SINGAPORE (THE BUSINESS TIMES) - The chief executive officer and president of United Industrial Corporation (UIC) will retire on Sept 30, 2020, after 28 years in both roles, the mainboard-listed property group said in a bourse filing on Wednesday (July 1).

Lim Hock San will also step down from his position as executive director on his last day. He will cease to be a director of the company's various subsidiaries and associated companies.

Mr Lim, who took up the CEO and president positions on April 1, 1992, "served with distinction" during his tenure and "contributed greatly to the development of the UIC group through his strategic initiatives", the company said.

UIC's total assets were $9 billion as at Dec 31, 2019, up from about $3.8 billion in 1991, it added.

"Under Mr Lim's stewardship, UIC has grown into a business with an extensive portfolio comprising commercial investment properties, residential development properties, hospitality and information technology services," it added.

UIC said its board is in the process of identifying and reviewing both internal and external candidates to replace Mr Lim.

Mr Lim is a director at three Singapore-listed companies Gallant Venture (Bintan), Indofood Agri Resources and Interra Resources, as well as at Shanghai-listed China-Singapore Suzhou Industrial Park Development Group. He is also the chairman of Ascendas Funds Management, which manages Ascendas Real Estate Investment Trust.

UIC, which is the biggest office landlord in Singapore, is a 50 per cent-owned subsidiary of mainboard-listed UOL Group.

Shares of UIC ended Wednesday at $2.19, down $0.01 or 0.5 per cent before the announcement.