Five Caely directors appointed to Top Builders’ board

KUALA LUMPUR (July 28): Five directors of troubled lingerie maker Caely Holdings Bhd have been appointed to the board of construction engineering group Top Builders Capital Bhd.

They include Caely Chairman Datuk Loh Ming Choon and Executive Vice Chairman Wong Siaw Puie, according to Top Builders’ filing with Bursa Malaysia.

The others are Caely’s Executive Director Datuk Seri Sin Hock Min, and Independent Directors Datuk Mohammad Hanafiah Zakaria and Ng Mei Choo.

Sin is the father of Sin Yoke Gen, the executive director of Top Builders.

Loh has been appointed as Top Builders’ chairman, while Wong and Sin will both serve as the group’s executive vice chairmen.

Hanafiah and and Ng meanwhile have been appointed as the group’s independent directors.

The appointments are effective Thursday (July 28).

A check on Bloomberg indicated that the lingerie maker and Top Builders do not have any common major shareholders.

The Malaysian Anti-Corruption Commission earlier this year issued an order freezing all of Caely's bank accounts amid allegations of suspicious and irregular transactions in the group.

On June 16, Caely's board of directors lodged a police report against Leong Seng Hui, Kok Kwang Lim and Valhalla Capital Sdn Bhd who had called for an extraordinary general meeting (EGM) the previous day.

Leong had claimed in a statement after the EGM that nine Caely directors, including Loh, Hanafiah, Sin, Wong and Ng, have been removed from the board.

Loh, however, insisted that the EGM was illegal and the nine were still directors of the group.

Shares of Caely closed unchanged at 30 sen on Thursday, valuing the group at RM77.49 million.

Top Builders finished unchanged at four sen, giving it a market capitalisation of RM28.24 million.