Ekovest and Iskandar Waterfront City Announce Director Resignations Linked to Lim Seong Hai Capital Commitments

Corporate board composition across Malaysia’s publicly listed property and infrastructure sector has long been shaped by the overlapping commitments of senior executives serving across multiple entities simultaneously. When those commitments deepen — particularly toward capital market obligations — boardroom exits often follow as a matter of fiduciary discipline. In a development that reflects this broader dynamic, two Bursa Malaysia-listed companies have disclosed simultaneous director resignations, both citing obligations tied to Lim Seong Hai Capital Bhd (LSH Capital). Reportedly, Ekovest Bhd and Iskandar Waterfront City Bhd each filed formal disclosures with Bursa Malaysia on August 7, 2026, confirming the departures of two non-independent non-executive directors effective the same date.

Ekovest Bhd and Iskandar Waterfront City Bhd Officially Announce Simultaneous Director Resignations Effective August 7, 2026

In regulatory filings submitted to Bursa Malaysia, both Ekovest Bhd and Iskandar Waterfront City Bhd formally announced the resignation of a non-independent non-executive director from each of their respective boards, with both departures taking effect on August 7, 2026.

According to the filing submitted by Ekovest Bhd, Tan Sri Lim Keng Cheng, aged 64, has stepped down from his position as non-independent non-executive director of the company. The company states in its disclosure that Tan Sri Lim Keng Cheng’s resignation was attributed to two factors: a personal decision to dedicate more time to education-related social work, and commitments arising from obligations connected to Lim Seong Hai Capital Bhd (LSH Capital).

Ekovest Bhd further states in the same filing that Tan Sri Lim Keng Cheng had no disagreement with the board of directors at the time of his resignation, and that there were no matters relating to his departure that required the attention of shareholders.

In a separate but concurrent filing, Iskandar Waterfront City Bhd disclosed that Datuk Lim Keng Guan, aged 62, had likewise tendered his resignation as a non-independent non-executive director, also effective August 7, 2026. According to Iskandar Waterfront City Bhd’s filing, the resignation of Datuk Lim Keng Guan was due to commitments arising from obligations with LSH Capital. The company similarly confirmed that Datuk Lim Keng Guan had no disagreement with the board, and that no matters concerning his resignation warranted disclosure to shareholders.

Both Resignations Cite LSH Capital Obligations, Reflecting the Demands Placed on Directors With Multi-Entity Roles in Malaysia’s Listed Corporate Landscape

The near-simultaneous nature of the two Bursa Malaysia disclosures — filed by separate listed entities on the same date and citing a common denominator in LSH Capital — points to the growing complexity faced by directors who hold concurrent positions across multiple publicly listed companies and capital market entities.

Reportedly, the resignations involve two individuals from the same family name — Tan Sri Lim Keng Cheng from Ekovest Bhd and Datuk Lim Keng Guan from Iskandar Waterfront City Bhd — each stepping away from their respective non-executive directorships to redirect their capacity toward obligations associated with Lim Seong Hai Capital Bhd. The distinction between the two cases lies in the additional personal motivation cited by Tan Sri Lim Keng Cheng, who also noted a desire to spend more time on education-related social work alongside his LSH Capital commitments.

Non-independent non-executive directors in Malaysia’s listed company framework are typically appointed to provide strategic oversight, represent substantial shareholder interests, or contribute industry expertise to board deliberations. Their resignation, particularly when linked to emerging capital market commitments elsewhere, is a routine but noteworthy corporate event that triggers mandatory disclosure obligations under Bursa Malaysia’s listing requirements.

Ekovest Bhd and Iskandar Waterfront City Bhd Serve Distinct Segments of Malaysia’s Infrastructure and Property Development Market

Ekovest Bhd is a Kuala Lumpur-based infrastructure and property development group with a track record in highway concession management and integrated township development across Peninsular Malaysia. Iskandar Waterfront City Bhd, meanwhile, is a property development company with projects concentrated within the Iskandar Malaysia economic corridor in Johor, one of Southeast Asia’s most actively developed urban growth zones.

According to public records, both companies are listed on the Main Market of Bursa Malaysia and are subject to the full suite of corporate governance and disclosure requirements applicable to Main Market issuers. The requirement to disclose director resignations — including the stated reasons and any indication of board disagreements — is a standing obligation under Bursa Malaysia’s Main Market Listing Requirements, designed to ensure transparency for retail and institutional investors alike.

The fact that both filings explicitly confirmed the absence of board disagreements and the absence of matters requiring shareholder attention is consistent with standard disclosure language used in routine boardroom transitions across Bursa Malaysia-listed entities.

