Zhulian's founder Teoh Beng Seng quits company's top posts

TheEdge Wed, Dec 12, 2018 08:02pm - 5 years View Original


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

In an exchange filing today, Zhulian said the 59-year-old, who has “vast experience in the local and overseas jewellery industry” has today resigned to “undertake his personal matters”. He was appointed to the board in April 2006.

Teoh 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 today, Teoh owns a 10.4% direct stake in Zhulian and 52.35% deemed interest via Zhulian Holdings Sdn Bhd and The Best Source Holdings Pte Ltd, and is brother to the group managing director Teoh Meng Keat, who directly owns 5.84% of the company.

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

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

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