IOI Corporation Berhad announced redesignation of Mr. Cheah Tek Kuang, age 75, from Independent Director to Non-Independent Director. The date of change is September 26, 2022. Mr. Cheah Tek Kuang started his career in the Malaysian Industrial Development Authority (now known as Malaysian Investment Development Authority) in 1970 as an Economist.

In 1978, he joined Arab Malaysian Merchant Bank Berhad (now known as AmInvestment Bank Berhad) in its Corporate Finance Department. He was later appointed as CEO and Group Managing Director of the AmInvestment Bank Berhad in 2002. Following the restructuring of AmBank Group, he was appointed as the Group Managing Director of AMMB Holdings Berhad from 2005 until his retirement in 2012.

He was also a Director of Bursa Malaysia Berhad for nine (9) years and is currently a member of the Appeals Committee of Bursa Malaysia Securities Berhad.