KUALA LUMPUR (Aug 2): Kawan Food Bhd said Ng Hooi Kai has vacated his office as chief executive officer (CEO) with effect from Wednesday (Aug 2).

This follows the expiration of his contract, said the homegrown frozen food manufacturer in a filing with Bursa Malaysia.

Ng, 61, was appointed as the group CEO in January 2021. He has a direct interest of 0.019% or 72,000 shares in the group.

For the first quarter ended March 31, 2023, Kawan Food’s net profit fell 8.37% to RM7.88 million, from RM8.6 million a year earlier, due to higher expenses. This is despite revenue rising 15.17% to RM79.1 million from RM68.68 million, thanks to the rising demand for the company's products in both the local as well as Asian and European markets.

Shares in Kawan Food closed four sen or 2.15% lower at RM1.82 on Wednesday, valuing the company at RM659.9 million. The counter has fallen 17.65% so far this year.