New team for Seapower Asia

RICHARD Li's Pacific Century group will name a new management team to run Singapore-listed Seapower Asia after its general offer for the company closes.

Seapower will be renamed Pacific Century Regional Developments and Paul Tong, general manager of New World Development, will take over as chief executive next year.

Pacific Century also said it would appoint Patrick Cheung, a former partner of consultancy firm McKinsey and Co, as president and chief operating officer of Seapower.