KUALA LUMPUR (July 5): ML Global Bhd has redesignated its non-independent director Tan Sri Lim Hock San as it managing director, replacing Beh Hang Kong who is being redesignated as executive director, effective today.

The boardroom changes came after LBS Bina Group Bhd, an entity controlled by Lim, gained control of ML Global with an equity stake of 50.92%.

Beh, 59, has been MD at ML Global since Jan 16, 2008. He is also an executive director at Yong Tai Bhd since Jan 15, 2016.

Meanwhile, ML Global also redesignated its non-independent director Datuk Wira Lim Hock Guan as its executive director.

To recap, LBS Bina bought an additional 17 million shares or a 18.97% equity stake in ML Global from Beh, for RM9.5 million or 56 sen per share.

The acquisition raised LBS Bina's stake in ML Global to 50.92% from 31.95%. Consequently, the property group launched a mandatory takeover offer for the remaining shares not owned at 56 sen per share and 6 sen per unit for the warrants.

Shares in ML Global closed down one sen or 1.67% to 59 sen, for a market value of RM52.88 million.