Overview
- Ong Beng Seng, 79, will step down as managing director of Hotel Properties Limited at the conclusion of the April 29 annual general meeting.
- He will not seek re-election as a board director, citing a need to focus on managing his bone marrow cancer diagnosis.
- Ong is facing legal charges for abetting former transport minister S. Iswaran in obtaining gifts and obstructing justice during a corruption probe.
- The announcement led to a 4.7% rise in Hotel Properties Limited's share price, reflecting positive market sentiment.
- Ong is renowned for his role in bringing Formula One to Singapore and shaping the city-state's property and sporting sectors.