KUALA LUMPUR (Aug 1): FACB Industries Incorporated Bhd's executive director Chen Yiy Fon is now executive chairman of the diversified group, which has businesses in the manufacturing and sales of bedding products, stainless steel fittings and investments in China.

According to FACB's filing with Bursa Malaysia, Yiy Fon, 42, is the son of tycoon Tan Sri Dr Chen Lip Keong. Yiy Fon joined the FACB board in August 2007. Currently, he is also a director of Karambunai Corp Bhd and Petaling Tin Bhd, as well as executive director and chief executive officer of Hong Kong Stock Exchange-listed NagaCorp Ltd, a hotel, gaming and leisure operator in Cambodia.

Meanwhile, Lip Keong is a controlling shareholder of Karambunai, Petaling Tin and FACB. He is also founder, controlling shareholder and senior chief executive officer of NagaCorp.

FACB also announced the appointment of Tee Meng Kwang, Michael Lai Kai Jin and Leong Choong Wah as the group's independent and non-executive directors. Both Lai and Leong are currently independent non-executive directors of NagaCorp.

The trio replaced Lim Mun Kee, Datuk Dr Abdul Razak Abdul and Datuk Wan Kassim Ahmed, who had resigned on May 30 in consideration of the Main Market listing requirements of Bursa Malaysia on the tenure limit of 12 years for independent directors.

FACB shares closed down one sen or 0.69% at RM1.43, giving it a market capitalisation of RM121.78 million.