KUALA LUMPUR (Oct 3): SWS Capital Bhd has announced several boardroom changes, including the redesignation of its non-executive director Datuk Chua Heok Wee to group managing director of the furniture and plastic ware manufacturer effective immediately. Heok Wee, 50, replaces Teoh Han Chuan, 63, who has been redesignated from managing director to executive deputy chairman.

Heok Wee is also currently the group managing director of Penang-based palm kernel expeller manufacturer Muar Ban Lee Group Bhd (MBL).

In a filing with Bursa Malaysia on Tuesday, SWS Capital also announced the redesignation of Chua Kang Sing, 32, from non-executive director to an executive role. Kang Sing is currently executive director of MBL and is cousin to Heok Wee.

Both Heok Wee and Kang Sing joined the board of SWS Capital in August this year. This follows their emergence as a substantial shareholder of the company in August this year, after MBL accumulated shares equivalent to a 20.758% stake in SWS Capital.

The duo currently hold an indirect stake of 24.357% in SWS Capital through MBL. Heok Wee also owns a direct stake of 0.793% in SWS Capital.

MBL had earlier said that its investment in SWS Capital presents a good fit for its investment strategies to diversify its business into other segments.

Shares in MBL closed one sen or 2.08% higher at 49 sen on Tuesday, giving it a market capitalisation of RM119.38 million.

Meanwhile, shares in SWS Capital closed down 0.5 sen or 1.54% at 32 sen, valuing the group at RM88.02 million.