KUALA LUMPUR (May 4): Keh Chuan Seng, the newly-emerged single largest shareholder of Tex Cycle Technology (M) Bhd, has been appointed executive chairman of the ACE Market-listed waste recycling company.
In a filing with Bursa Malaysia on Wednesday (May 3), Tex Cycle said the 52-year-old Keh is also the executive chairman of K Seng Seng Corp Bhd, as well as the non-independent non-executive chairman of EG Industries Bhd and HB Global Ltd.
He is also a committee member of the Kedah Chinese Chamber of Commerce and Industry.
Keh surfaced as a major shareholder of Tex Cycle on May 2, after acquiring 67 million shares, equivalent to an indirect 26.43% interest, via direct business transaction through his property firm Frazel Group Sdn Bhd last Thursday (April 27).
The seller of the stake is believed to be Tex Cycle’s previous major shareholder Can Cycle Sdn Bhd, which disposed of its entire 80 million shares or a 31.56% stake via direct business transaction on April 27.
The Klang-based Can Cycle is a private vehicle, jointly owned by low-profile businessman Ho Siew Choong and his brothers, namely Siew Cheong and Siew Weng, as well as Periasamy Sinakalai, better known as S Perry.
Meanwhile, Tex Cycle also disclosed on May 3 that Chan Jee Peng had resigned as the group’s independent and non-executive director “due to personal commitment”.
Earlier on April 28, former executive chairman Siew Choong and former executive director S Perry had also resigned from Tex Cycle’s board, citing the same reason.
On the same day, Lee Hai Peng was appointed as the new executive director of Tex Cycle, while Datuk Yeo Chun Sing was appointed as the new independent and non-executive director.
It is worth noting that Lee had also emerged as a substantial shareholder of Tex Cycle, after acquiring 13 million shares or a 5.13% direct stake via direct business transaction on April 27.
Lee and Yeo, both 57, were colleagues in the Chin Hin Group before they joined Tex Cycle.
Lee joined Chin Hin Group Bhd in 2008 as the group accountant, before he was promoted to the group financial controller in 2009, and was subsequently appointed as the executive director in 2015, a position he held until December 2022.
He is currently a non-independent non-executive director of Solarvest Holdings Bhd, as well as an executive director in K Seng Seng Corp.
Meanwhile, Yeo was the managing director of Aera Property Group Sdn Bhd. He was appointed as executive director of Chin Hin Group Property Bhd in 2017, and resigned in March 2023.