Zhulian founder Teoh Beng Seng quits company’s top posts

TheEdge Thu, Dec 13, 2018 10:28am - 5 years View Original


KUALA LUMPUR: Zhulian Corp Bhd’s founder Teoh Beng Seng has resigned from his position as the president cum chief executive officer, after more than 12 years at the helm of the multilevel marketing (MLM) company.

In a filing with Bursa Malaysia yesterday, Zhulian said the 59-year-old, who has “vast experience in the local and overseas jewellery industry”, had resigned to “undertake his personal matters”. He was appointed to the board in April 2006.

Beng Seng founded Zhulian in Penang in 1989, when he started the direct selling of the brand’s gold-plated costume jewellery products, before the group diversified into distributing household products under the MLM model domestically and in the region.

He was named one of Forbes’ 50 richest Malaysians in 2014.

As of yesterday, Beng Seng owned a 10.41% direct stake in Zhulian and 52.35% deemed interest via Zhulian Holdings Sdn Bhd and The Best Source Holdings Pte Ltd. His brother, group managing director Teoh Meng Keat, who directly owns 5.84% of the company, will take over his portfolio with immediate effect.

Beng Seng has two other siblings, Meng Lee and Meng Soon, who are group executive directors of Zhulian and hold 1.39% and 1.37% stakes in the company respectively.

At market close yesterday, shares in Zhulian finished one sen or 0.8% higher at RM1.30, valuing the group at RM598 million.

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