KUALA LUMPUR: MyNews Holdings Bhd today announced a change of guard come September 30, 2023.
The company announced the resignation of Ding Lien Bing as executive chairman in a filing with Bursa Malaysia Securities, adding that he has fulfilled the objective of assisting the management in streamlining the business for post-pandemic recovery.
MyNews said owing to time constraint arising from Ding's other ongoing personal commitments, he is resigning as the executive chairman, but will continue to play a role as an advisor to the management of the company.
The executive chairman position will instead be assumed by Dang Tai Luk, the founder of the MyNews, who will in turn relinquish his current position as the group chief executive officer (GCEO).
The GCEO position will be taken over by Dang Tai Wen, who is currently the Deputy Group CEO.
Dang Tai Luk is a brother to Dang Tai Hock and Dang Tai Wen, directors of Mynews.
Dang Tai Luk and his siblings are shareholders of D&D Consolidated Sdn Bhd, a major shareholder of Mynews.
Another director, Mohd Suffian Suboh, who has served on the board for eight years as an independent executive director, has also resigned to become a consultant, for the company on marketing and sales.
Meanwhile, MyNews reported wider net losses of RM2.2 million for the third quarter ended July 31, 2023, on higher tax expense.
Its loss before tax for the quarter however improved to RM1.24 million, compared with RM2.34 million loss in the corresponding quarter of the preceding year.
This was on 9.2 per cent higher revenue of RM185.8 million for the quarter ended July 31, 2023 over the preceding year's corresponding quarter, driven by an increase in number of outlets and improvement in the overall in-store sales.
Number of outlets increased by 20 from 573 to 593.
Net loss for the nine-month period ended July 31, 2023 narrowed to RM11.7 million, compared with RM19.5 million.
This was on 20 per cent higher revenue of RM544.1 million, compared with RM450.7 million from a year ago.
