KUALA LUMPUR (March 27): Wong Engineering Corp Bhd said it has re-elected Yong Loy Huat as the precision metal manufacturing group's CEO following his retirement as its managing director.

Yong, 62, is one of the persons acting in concert with Tiong Nam Logistics Holdings Bhd's major shareholders, TNTT Realty Sdn Bhd and Ong Yoong Nyock, to trigger a mandatory takeover offer for Wong Engineering shares in August 2016, having jointly owned a 53.56% stake in the group at the time.

Ong controls 82.6% of TNTT, which owns a 24.6% stake in public-listed Tiong Nam. Ong is also Yong's brother-in-law.

In a separate statement, Wong Engineering said it has received the nod from shareholders to diversify into construction, property development and trading of construction materials.

At the end of morning trade today, Wong Engineering's share price was unchanged at 76 sen with 75,000 shares traded. The company has a market value of RM69.57 million.