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Milux announces board changes following conclusion of takeover

TheEdge Fri, Jul 05, 2019 08:05pm - 5 months ago

KUALA LUMPUR (July 5): Milux Corp Bhd announced a slew of new appointments today following the conclusion of the conditional mandatory takeover offer launched by Topspike Holdings Sdn Bhd and Asia New Venture Capital Holdings Sdn Bhd.

The group said Mohd Anuar Mohd Hanadzlah, 61, has resigned as independent and non-executive chairman “due to other personal commitment”, with Datuk Dr Wong Lai Sum replacing him as the group’s chairman.

Wong, 64, has also been inducted as a member of the group’s nomination and remuneration committee, Milux said in a filing with Bursa Malaysia.

Wong currently has directorships on the boards of Tasco Bhd, PRG Holdings Bhd and Sam Engineering & Equipment (M) Bhd.

In a separate filing, the group said Datuk Wira Ling Kah Chok, 38, has been appointed as the group’s executive vice chairman.

Meanwhile group managing director Koh Pee Seng, 68, has resigned from his position due to “other personal commitments”, with Datuk Khoo Teck Kee, 44, taking over.

Executive director Ng Tek Che, 63, and independent and non-executive director Datuk Mohamed Salleh Bajuri, 68, have also resigned.

Milux has appointed Gan Boon Lay, 43, Yee Carine, 29, and Tek Sok Hoon, 37, as non-independent and non-executive directors.

Meanwhile, Datuk Haw Chin Tek, 48, and Datuk Yap Kheng Fah, 44, have been appointed as the group’s independent and non-executive directors.

Haw is chairman of the group’s nomination and remuneration committee while also being a member of the group’s audit and risk committee — of which Yap is also a member.

The new appointments follow an offer made by majority shareholders Topspike Holdings and Asia New Venture Capital to take over the remaining shares they do not own at 80 sen a piece.

Topspike and Asia New Venture had issued the conditional mandatory takeover offer on May 3, following their acquisition of a 46.83% stake in the group for RM20.39 million or 80 sen a share.

Of the 46.83%, Topspike owns 29.78% and Asia New Venture owns the remaining 17.05%.

Topspike is jointly owned by Ling and Gan while Asia New Venture is a wholly-owned subsidiary of Asia Capital Fund Ltd.

Yee Carine owns an 80% stake in Asia Capital Fund while Teh holds the remaining 20%.

The offer which ended on June 14 resulted in Topspike and Asia New Venture holding a 72.99% stake or 39.71 million shares in the group.

Shares in Milux were last traded at 80 sen, giving the group a market capitalisation of RM43.53 million.

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