Saturday 13 Apr 2024
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KUALA LUMPUR (Aug 7): Pestech International Bhd’s executive director Lim Peir Shenq has tendered his resignation, after serving in the position for nearly three years since Oct 2020.

In a bourse filing on Monday (Aug 7), the integrated electric power technology company said Peir Shenq's resignation came into effect on Monday, citing his resignation was “to pursue other interests.”

The 38-year-old is the son of Lim Ah Hock, the group’s executive chairman, as well as the cousin of Paul Lim Pay Chuan, the managing director and group chief executive officer of Pestech.

Both Ah Hock and Pay Chuan are currently Pestech’s substantial shareholders, with Ah Hock holding a 30.875% stake and Pay Chuan a 19.45% stake.

Last month, the duo were discharged and acquitted from all charges against them involving the allegation of misappropriating RM10.6 million in relation to the group’s wholly owned subsidiary, Pestech Technology Sdn Bhd.

Pestech Technology allegedly made payments for works not rendered by the consulting company, and Ah Hock and Pay Chuan had been accused of abetting in these payments.

In a separate filing with Bursa Malaysia, Pestech said the group has appointed Mercury Securities Sdn Bhd as the independent adviser to advise the shareholders of the group in respect of IJM Corp Bhd seeking to obtain an exemption from the Securities Commission Malaysia to make a mandatory takeover offer for the remaining Pestech shares and warrants it doesn’t own.

Two weeks ago, IJM emerged as the largest shareholder of Pestech after subscribing to 800 million shares or a 44.83% stake in Pestech for RM124 million, or 15.5 sen per share.

The transaction is expected to be completed in the fourth quarter of this year.

Pestech’s shares price closed 1.5 sen or 5.17% higher at 30.5 sen, giving the group a market capitalisation of RM303 million.

 

Edited ByLee Weng Khuen
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