KUALA LUMPUR: Sarawak tycoon Tan Sri Tiong Hiew King has relinquished his position as executive chairman of Media Chinese International Ltd (MCIL).
He will instead be taking up a non-independent, non-executive directorship in the group.
MCIL, which is listed on both Bursa Malaysia and Hong Kong stock exchange, controls four mainstream Chinese daily newspapers in Malaysia — Sin Chew Daily, China Press, Guang Ming Daily and Nanyang Siang Pau.
MCIL, today, announced Hiew King's younger brother, Datuk Seri Tiong Ik King, will be redesignated as non-executive chairman from his current role of non-independent director.
The changes will take effect from April 1, 2018.
Hiew King, aged 83, remains MCIL's largest shareholder with a 50.62 per cent stake.
In April 2017, Hiew King was admitted to a hospital in Singapore following a stroke. Since then, there has been widespread speculation about his health.
Soon after, his family members have issued statements to investors and assured Hiew King “is in good condition and strong”.
In September 2017, his youngest daughter Tiong Choon, was redesignated from a non-executive director to an executive director of the group.
Fourty nine year old Tiong Choon, the youngest of four siblings, is now widely seen as Hiew King’s eventual successor at MCIL.