KUALA LUMPUR (Nov 1): Chong Hong Chuon has officially assumed the role of the chief executive officer of AmREIT Managers Sdn Bhd, the manager of AmFIRST Real Estate Investment Trust (AmFIRST REIT), effective immediately.

Prior to this, Chong had been in acting CEO capacity since Dec 1, 2022, following the resignation of Raja Nazirin Shah Raja Mohamad as the CEO and director of the commercial space REIT “to pursue other opportunities”.

In a bourse filing on Wednesday, AmFIRST REIT said resulting from his appointment as the CEO, Chong simultaneously relinquished his position as the chief financial officer of the REIT, a position he had held since November 2015.

It was not the first time Chong had been in acting CEO capacity. In June 2018, he was appointed as the acting CEO of AmREIT until April 2019. At the time, he remained as the CFO of AmREIT in charge of the full spectrum of financial matters relating to AmFIRST REIT, which included financial and management reporting, capital management, treasury and taxation.

AmFIRST REIT said Chong has over 22 years of financial and management accounting experience, particularly in REITs.

AmFIRST REIT owns eight properties worth RM1.57 billion under its portfolio, including Bangunan AmBank Group, Menara AmBank, Wisma AmFIRST and The Summit Subang USJ. AmREIT is wholly owned by AmREIT Holdings Sdn Bhd, which in turn is 70% owned by AmInvestment Group Bhd and 30% owned by Amcorp Properties Bhd.

At Wednesday's noon market break, AmFIRST REIT units settled unchanged at 33 sen, valuing the REIT at RM226.5 million.