Khoo retires as MUI executive chairman, son takes over
KUALA LUMPUR: Tan Sri Khoo Kay Peng yesterday announced his retirement as executive chairman of Malayan United Industries Bhd (MUI).
His eldest son Andrew Khoo Boo Yeow has been app ointe d exe cutive chairman after assuming the role of group chief executive officer from January 1 this year.
Two of MUI’s subsidiaries are listed on the local bourse, namely MUI Properties Bhd and Pan Malaysia Holdings Bhd. It is also the single-largest shareholder in the United King- dom-listed Laura Ashley Ltd.
Kay Peng is known for his talent in transforming MUI from a small manufacturer of toothbrushes and carton boxes into a large multinational group.
Though shying away from media publicity, he was constantly in the limelight during the heydays of MUI in the 1980s and early 1990s when MUI mounted a series of major acquisitions.
MUI’s rapid expansion in those years took the business community by storm.
At its height, the group’s businesses included a commercial bank, a licensed finance company, a general insurance group, hotels, prime commercial and landed properties, cement manufacturing, sugar refinery as well as overseas investments.
Today, MUI occupies a diverse and multinational business footprint, comprising retailing, property development, hotels, chocolate manufacturing and financial services.