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Property News

Jade Marvel says MD resigns because of ‘other personal commitments’, posts bigger 3Q loss

KUALA LUMPUR (Feb 20): Jade Marvel Group Bhd’s managing director Eddie Chong Wei Chuan has resigned from his position, after heading the company for about a year.
In a filing with Bursa Malaysia on Monday, Jade Marvel said Chong resigned due to “other personal commitments”.
Chong, 35, was appointed as executive director of the company on Sept 7, 2022 and was subsequently redesignated as joint managing director on Nov 21, 2022.
He was later redesignated as managing director on Feb 23, 2023.
Separately, Jade Marvel announced that it has incurred a net loss of RM6.65 million for its third financial quarter ended Dec 31, 2023 (3QFY2024), which is 87.9% more than the net loss of RM3.54 million a year earlier.
Quarterly revenue rose slightly by 4.1% to RM7.41 million, from RM7.11 million in 3QFY2023.
For the first three quarters, Jade Marvel’s total net loss narrowed by 9.1% to RM7.08 million from RM7.79 million in the previous year’s corresponding period, as revenue climbed 57.7% to RM40.93 million from RM25.96 million, largely contributed by the increase in revenue from its property development division.
Earlier last month, Jade Marvel withdrew its plans to raise up to RM80 million through the issuance of redeemable convertible preference shares to fund its money-lending business and working capital. It did not disclose the reason for the termination.
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Source: EdgeProp.my

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