Shangri-La Asia's chief steps down

HOTEL group Shangri-La Asia's head Pho Ba Quan stepped down as chairman and managing director of the company yesterday.

The group said that Mr Quan had resigned in order to pursue other interests. He would remain a non-executive director of the company.

Mr Richard Liu Tai-fung has been made a director and will take over as chairman.

Mr Liu has been with the Kuok group since 1964. He has been a director of Kerry Holdings since 1979 and is vice-chairman.

Mr Paul J C Bush, who has been a director of the company since its inception in 1992, has been appointed managing director.

During Mr Quan's tenure, the company, in June last year, was listed on the Hong Kong Stock Exchange. Its flotation raised $735 million and saw its shares oversubscribed by 108 times.

The group's first set of profit figures as a listed company came in well ahead of market expectations.

Its luxury hotels in Hong Kong and China produced a 97 per cent rise in net profit to $438.2 million for the year ended December 31.

The figure was above the Estimate Directory consensus forecast which had projected a $388 million net profit.