KUALA LUMPUR (Jan 17): Comintel Corp Bhd managing director (MD) Lim Chee Hock has resigned to pursue other interests following his recent divestment of shareholdings in the group to his successor Datuk Jackson Tan Kak Seng. 

Lim was made MD of Comintel in January 2021, taking over the post from his elder brother Leng Keng Hok @ Lim Keng Hock, who founded the group and retired from the board in August that year after taking indefinite medical leave since December 2020.

Meanwhile, Tan, through his private investment vehicle JT Conglomerate Sdn Bhd, had emerged as a substantial shareholder of Comintel in December last year with a 37.91% stake after subscribing to 145 million new shares issuance at eight sen apiece in the group via private placement.  

Tan subsequently acquired another 18.58% stake from the Lim brothers for RM10.66 million or 15 sen each, raising his shareholdings in Comintel to 56.5% as at Dec 6 last year. 

Tan was required to make an unconditional mandatory takeover offer to other minority shareholders after his acquisition, when he indicated that he intends to maintain Comintel’s listing status on the Main Market of Bursa Malaysia. 

The offer was closed on Jan 6, with Tan’s shareholdings in the group remaining at 56.5% as at Tuesday. 

Comintel also announced a series of other boardroom changes, including resignations of independent non-executive directors Wong Mun Wai and Lee Chai Bee, both “to pursue other interest”; and the appointments of Lee Seng Yong as executive director, and Tan Mai Yean and Teh Soon Hin as independent non-executive director. 

All boardroom changes are effective immediately. 

Shares of Comintel closed half sen or 0.6% lower at 83 sen, giving it a market capitalisation of RM317.47 million.