CEO Morning Brief

K Seng Seng’s MD Steps Down, Keh Chuan Seng Named as New Executive Chairman

Publish date: Tue, 17 Jan 2023, 08:48 AM
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TheEdge CEO Morning Brief
K Seng Seng’s MD steps down, Keh Chuan Seng named as new executive chairman

KUALA LUMPUR (Jan 16): Stainless steel manufacturer K Seng Seng Corp Bhd said its managing director (MD) Koh Seng Lee has stepped down “to pursue his personal interest”.

The 61-year-old was redesignated as MD in May 2019, two months after the demise of his elder brother Koh Seng Kar @ Koh Hai Siew, who founded the group in the 1980s.

In stock exchange disclosures on Monday (Jan 16), K Seng Seng also announced the appointment of Keh Chuan Seng as its new executive chairman, and the re-designation of Lee Hai Peng as executive director from independent non-executive director.

Keh, 52, is the executive chairman of property developer Frazel World Sdn Bhd. He is also non-independent non-executive chairman of EG Industries Bhd and HB Global Ltd.

Lee, on the other hand, was appointed to the group’s board on Dec 22 last year, shortly after he relinquished his position as executive director of Chin Hin Group Bhd earlier that month.

Lee, 57, joined Chin Hin in September 2008 as group accountant, before being promoted to group financial controller in April 2009 and appointed as executive director in January 2015.

Currently, Lee is also a non-independent non-executive director of Solarvest Holdings Bhd, in which Chin Hin’s founding Chiau family has a 19% stake.

The Koh family still owns a substantial shareholding in K Seng Seng, with Seng Lee having a 19.33% stake as at Oct 20 last year. Another 32% stake was held under Seng Kar’s name as at March 2022, according to K Seng Seng’s latest annual report.

Shares of K Seng Seng closed seven sen or 4.35% lower at RM1.54 on Monday, giving the group a market capitalisation of RM199.58 million.

Source: TheEdge - 17 Jan 2023

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