KUALA LUMPUR (July 31): Earthworks and civil engineering service provider Advancecon Holdings Bhd said it has dismissed its group chief operating officer (COO) Yeo An Thai with immediate effect due to misconduct.

Yeo, 52, holds a 2.79% stake, comprising 16.08 million shares, in Advancecon, according to the group's bourse filing on Monday (July 31).

The group's main shareholder is its chief executive officer Kia Phum Ang, with a 16.96% stake.

Advancecon had in an earlier filing on May 29 notified that Yeo was not re-elected at the group’s 26th annual general meeting, though he continued to remain as the COO. This was followed by his cessation of office in the group’s risk committee.

According to the group’s 2022 annual report, Yeo was appointed as executive director and COO in 2016. Yeo had joined Advancecon in 2001 where he was responsible for day-to-day on-site operations of all construction projects.

Meanwhile, in 2010, Advancecon group was established pursuant to an internal reorganisation exercise, with Yeo assuming the role of general manager of project management before being promoted to COO.

In a separate filing on Monday, Advancecon said its independent non-executive director Lee Elaine, 30, has resigned to pursue her personal interest. She also gave up her position in the group's audit, nomination, remuneration and risk committees.

As the closing bell rang, Advancecon shares dropped half a sen or 1.45% to 35 sen, giving the group a market capitalisation of RM201.73 million.