KUALA LUMPUR (July 4): Computer Forms (M) Bhd said it has appointed Datuk Rahim Suboh as an independent and non-executive director effective Tuesday (July 4).
According to the printing and packaging services provider’s Bursa Malaysia filing, Rahim currently serves as a director of ACE Money Exchange Sdn Bhd and an independent director of ACE Investment Bank Ltd.
The group said he also serves as a director of Timbunan Pelangi (M) Sdn Bhd and Nik Hussain Holdings Sdn Bhd, as well as an adviser to Auto Mastercop Sdn Bhd’s board.
A company check with the Companies Commission of Malaysia shows that ACE Money Exchange is 25%-owned by ACE Credit (M) Sdn Bhd, a wholly owned subsidiary of ACE Holdings Sdn Bhd.
Rahim and Lee Sze Koon both own 20% stakes in ACE Money Exchange, while Mohd Dzarfan Khalid holds the remaining 35%.
Meanwhile, ACE Investment Bank Ltd is an investment bank licensed under the Labuan Financial Services Authority, established by ACE Holdings.
Rahim’s appointment comes a week after Datuk Justin Lim Hwa Tat exited as Computer Forms’ executive director due to “differences of opinion with the management”.
At end-May, Computer Forms also saw the resignation of its chief operating officer Tan Keng Soon “due to other personal commitment”.
Over the past four months, the group has seen the cessation of its three substantial shareholders, with no new substantial shareholders emerging in the same period.
In April, the company’s then-lone remaining substantial shareholder Arena Evolusi Sdn Bhd ceased to be a substantial shareholder after it pared its stake to 4.8% from 5.47%.
Prior to that, the group’s former largest shareholder Datuk Seri Dr Jacky Pang Chow Huat disposed of a 49.76% stake in March, leaving him with a 4.49% stake, while Cita Realiti Sdn Bhd pared its stake in Computer Forms to 4.25% from 7.78% in March.
It is worth noting that Fitters Diversified Bhd announced on April 4 that it will be seeking the approval of its non-interested shareholders to ratify its acquisition of 12.14 million shares (4.54% stake) in Computer Forms together with 6.18 million warrants after Bursa Malaysia informed the company that the proposed acquisitions are deemed related party transactions.
In justifying the proposed acquisition in response to the bourse operator's queries, Fitters Diversified cited Computer Forms’ involvement in the electric vehicle (EV) industry, particularly its joint venture with Bangkok-listed Energy Absolute Public Company to jointly produce and distribute EV and EV chargers in Malaysia.
Pang is a substantial shareholder of Fitters Diversified with a 7.9% stake, while both Cita and Arena ceased to be Fitters Diversified’s substantial shareholders in March 2022.
Fitters Diversified’s executive director Hoo Swee Guan is also an executive director of Computer Forms, while Fitters Diversified’s independent non-executive directors Wong Kok Seong and Kho See Yiing also sit on the board of Computer Forms as senior independent non-executive director and independent non-executive director, respectively.
Shares in Computer Forms closed half a sen or 2.78% higher at 18.5 sen on Tuesday (July 4), giving the company a market capitalisation of RM48.13 million.