GEORGE TOWN: Hunza Properties Bhd (HPB) chairman and executive director Datuk Khor Teng Tong has stepped down from the property development company he formed 35 years ago.
The company’s board has elected independent non-executive director Datuk Zubir Ali as chairman.
Yesterday, the board saw its members increase to 11 from seven previously.
Khor, who remains the company’s major shareholder, said he will devote more time to charity work and will lend advice to HPB whenever needed.
The company, which this year completed its Gurney Paragon development in Pulau Tikus in Penang, is set to embark on integrated projects in Bayan Baru on Penang island and Juru in Seberang Prai.
“I have spent the last five years working on a succession plan for the company and training the right people, so my exit should not come as a surprise,” said the 71-year-old after the company’s annual shareholders’ meeting, here.
HPB’s new board of directors includes three of Khor’s seven children: Siang Jin, 42, San Leng, 40, and Tze Ming, 34.