KUALA LUMPUR: Sheng Tai International founder and chairman Datuk Leong Sir Ley has become the single largest shareholder in Yong Tai Bhd (YTB) effective 10 May 2023.
The acquisition, executed through Domain Capital Sdn Bhd which acquired 90 million shares, represents a 23.8 per cent stake in the Melaka-based property company.
Thus, Leong becomes the new managing director and chief executive officer (CEO) of YTB, taking over from Datuk Wira Boo Kuang Loon who stepped down as CEO.
"This acquisition was a strategic move to strengthen our base while continuing to support future business growth," Leong said in a statement.
Leong is well known as a pioneer of property tourism.
She championed the concept, merging the sale of developments as well as tourism to attract both foreign direct investment and boost the travel industry in Malaysia.
Leong's property portfolio under Sheng Tai International is The Sail in Melaka, an ambitious RM6.5 billion project and the jewel in her property crown and the future central business district of the state.
Designed by local architects, The Sail
consists of nine tower blocks set against the straits of Melaka.
Leong will be ably supported in her new role by Collin Tan Yoong Wei, who will be
YTB's new group chief operating officer and Tyson See Tai Soon will be the company's new executive director.
YTB's core business is tourism-related
property development.
It is responsible for Encore Melaka and Impression City, the first international franchise of China's famous Impression series.