KUALA LUMPUR (Aug 25): Sersol Bhd has announced the removal of  its executive chairman Datuk Lim Tiong Siang and two of its independent and non-executive directors, Shazreen Mohd Hatta and Sia Meng Chan, with immediate effect.

This comes after the company's shareholders approved resolutions calling for their removal as directors, at an extraordinary general meeting (EGM) on Friday (Aug 25).

The chemical manufacturer also announced the appointment of Datuk Mohamed Suffian Awang as executive director, and Tan Tong Lang and Alan Ling Sie Kong as non-independent and non-executive directors as approved by shareholders at the EGM.

The changes in the membership of the board was sought by Hillcove Sdn Bhd, which had on July 21 surfaced as a new substantial shareholder of Sersol with a 13.67% stake in the company, after acquiring 100 million shares off-market.

Sersol's three existing substantial shareholders are Sanston Financial Group with a 25.95% stake, Justin Lim Hwa Tat (12.82%) and Lazarus Sec Pty Ltd (12.82%).

Lim Tiong Siang is the father of Sersol chief executive officer Datuk Wira Justin Lim Hwa Tat, who is wanted by the Malaysian Anti-Corruption Commission for allegedly directing and approving five payments totaling RM2.5 million to a private company named HGC Legacy Enterprise.

Sersol’s share price closed up one sen or 6.45% at 16.5 sen on Friday, giving the company a market value of RM116.92 million.