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Friday, February 29, 2008

Sunrise MD to step down

PETALING JAYA: Sunrise Bhd managing director Datuk Michael Yam will be stepping down on March 20 after helming the company for 11 years but will remain on its board as a non-executive director.

Sunrise told Bursa Malaysia yesterday that Yam, 55, would be ending his three-year contract with the company.

Commending Yam for having made significant contribution to the growth and reputation of Sunrise, the board said it looked forward to receiving his advice and opinion during its deliberations.

Datuk Michael Yam

In a phone interview with StarBiz, Yam said his re-designation would pave the way for the younger breed of management executives to move up in the company.

“I look forward to spending more quality time with my family and improve on my golf handicap.

“If I get bored, I may consider taking up some advisory roles, including acting as a consultant to companies, as long as they are not in conflict with Sunrise's business.”

Yam, who holds a 1.5% stake, or 6.8 million shares, in Sunrise, said he might also venture into one or two small niche developments, including building his own dream home “to keep abreast with the latest technical know-how and keep my passion of building quality residences alive.”

Since taking over the top post at Sunrise in March 1997, Yam had been instrumental in bringing the company to its present leadership position in the high-end condominium market in the Mont'Kiara enclave.

In the latest quarter ended Dec 31, Sunrise recorded unbilled sales of more than RM1.2bil which would be recognised in the next two to three years.

AmResearch, in a research note yesterday, said Sunrise would be able to record higher revenue of close to RM700mil for the financial year ending June 30 (FY08) compared with RM558mil a year earlier.

This year, the company plans to launch RM1.5bil worth of projects.

Summing up his tenure at Sunrise, Yam said: “A decade after the regional financial crisis hit the country in 1997, I stand back with much pride and contentment that this company can only go from strength to strength on a firm platform under the current leadership.”

After Yam's departure as managing director, executive chairman Tong Kooi Ong will also assume the position of chief executive.

By The Star - StarBiz (by Angie Ng)

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