Dato' Lee Yeow Seng resigned from the board of IOI Corporation Berhad effective Nov. 6 to focus on leadership at its property group ahead of a scheduled Bursa Malaysia REIT listing later this month.
IOI Corp's filing with Bursa Malaysia explained that Lee wanted to devote more time to his executive responsibilities and IOI Properties Group's strategic agenda. It cited the property group's significant presence in Singapore. IOI Properties Group's profile identifies Lee as its group chief executive and executive chairman of IOI PG REIT Management Sdn Bhd, the management company for IOIPG Malaysia REIT.
Lee, 47, joined IOI Corp's board as an executive director on June 3, 2008, and became a non-independent, non-executive director on Dec. 18, 2013. His total board service exceeded 18 years, spanning both positions rather than 18 years in the non-executive role.
IOI Corp appointed Dato' Yeo How as an independent, non-executive director effective Nov. 6. Yeo's appointment filing identified him as IOI Properties Group's lead independent, non-executive director at the time. IOI Corp said Lee's departure did not stem from a dispute with the board and that it had no additional resignation matter for shareholders to consider.
IOI Corp's FY2026 annual report describes its businesses as plantation operations and resource-based manufacturing, including refining and oleochemicals. EconoTimes previously reported on Lee's Singapore office fund and potential share-listing plans. In an Oct. 13 clarification, IOI Properties said it was still evaluating a possible Singapore Exchange share listing and had not submitted a formal proposal to its board. IOI Corp's resignation filing did not state a specific financial effect on the company.
IOIPG Malaysia REIT is scheduled to list on Bursa Malaysia on Nov. 25, according to IOI Corp's filing.
