The Board of Directors of NagaCorp Ltd. announced with great sadness that Tan Sri Dr. Chen Lip Keong the Senior Chief Executive Officer of the Group passed away on 8 December 2023 due to illness. Dr. Chen had established a solid foundation of the Group after more than 28 years of steady growth. His many years of entrepreneurial, business and managerial experiences had been instrumental to the Group's success.

Under Dr. Chen's visionary leadership, the Group has been achieving remarkable growth and development after years of careful navigation of the business and skillful and strategic management. The Board also announces the re-designation of Mr. Chen Yiy Fon, an executive director of the Company, with effect from 10 December 2023, as the new Chief Executive Officer of the Group to assume leadership of the Company and to assume the duties and responsibilities previously held by Dr. Chen. Mr. Chen Yiy Fon is a son of Dr. Chen and has previously served as the Chief Executive Officer -- Operations of the Company since 5 April 2022.