KUALA LUMPUR (Dec 1): ML Global Bhd has appointed Datuk Lim Lit Chek as executive director and chief executive officer (CEO) of the construction company, replacing Chew Wee Seong who has been redesignated as chief operating officer (COO).

In a filing with Bursa Malaysia today, ML Global said Lim is the founder of MITC Engineering Sdn Bhd, a newly-acquired, wholly-owned subsidiary of ML Global. He holds the position as managing director of MITC Engineering.

The company said Lim, 40, has 16 years of experience in the property development and construction sector.

In a separate filing, ML Global said over the years, Chew, 46, has held several portfolios, including customer service, maintenance, sales and marketing, credit administration and property management.

Prior to his appointment as CEO of ML Global on Aug 1, 2014, Chew was responsible for the credit administration and property management for projects of LBS Bina Group Bhd.

During his tenure as CEO of ML Global, he has successfully turned around the company from a loss making one to a profitable entity; and subsequently uplifted the company from being classified as Practice-Note 17.

At the extraordinary general meeting on Monday, ML Global shareholders had approved the proposal to acquire one million shares in MITC Engineering, representing the entire equity interest of the company, for RM300 million.

In September, property developer LBS Bina had proposed to dispose of its indirect 75% equity interest in MITC Engineering to ML Global for RM225 million, to be satisfied via the allotment and issuance of shares to its indirect wholly-owned subsidiary, MITC Sdn Bhd.

At 3.48 p.m., shares of ML Global fell 0.5 sen or 0.6% to 82.5 sen, with 29,000 shares traded, for a market capitalisation of RM73.94 million.