/E) was
13.4 times compared to 16.06 times
currently. Its average P/E ranged
from 17 times to 20 times from
financial year ended Oct 31, 2011
(FY11) to FY13.
Liew is instrumental in growing
SP Setia from a RM200mil entity
in 1998 into a multi-billion ringgit
international property company.
With him at the helm, SP Setia
achieved sales of RM8.24bil in
FY13, almost double from what it
registered in F