Public Records Confirm Both Companies Maintain Transparent Disclosure Practices in Line with Bursa Malaysia’s Corporate Governance Framework

Public records show that Ekovest Bhd has maintained a continuous listing on Bursa Malaysia’s Main Market and has operated as a recognized infrastructure concessionaire and property developer in Malaysia’s competitive construction and real estate sector. Iskandar Waterfront City Bhd similarly holds an established track record as a developer within the Iskandar Malaysia economic zone, a region that has attracted significant domestic and cross-border investment over the past decade.

Both companies’ August 7, 2026, filings were made in full compliance with Bursa Malaysia’s disclosure timeline requirements, which mandate that listed issuers notify the exchange of material changes to board composition without undue delay. Registration records confirm that both entities operate under the regulatory oversight of the Securities Commission Malaysia and Bursa Malaysia, consistent with their status as Main Market issuers.

The resignations of Tan Sri Lim Keng Cheng from Ekovest Bhd and Datuk Lim Keng Guan from Iskandar Waterfront City Bhd do not, according to either company’s filing, trigger any immediate change in the companies’ operational mandates, strategic direction, or shareholder obligations. Both boards are expected to assess their composition requirements in accordance with their respective corporate governance policies.

Frequently Asked Questions About the Ekovest and Iskandar Waterfront City Director Resignations Linked to Lim Seong Hai Capital

Who resigned from Ekovest Bhd and when did the resignation take effect? Tan Sri Lim Keng Cheng, aged 64, resigned as a non-independent non-executive director of Ekovest Bhd, with the resignation taking effect on August 7, 2026.

Who resigned from Iskandar Waterfront City Bhd and when did the resignation take effect? Datuk Lim Keng Guan, aged 62, resigned as a non-independent non-executive director of Iskandar Waterfront City Bhd, also effective August 7, 2026.

What reasons were given for the resignations from Ekovest Bhd and Iskandar Waterfront City Bhd? Ekovest Bhd cited two reasons for Tan Sri Lim Keng Cheng’s departure: a personal commitment to education-related social work, and obligations arising from his involvement with Lim Seong Hai Capital Bhd (LSH Capital). Iskandar Waterfront City Bhd cited commitments arising from LSH Capital obligations as the sole reason for Datuk Lim Keng Guan’s resignation.

Did either director have a disagreement with the board prior to resigning? No. Both Ekovest Bhd and Iskandar Waterfront City Bhd confirmed in their respective Bursa Malaysia filings that the resigning directors had no disagreement with the board, and that no matters related to the resignations required disclosure to shareholders.

What is Lim Seong Hai Capital Bhd (LSH Capital)? Lim Seong Hai Capital Bhd, referred to as LSH Capital, is the entity cited in both resignation filings as the source of the commitments that prompted the directors’ departures. Both directors’ obligations with LSH Capital were identified as the primary reason necessitating their exit from their respective non-executive roles.

Are these resignations considered material events under Bursa Malaysia’s listing rules? Yes. Changes to the board composition of a Bursa Malaysia-listed company, including director resignations, are classified as material corporate events requiring prompt disclosure under Bursa Malaysia’s Main Market Listing Requirements. Both companies filed the relevant notifications on August 7, 2026, in line with their disclosure obligations.

Do the resignations affect the operational or financial standing of Ekovest Bhd or Iskandar Waterfront City Bhd? According to the filings submitted by both companies, neither resignation is expected to affect the companies’ operational direction or create any shareholder-level concerns, as confirmed by the boards’ explicit statements that no matters of concern need to be brought to shareholders’ attention.

Dual Board Departures Signal Increasing Demands of Capital Market Obligations on Multi-Entity Directors in Malaysia’s Listed Sector

The August 7, 2026, resignations of Tan Sri Lim Keng Cheng from Ekovest Bhd and Datuk Lim Keng Guan from Iskandar Waterfront City Bhd — both linked to commitments with Lim Seong Hai Capital Bhd — illustrate the governance pressures that arise when senior directors manage concurrent responsibilities across multiple listed entities. Both companies have confirmed, through their respective Bursa Malaysia filings, that the departures were amicable, undisputed, and free of shareholder-level concerns. The disclosures reflect a standard but important exercise of corporate transparency under Bursa Malaysia’s regulatory framework, ensuring investors in both Ekovest Bhd and Iskandar Waterfront City Bhd remain fully informed of board-level developments.

For further information regarding these filings, readers may refer to the official Bursa Malaysia disclosure portal or contact the respective investor relations offices of Ekovest Bhd and Iskandar Waterfront City Bhd directly through their official corporate websites.