KUALA LUMPUR (Dec 19): Pentamaster Corp Bhd announced a slew of boardroom changes today as the group gears up for the planned listing of its automated solutions business, Pentamaster International Ltd, on the Main Board of the Hong Kong Stock Exchange.
Its executive chairman Chuah Choon Bin, 56, was redesignated to non-executive chairman, while its executive director Gan Pei Joo, 41, and independent and non-executive director Sim Seng Loong @ Tai Seng, 50, both resigned.
The company said the resignations were due to the board’s restructuring in preparation for the proposed listing.
On Sept 11, Pentamaster announced a proposal to list Pentamaster International in Hong Kong, which will result in the dilution of its interest in the unit from 92.6% as at Aug 30, 2017 to 63.1% upon completion of the exercise.
Meanwhile, it appointed Lee Kean Cheong, 50, as its independent and non-executive director.
“He had broad-based experience in business and finance, and also held various leadership roles in managerial positions for over 20 years. At this moment, he is a partner of KC Lee & Partners, an MIA-registered firm and Managing Director or Ideal Earnings Sdn Bhd, a corporate & management consultancy company,” said Pentamaster.
Lee is also the independent and non-executive director of both Teo Guan Lee Corp Bhd and Petrol One Resources Bhd.
Earlier today, Pentamaster announced that Kumpulan Wang Persaraan (Diperbadanankan) (KWAP) has emerged as a substantial shareholder in the company after acquiring a 5.11% stake in the company on Dec 14.
Shares in Pentamaster rose nine sen or 3.64% to settle at a record high of RM2.56 today, after 5.71 million shares were traded, for a market capitalisation of RM810.46 million. The stock has jumped nearly 307% in the past 12 months.
Sourced from : theedgemarket