DBS Land Archive

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Leadership Changes In DBS Land

Singapore, 17 April, 2000

Singapore, 17 April 2000*.The Board of Directors of DBS Land Limited ("DBS Land") wishes to announce the appointment of Mr Hsuan Owyang as Chairman of the Board with effect from 18 April 2000. He succeeds Mr Lau Chan Sin, who will remain on the board as Director. In addition, three new Directors will join the board on the same day. They are Mr Sum Soon Lim, Mr Liew Mun Leong and Mr Ed Ng Ee Peng. Mr Sum Soon Lim will succeed Mr Hsuan Owyang as Chairman of the Audit Committee. With his appointment, the Audit Committee will comprise Mr Sum Soon Lim, Mr Eric Ang Teik Lim, Mr Bertie Cheng Shao Shiong and Lt Gen (Rtd) Winston Choo Wee Leong, all of whom are independent directors.

The Board will also like to announce that Mr Ed Ng will also be appointed President & Group Chief Executive Officer of DBS Land with effect from 18 April 2000. He succeeds Dr Han Cheng Fong, who will step down as Deputy Chairman & Group Chief Executive Officer with effect from 18 April 2000. Dr Han will also relinquish all board appointments in the DBS Land group of companies.

Said Mr Hsuan Owyang, "DBS Land has come a long way under Cheng Fong's able leadership. Over a period of 11 years, DBS Land has grown its asset base from S$1.7 billion in 1989 to S$7.5 billion today, while profits have increased six-fold. On behalf of the board, I wish to thank Cheng Fong for his contributions in transforming DBS Land into a strong regional player, and wish him all the best in his future endeavours."

He noted, "Ed takes over from Cheng Fong at an exciting juncture in DBS Land's development as a leading property player. I look forward to working with him to take DBS Land into the next phase of growth. I would also like to put on record, our heartfelt thanks and appreciation to Chan Sin for his support and leadership as Chairman for the past four years. I am very happy that he will remain on the board with us to help reposition and grow DBS Land in the new economy."

Mr Lau Chan Sin added, "Ed brings with him considerable regional experience in the financial sector. I am glad that he has decided to join us, and look forward to DBS Land's continued strong growth under his leadership."

More about the new directors

Mr SUM Soon Lim, age 57, is an independent director on a number of boards in the Singapore Technologies group of companies. In his career, he has worked with the Singapore Economic Development Board, DBS Bank, J.P Morgan Inc, Overseas Union Bank and Nuri Holdings (S) Pte Ltd. He is also a member of the Securities Industry Council. Soon Lim received his BSc (Honours) in Production Engineering from the University of Nottingham, England.

Mr LIEW Mun Leong, age 53, is President & CEO of Pidemco Land since April 1996. Prior to joining the Singapore Technologies group, he was Group Managing Director & CEO of L&M Group Investments Ltd between 1992 and 1996. Mun Leong was the Chief Airport Project Manager in PWD, Airport Development Division between 1985 and 1988 and was one of the key players in the planning and development of the Changi International Airport. He was appointed Chief Executive of the previous SISIR (Singapore Institute of Standards & Industrial Research) in 1988. Mun Leong has a degree in Civil Engineering from University of Singapore and is a member of the Professional Engineers Board and Fellow of Institute of Engineers, Singapore.

Mr Ed NG Ee Peng, age 44, has been with the General Electric Company, USA, since 1993, after the completion of his MBA at Harvard. His last appointment in the GE Group was as President and Country Manager of GE Capital Philippines and Singapore. In his career with GE Capital, he also served as Managing Director, Commercial Financing, GE Capital Thailand. Prior to that, he was the General Manager of Novo Technology Development, where he managed four new venture startups, and successfully closed various corporate investments with US, European and Asian partners. He had served in the Singapore Armed Forces between 1974 and 1991, attaining the highest rank of Lieutenant Colonel as Brigade Commander of an elite heliborne brigade. Mr Ng graduated with a BSc (1st Class) in Electrical & Electronics Engineering from the University of Manchester Institute of Science & Technology, under the Singapore Armed Forces Scholarship.


Issued by DBS Land Limited