KUALA LUMPUR (Feb 3): Former Armed Forces Fund Board (LTAT) chairman Tan Sri Mohd Anwar Mohd Nor has been appointed chairman of Country Heights Holdings Bhd with immediate effect, succeeding tycoon Tan Sri Lee Kim Yew.

According to Country Heights' Bursa Malaysia filings, Lee has resigned to cater to a change of management for the group’s transformation. He currently holds a 26.21% direct stake and 31.43% indirect stake in the property developer.

Lee was first appointed to Country Heights’ board in October 1986. He was designated as the group’s chairman in June 2016, and subsequently redesignated as executive chairman in October 2016.

Mohd Anwar was chairman of LTAT for 11 years and chairman of Titijaya Land Bhd for nine years.

Country Heights, meanwhile, also announced that it has redesignated its executive director Dr Yip Chun Mun as deputy managing director.

The group also appointed several new directors to its board: executive directors Xiong Wei, Chua Hee Boon, and Chuah Tian Pong, and independent and non-executive directors Tan Meng Khong and Chuah Peng San.

Country Heights, which has risen 32% year to date, settled at 50 sen on Friday, giving it a market capitalisation of RM148.99 million.