KUALA LUMPUR (July 31): Property developer Meridian Bhd, formerly known as Meda Inc Bhd, says its executive director Datuk Yap Ting Hau has been appointed as chief executive officer (CEO) of the group effective immediately.

He replaces managing director Datuk Teoh Seng Kian, 59, who has tendered his resignation citing other work commitment. Teoh still holds a 6.45% stake in the company.

Yap first emerged as a major shareholder on June 12, 2018, with a 25.5% equity interest in Meridian. He has a 28.3% stake as at July 31.

He was appointed executive director on June 13, 2018.

According to the company's exchange filing today, Meridian has also appointed group CEO of EcoFirst Consolidated Bhd Datuk Tiong Kwing Hee as its non-independent and non-executive director.

Tiong, 61, is a substantial shareholder of Meridian, with a 13.63% stake as at July 31.

Shares of Meridian closed unchanged at its intra-day low of 19 sen today, giving it a market capitalisation of RM91.77 million. The counter saw some 630,300 shares traded.