KUALA LUMPUR (Feb 5): Hextar Industries Bhd’s (KL:HEXIND) independent non-executive chairman Datuk Chan Choun Sien has stepped down from his post.

Chan’s resignation was “due to other commitments”, according to the fertiliser maker and industrial equipment and office supplies trader’s bourse filing on Wednesday.

The 54-year-old was redesignated to the chairman’s post in October 2018, back when the group was called SCH Group Bhd.

Hextar Industries’ substantial shareholder is Datuk Eddie Ong Choo Meng, who holds a 51% stake via his private vehicle Hextar Holdings Sdn Bhd.

For the nine months ended Sept 30, 2024, Hextar Industries posted a 60.3% decline in net profit to RM21.73 million from RM54.76 million for the same period a year earlier, while revenue was flat at RM768.76 million versus RM771.51 million previously.

The group attributed the lower bottomline to lower average selling price and profit margin attained by its fertiliser division.

Hextar Industries has also ventured into the food and beverage industry.

Last November, its wholly-owned unit Global Aroma Sdn Bhd received the exclusive rights to develop and operate coffee shops under the Luckin Coffee brand nationwide for a decade.

The group went on to announce the soft opening of five Luckin Coffee outlets by end-January.

Shares in Hextar Industries ended unchanged at 46.5 sen, valuing the group at RM1.26 billion.