UPP: Co. will be appointing Malaysian tycoon Tong Kooi Ong as CEO and executive chairman with effect from May 1. UPP's share price had closed yesterday, trading at a 52-week high of 33.5c. Mr Tong, 52, is UPP's second largest shareholder with a stake of over 26% and is said to be a close friend of local billionaire Peter Lim, who is UPP's largest shareholder with a stake of over 31% according to Bloomberg data.
Mr Tong bought into UPP in March and the mkt had been expecting him to take up a key role in the firm. He holds several other appointments in other companies. E.g, he is a board member of M+S Pte Ltd, a joint venture between Khazanah Nasional and Temasek Holdings.