Rexit Bhd announced the appointment of Datuk Seow Gim Shen as its new chief executive officer effective Monday, succeeding Datuk Chung Hon Cheong stepped down on the same day.

KUALA LUMPUR (March 11): Rexit Bhd announced a few changes to its boardroom, with the appointment of Datuk Seow Gim Shen as its new chief executive officer effective Monday, succeeding Datuk Chung Hon Cheong who stepped down on the same day.

Joining Seow is Wong Tack Heng, who was appointed as the chief operating officer following Si Tho Yoke Meng’s resignation, according to the general insurance services provider’s filing with Bursa Malaysia on Monday.

Notably, in January this year, Seow, together with Metaco Assets Holdings Sdn Bhd and Bemas Holdings Sdn Bhd made a takeover offer to acquire all the remaining ordinary shares in Rexit at 85 sen per share.

This offer came after the three parties emerged as new substantial shareholders of Rexit, acquiring an aggregate of 92.27 million shares or a 53.27% stake in the group for a total cash consideration of RM78.43 million. However, independent adviser MainStreet Advisers Sdn Bhd said the offer is "not fair" and "not reasonable”.

The joint offerors are seeking to maintain the listing status of Rexit on the ACE Market of Bursa Securities.

Besides Seow and Wong, Rexit also appointed Seow Jing Hui as an independent and non-executive director, taking the position from Chan Chee Yuan.

At the same time, the group appointed Teoh Wei Yee as its independent and non-executive director, while Chua Oou Chuan was made the new deputy chairman and non-independent non-executive director.

Following this, Rexit saw the departure of Kuah Hun Liang and Datuk Abdul Murad from the boardroom.

Shares in Rexit closed higher three sen or 3% at RM1.04 per share, valuing the company at RM180.1 million.

Source: TheEdge - 12 Mar 2024