KUALA LUMPUR (Feb 2): Rooftop solar power system provider ILB Group Bhd has appointed Agromate Holdings Sdn Bhd chief executive officer Edward Tang Ming Yng as its new executive chairman effective Feb 5.
This follows the resignation of its previous chairman Datuk R Karunakaran due to "personal reasons", according to ILB's bourse filings.
ILB said Tang has close to 20 years of experience in the agriculture and fertiliser industry. Agromate, a company founded by his father Raymond Tang in 1979, currently supplies an estimated 25% of all fertilisers used in Malaysia.
Over the past few months, ILB has seen a slew of changes in the company’s shareholding.
Fertiliser group Agrobulk Holdings Sdn Bhd emerged as a substantial shareholder in November 2023 and is currently the single-largest shareholder of ILB, with 34.96 million shares, or a 18.5% stake.
In early December, Agrobulk acquired some 17.96 million shares or a 9.51% stake in ILB from Tee Tuan Sem, ILB’s vice chairman and executive director as well as the group's former largest shareholder.
Tee is now the third largest shareholder with a 7.77% stake, after BT Invest Cap Ltd at 11.2%.
It is worth noting that Agromate is 81.55%-owned by Agrobulk. Other shareholders of Agromate are Ideal Force Sdn Bhd, which holds a 13.45% stake, and AG Cap Sdn Bhd, with a 5% stake.
ILB’s share price soared to 77 sen in late December last year — its highest level since August 2017. According to RHB Research, ILB is poised to resume its uptrend for a fresh 52-week high.
On Friday, the counter closed unchanged at 69 sen for a market capitalisation of RM134.57 million.