KUALA LUMPUR (Nov 9): Stella Holdings Bhd has announced the resignation of its group chief executive officer Ng Jun Lip, and the appointment of major shareholder Datuk Lau Beng Sin as the new managing director.

The group, which is involved in construction, property development, oil & gas support services and healthcare services, said Ng resigned to pursue his other personal interest.

Lau's appointment as managing director took effect immediately, the group said in a filing on Wednesday (Nov 9).  

He had emerged as a substantial shareholder in Stella on Oct 21 (with a direct interest of 17.23% and indirect interest of 12.11%) together with his brother Datuk Lau Beng Wei (direct interest of 22.39%) and Varia Engineering & Services Sdn Bhd (VES) via the acquistion of the 51.73% stake from a group of existing shareholders.

The group of shareholders include Nova Premium Sdn Bhd (22.39%), Anjuran Utama Sdn Bhd (8.09%), Fine Approach Sdn Bhd (7.91%), Westiara Development Sdn Bhd (4.65%), Cerdik Cempaka Sdn Bhd (4.48%), Datuk Seri Lee Tian Hock (1.49%), Datuk Mohammad Haslah Mohmmad Amin (1.49%), Yong Soi Mee (0.94%), Lee Tian Huat (0.15%) and Datuk Tan Gee Swan @ Tan Suan Ching (0.15%).

The acquistion triggered a mandatory general offer, which resulted in the joint offerors acquiring the remaining Stella shares not owned by them at 95 sen per share.

VES is principally engaged as a general contractor with the two Lau brothers holding a 50% stake each in the company.

Stella on Wednesday also announced the redesignation of Datuk Mohamad Haslah Mohamad Amin as non-executive chairman, from executive chairman.

Shares in Stella closed unchanged at 97.5 sen, giving the group a market capitalisation of RM65 million.