KUALA LUMPUR (June 14): Taliworks Corp Bhd (KL:TALIWRK) said its non-independent and non-executive director Lim Chin Sean retired at the conclusion of the group’s annual general meeting (AGM) on Thursday.

In a stock exchange filing, Taliworks said Lim had decided to withdraw his offer for re-election as a director at the AGM due to increased commitments elsewhere.

Lim had offered himself for re-election in April.

He holds an indirect stake of 49.95% in Taliworks through LGB Group Sdn Bhd and a direct stake of 0.01%.

Lim is the son of the late Datuk Lim Ah Bak @ Lim Geok Bak, the founder of LGB Group, and the youngest brother of Datuk Lim Chee Meng, who served as the deputy executive chairman of Taliworks from March 2010 to May 2011.

Starting out as a construction-based company before the gradual shift to water infrastructure expertise, LGB Group was the company that introduced Malaysia’s first interstate fast-track water transfer scheme about 25 years ago.

Meanwhile, Taliworks is a pure play infrastructure company involving five core businesses, namely water treatment, supply and distribution; highway toll concessionaire, operations and maintenance operator; engineering and construction; waste management; and renewable energy.

Shares of Taliworks closed down one sen or 1.25% at 79 sen on Thursday, valuing the group at RM1.58 billion.