CEO Morning Brief

Pestech Chairman’s Son Lim Peir Shenq Retracts Resignation Letter Dated the Same Day

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Publish date: Wed, 09 Aug 2023, 08:38 AM
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TheEdge CEO Morning Brief
Pestech International Bhd executive director Lim Peir Shenq

KUALA LUMPUR (Aug 8): Pestech International Bhd executive director Lim Peir Shenq has retracted his resignation letter after handing it in on the same day on Aug 7, 2023.

In a Bursa Malaysia filing on Tuesday (Aug 8), Pestech said Peir Shenq retracted his resignation in the late evening of Monday, but did not explain his change of heart.

Just on Monday, in a separate filing, the integrated electric power technology company announced that Peir Shenq’s resignation was to take effect on Monday (Aug 7), and that his resignation was “to pursue other interests”.

The 38-year-old is the son of Lim Ah Hock, the group executive chairman. He is also the cousin of Paul Lim Pay Chuan, the managing director and group chief executive officer of Pestech.

Both Ah Hock and Pay Chuan are currently Pestech’s biggest shareholders, with Ah Hock holding a 30.875% stake and Pay Chuan 19.45%.

Last month, the pair were discharged and acquitted of all charges against them, involving the misappropriation of RM10.6 million in relation to Pestech Technology Sdn Bhd, a unit of Pestech.

It was alleged that Pestech Technology had made payments for works not rendered by the consulting company, and the duo had been accused of abetting in these payments.

In a separate filing with the bourse, Pestech said the group has appointed Mercury Securities Sdn Bhd as the independent adviser to advise shareholders of the group in respect of IJM Corp Bhd's intention to seek an exemption from the Securities Commission Malaysia from making a mandatory takeover offer for the remaining Pestech shares and warrants it doesn’t own.

A fortnight ago, IJM emerged as the largest shareholder of Pestech after subscribing for 800 million shares or a 44.83% stake in Pestech for RM124 million, or 15.5 sen per share. The transaction is expected to be completed by the fourth quarter of 2023.

At the time of writing, shares of Pestech remained unchanged at 30.5 sen, valuing the group at RM302.6 million.

Read also:
Pestech chairman’s son Lim Peir Shenq resigns as executive director
Pestech confirms two top execs charged for allegedly abetting in misappropriation of a subsidiary's funds
Pestech execs discharged and acquitted of misappropriating subsidiary’s funds
IJM Corp to acquire 45% stake in Pestech International for RM124 mil

Source: TheEdge - 9 Aug 2023

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