KUALA LUMPUR (Jan 30): Loss-making packaging firm Tomypak Holdings Bhd has promoted chief operating officer (COO) Lee Kwee Heng as its new managing director, following the resignation of executive director Tan See Yin.

Tomypak also announced the appointment of Lim Bee Leong as independent non-executive director, with all boardroom changes effective Feb 1.

Tan, 66, resigned to focus on his duties as executive director in corporate finance for Tomypak’s wholly-owned subsidiary Tomypak Flexible Packaging Sdn Bhd (TFP), the group said in a stock exchange filing on Monday (Jan 30).

Lee joined Tomypak in March 2021 as sales and marketing director in TFP, before being promoted as COO last year.

“[Lee] is the key driver to execute the business continuity plan after the major fire incident at Senai in December 2021 till today,” said the group.

Prior to Tomypak, Lee was a regional sales director at IBM Asia Pacific.

Tomypak’s largest shareholders include non-executive chairman Yong Kwet On with 23% stake, followed by Lim Hun Swee with 21% and the late Tun Arshad Ayub with a 7.6% stake.

In its first quarter ended Sept 30, 2022 (1QFY23), Tomypak narrowed its losses quarter-on-quarter (q-o-q) by 22.67% to RM6.82 million, from RM8.82 million in 4QFY22.

This as revenue grew 63.82% q-o-q to RM18.61 million — highest since the fire incident — from RM11.36 million.

Shares of Tomypak closed one sen or 2.6% higher at 39 sen, giving it a market capitalisation of RM168.13 million.

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