KUALA LUMPUR: K Seng Seng Corp Bhd (KSSC) announced yesterday the passing of its chairman cum managing director (MD) Koh Seng Kar, who founded the company some three decades ago.

In an exchange filing, KSSC announced the demise of 75-year-old Koh, who was responsible for the company’s strategic business planning and development.

Koh was the largest shareholder of KSSC with a 38.5% stake as at April 2, 2018, followed by his deputy and younger brother, Koh Seng Lee, with 16.5%. No successor has been announced to the stock exchange at the time of writing.

Koh started his career in 1980, when he set up a sole proprietary business involved in the trading of industrial textile and threads.

He then established Vinylon Industries Sdn Bhd five years later, and ventured into the trading of marine hardware and consumable industry.

According to KSSC’s website, Koh then led the growth of the company from a modest marine hardware and consumable trading company, to a one-stop supply centre for secondary stainless steel products.

The stainless steel manufacturer was recently slapped with a query on its unusual market activity, when its share price had surged nearly 25% in a day amid heavy trading.

Year to date, the stock has gained about 40%, to be valued at RM43.2 million.