KUALA LUMPUR (July 6): Muar Ban Lee Group Bhd has announced the demise of founder and executive chairman Datuk Chua Ah Ba @ Chua Eng Ka at age 77.

Filings with Bursa Malaysia showed that as of Dec 22, 2022, Ah Ba owned a direct stake of 0.76% and an indirect stake of 37.71 through his private vehicle MBL Realty Sdn Bhd (37.58%) and his son Datuk Chua Heok Wee, who is the managing director of the group and holds a 0.13% direct stake in the company.

According to Muar Ban Lee’s 2022 annual report, Ah Ba was the founder of the group and has more than 48 years of experience and expertise in the design and manufacture of oil seed expellers, ancillary machinery and spare parts.

“His vision and stewardship over the past years has taken our group from a small scale manufacturer to our current position as one of the top manufacturers of oil seed expellers in Malaysia,” said the company.

Ah Ba was appointed to the board of directors of Muar Ban Lee in June 2009. He was working together with Heok Wee in the overall business operation and strategic planning. Heok Wee, 50, is also the executive director of Symphony Life Bhd since September 2021.

Muar Ban Lee’s net profit jumped 285% to RM66.02 million in the financial year ended Dec 31, 2022 (FY2022) from RM17.14 million the previous year, mainly due to the profit from the disposal of a wholly owned subsidiary, Theron Holdings Sdn Bhd. Revenue also rose 15.3% to RM392.83 million in FY2022, from RM340.63 million in FY2021, mainly contributed by higher sales in all segments, except its plantation and oil milling segments, wherein a subsidiary in Indonesia — PT Serdang Jaya Perdana — was disposed of in the last quarter of 2022.

Muar Ban Lee shares closed unchanged at 47 sen on Thursday (July 6), giving it a market capitalisation of RM115.61 million.