Megan Holdings shares surge 20% intraday after appointing new independent director Mr. Phua Zhi Yong.

Megan Holdings surged 20% intraday following the announcement of Mr. Phua Zhi Yong’s appointment as a new independent director on November 21, 2025. The resignation of a previous director on October 31 had likely raised governance concerns, and the new appointment signaled improved board stability, potentially boosting investor confidence. The move aligns with market perceptions of enhanced corporate governance, which often positively influence stock valuations.