KUALA LUMPUR (Aug 4): Rimbunan Sawit Bhd (KL:RSAWIT) has appointed Datuk Tiong Thai King, the brother of controlling shareholder Tan Sri Tiong Hiew King, as the Sarawak-based oil palm planter’s new non-executive chairman, effective immediately.  

Rimbunan Sawit’s previous non-executive chairman, Bong Wei Leong, was redesignated as a non-independent and non-executive vice chairman, the group said in a separate filing on Monday.

Thai King, 80, currently serves as the managing director of the Rimbunan Hijau group of companies and is the executive chairman and founder of the Mafrica group of companies.

He also previously chaired timber Subur Tiasa Holdings Bhd (KL:SUBUR) prior to retiring from the post in May.

Hiew King is the controlling shareholder of Rimbunan Sawit with a 66.3% stake via various vehicles.

Besides Thai King’s relation to the company’s controlling shareholder, he is also the uncle of vice chairman Tiong Chiong Ong, managing director Tiong Chiong Ie and director Tiong Chiong Ee.

Shares in Rimbunan Sawit ended unchanged at 18 sen, valuing the company at RM367.51 million.