SINGAPORE - Veteran businessman and technology investor Koh Boon Hwee will be stepping down from his position as non-executive chairman of Far East Hospitality Trust (H-Trust) on June 30 this year.
He is succeeded by deputy chairman Wee Kheng Jin.
Far East H-Trust is a stapled group comprising Far East Hospitality Reit (Far East H-Reit) and Far East Hospitality Business Trust (Far East H-BT). FEO Hospitality Asset Management is the Reit manager of Far East H-Reit, while FEO Hospitality Trust Management is the manager of Far East H-BT.
A distinguished corporate leader, Mr Koh has been instrumental in leading Far East H-Trust since its listing on the Singapore bourse in 2012, and in charting the long-term strategic growth of the company, the managers said.
Mr Koh has previously chaired the boards of Singtel, DBS Bank and Singapore Airlines.
In a press statement on Thursday (March 29), the managers added that Mr Koh's sucessor Mr Wee is "no stranger" to the Far East H-Trust as he has been serving alongside Mr Koh for the past six years.
Currently an executive director, and a director of several boards within FEO (Far East Organization), Mr Wee has finance experience in various industries including banking, construction, hospitality and real estate development.
Separately, as part of the board's renewal process, non-executive director Chng Kiong Huat will also be retiring from the FEO Hospitality Asset Management board on June 30.
The managers said Mr Chng has provided valuable guidance to the group, particularly in the planning and execution of the various asset enhancement initiatives.
With effect from July 1, 2018, Vivienne Lim will be appointed to the boards of FEO Hospitality Asset Management, and FEO Hospitality Trust Management as independent director.
"A lawyer by training and with 20 years of experience in litigation and legal advisory work, Ms Lim will bring new perspective and diversity to the boards," the managers said.
Ms Lim is currently executive director of Genesis Law Corporation and Genvest Pte Ltd.
As at 2.32pm on Thursday, units in Far East H-Trust were trading at S$0.695 per unit, unchanged from the previous day's close.