CEO Morning Brief

Ge-Shen's Newly Appointed Executive Directors Buy Shares in Group

Publish date: Thu, 08 Jun 2023, 08:44 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 7): Ge-Shen Corp Bhd's newly appointed executive directors Lee Hai Peng and Keh Chuan Seng have bought shares in the plastic injection moulding and metal stamping group.

Lee acquired 4.2 million Ge-Shen shares, representing a 3.81% stake, for RM6.72 million via a direct business transaction on Tuesday (June 6), according to the group's bourse filing on Wednesday.

Keh, meanwhile, has an indirect stake of 27.91% or 30.8 million shares in Ge-Shen, according to another filing. These shares were acquired by his property firm Frazel Group Sdn Bhd via a direct business transaction on Tuesday for RM49.28 million.

On the other hand, Ge-Shen's former joint chief executive officer (joint CEO) Chan Choong Kong, who resigned on Tuesday, disposed of a direct stake of five million shares and an indirect stake of 35 million shares (held through Pelita Niagamas Sdn Bhd), leaving him with a direct stake of 100,750 shares (0.091%) and indirect stake of 34.63 million shares (31.38%).

Ge-Shen announced Lai and Keh's appointments on Tuesday, along with the redesignation of Louis Lau Pong Kiet from joint CEO to CEO.

It also announced the resignations of Chan, and non-executive directors Datuk Tee Siew Kong and Datuk Yeo Chun Sing from the group's board.

Lai is an executive director of K. Seng Seng Corp Bhd, and a non-independent non-executive director of Solarvest Holdings Bhd. He was a former executive director of Chin Hin Group Bhd but resigned from that position on Dec 1 last year.

Keh was recently appointed as executive chairman of the waste recycling company Tex Cycle Technology (M) Bhd. He surfaced as a major shareholder of Tex Cycle on May 2, after acquiring 67 million shares, equivalent to an indirect 26.43% interest, via direct business transaction, also through Frazel Group.

Shares of Ge-Shen closed down six sen or 3.97% at RM1.45 on Wednesday, for a market capitalisation of RM160.27 million.

Source: TheEdge - 8 Jun 2023

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