KUALA LUMPUR (March 3) — Jiankun International Bhd has confirmed the automatic removal of one of its directors after he failed to meet the minimum attendance requirement for board meetings.
In a filing with Bursa Malaysia, the loss-making developer said the office of Datuk Yong Chong Long, who served as a non-executive and non-independent director, was vacated with immediate effect pursuant to Paragraph 15.05(3)(c) of the Main Market Listing Requirements.
Under the rule, a director’s position is automatically terminated if they are absent from more than 50% of the total board meetings held during a financial year.
Yong had joined Jiankun’s board in October 2022 and was previously a substantial shareholder. At one point in September 2022, his stake reached 8.166% before ceasing to hold substantial shareholder status in March 2024.
Following his departure, the company appointed Jun Zhang, a Chinese national, as a non-executive and non-independent director.
Board stability is particularly crucial for property-focused companies operating in competitive regions such as Kuala Lumpur and Selangor, where investor confidence is closely tied to governance standards and execution capability.
Jiankun has remained in the red since the financial year ended Dec 31, 2022 (FY2022). For the quarter ended Dec 31, 2025, the group posted a net loss of RM15.2 million on minimal revenue of RM22,000.
The company also revised its financial year-end twice in recent years. It changed to end-June previously before reverting to end-December in June last year. For the 18-month period ended Dec 31, 2025 (FY2025), Jiankun reported a net loss of RM22.32 million on revenue of RM8.16 million.
Shares in the company closed unchanged at 3.5 sen, giving it a market capitalisation of approximately RM17.39 million.
Corporate governance and financial resilience remain key differentiators in Malaysia’s property sector. Developers operating in prime corridors — including those involved in commercial property in KL, office space in Bukit Jalil, or industrial land in Selangor — require consistent leadership and strong balance sheets to navigate market cycles.
In areas such as Puchong and the Subang area, where demand for factory in Puchong units and industrial property in Subang area continues to be driven by logistics and SME activity, execution discipline and corporate transparency are critical in sustaining investor trust.
As the Klang Valley property market becomes increasingly selective, governance compliance and financial restructuring efforts will be closely watched by stakeholders evaluating opportunities across residential, commercial and industrial segments.
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