KUALA LUMPUR (June 30): Multi-wall industrial paper sack manufacturer KYM Holdings Bhd executive director and deputy chief executive officer Darren Lee Ji Jin has been promoted to CEO of the group effective July 1. In his new role, Lee will lead the executive team focusing on value creation via mergers and acquisitions (M&As).

Lee, 40, will succeed Lim Tze Thean, 44, who will remain on the board of directors as executive chairman. Both Lee and Lim are cousins. Lim's father is KYM's founder and former executive director Datuk Lim Kheng Yew, 71, a major shareholder of the group with a 34.6% stake.

In a filing with Bursa Malaysia on Friday (June 30), KYM said Lee joined the group as a non-independent non-executive director in November 2014 and was appointed as deputy CEO and executive director on June 1, 2022.

Lee has spent the last 20 years in finance and corporate work focusing on restructuring, M&As, privatisation, as well as regional new business development. He also has experience in the automotive, electronics and packaging industries in Malaysia as well as regionally.

The Edge Malaysia weekly reported in July last year that Lee was leading KYM’s venture into electric vehicles, semiconductors and the renewable energy management business.

"My immediate focus is to diligently seek new business opportunities in a bid to future-proof our business, and to affect a valuation shift. I shall also further integrate sustainability efforts in our operations as well as product innovation, and enhance our ESG (environmental, social and governance) framework,” Lee said in a statement.

“Darren [Lee] has proven ability in the areas of corporate strategy, operational execution as well as a strong reputation for innovation and cooperation in his M&A track record. As KYM’s deputy CEO, he showed a willingness to enter the trenches with our production teams while playing a key role in advancing sustainability initiatives. These last 12 months were spent getting KYM ready to explore new business opportunities with a modest eight-figure war chest for acquisitions and expansions,” said Lim, who is stepping down as the CEO after 11 years in the role.

For its first financial quarter ended April 30, 2023 (1QFY2024), KYM's net profit jumped 153.39% to RM11.27 million, from RM4.49 million a year earlier, due mainly to a one-off gain of RM15.29 million from the disposal of a piece of land and building.

Quarterly revenue was, however, down 23.15% to RM22.91 million, from RM29.8 million a year ago, due to a lower contribution from the multi-wall industrial paper sack division.

In a statement accompanying the release of the financial results, KYM said it will consistently pursue development of new packaging products.

At 2.36pm on Friday, KYM shares were unchanged at 49.5 sen, giving the group a market capitalisation of RM75.54 million.

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