KUALA LUMPUR (March 22): Oversea Enterprise Bhd announced that Tan Sri Tan King Tai @ Tan Khoon Hai, executive chairman of Muar Ban Lee Group Bhd, has been appointed its independent and non-executive chairman, effective Friday.

Tan is also currently non-executive chairman of Symphony Life Bhd and SWS Capital Bhd, and independent, non-executive chairman of Focus Dynamics Group Bhd.

"Tan also sits on the board of several other private limited companies," Oversea said in a bourse filing.

He was previously non-executive chairman of Eka Noodles Bhd, executive director of Pensonic Holdings Bhd, and independent non-executive director of Denko Industrial Corp Bhd.

Listed on the ACE Market of Bursa Securities since April 2010, Oversea, which operates the Restoran Oversea chain of Chinese restaurants, has largely been in the red. As of its financial year ended March 31, 2023, the group marked its sixth consecutive year of losses.

In its latest quarterly report, the group reported a net profit of RM3.26 million for the first nine months of FY2024, up from RM26,000 in the corresponding period in FY2023, as revenue grew to RM51.22 million from RM40.15 million.

Oversea's share price closed unchanged at 5.5 sen on Friday, giving the group a market capitalisation of RM125 million.