KUALA LUMPUR (Oct 8): Pestech International Bhd’s executive director Lim Pay Chuan has been redesignated as managing director. The 50-year-old remains as the group’s CEO.
Pestech has also named Lim Peir Shenq, 35, as its new executive director, and Amir Yahya, 67 as an independent and non-executive director.
In addition, the group redesignated Lee Ting Kiat, 52, as independent director from non-executive director.
The group also saw the departure of its independent and non-executive director Ibrahim Talib, as his term of service from his position will be reaching a cumulative term of nine years in 2021.
All the changes came into effect today, according to the group’s filings with Bursa Malaysia.
Pay Chuan is a substantial shareholder of Pestech with a direct shareholding of 21.33% and indirect shareholding of 0.171% as of Sept 9.
He is the nephew of the group’s executive chairman Lim Ah Hock, and the cousin of Peir Shenq, who is the son of Ah Hock.
Pay Chuan joined Pestech as a general manager in 2000 and subsequently was promoted to the CEO position in 2008.
“He has been playing an instrumental role in the growth and development of Pestech from a small player primarily involved in trading, to an established homegrown integrated electric power technology company in the power transmission and distribution business with operations locally and abroad,” Pestech said in a filing.
Separately, Pestech said it has declared a special dividend of 0.5 sen per share.
Pestech’s share price closed up 0.5 sen or 0.68% at 73.5 sen today, valuing the group at RM560.09 million. Some 66,900 shares were traded.
Year to date, the counter has come down by almost half from RM1.34 on Jan 2.