CY Management chairman steps down

C Y Foundation Group Limited, a casino service provider, announced that Dato Poh Po Lian has tendered his resignation as an executive director and the chairman of the company with effect from 11 June 2015 to focus on his other investment. 

Dato Poh said there is no disagreement with the board and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders, the company said in a filing.

Carlos Luis Salas Porras will move from his role as non-executive director to replace Dato Poh as executive director and chairman.

In a separate filing, it was announced that Luck Continent Limited, a company controlled by Dato Poh, disposed of 321,626,412 shares in CY Foundation to Declan Investments Inc, an existing CY Foundation shareholder. The newly disposed shares represented approximately 24.26 percent of the issued share capital of CY Foundation.

CY Foundation posted a net loss of HK47.3 million ($6.1 million) for the financial year ended March 31, 2015, up from the previous year’s loss of HK19.5 million.

 

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