KUALA LUMPUR (July 9): MClean Technologies Bhd (KL:MCLEAN) on Tuesday announced a board restructuring, which saw the appointment of a new chairman, directors and chief executive officer, following its 28.5% stake sale to Singapore-listed Accrelist Ltd.
MClean appointed Accrelist executive chairman and managing director Datuk Dr Terence Tea Yeok Kian as its new executive chairman, taking over from Yeo Hock Huat, who has been redesignated as a non-independent non-executive director.
Tea said he is looking forward to being a part of MClean's future growth, particularly the prospect of the company's hard disk drive (HDD) solutions, especially in Malaysia and Thailand, where demand for high-quality precision cleaning services is growing rapidly.
"We are excited about the completion of our investment in MClean Technologies Bhd. With the new board, I am confident that MClean will achieve even more significant milestones and create long-term value for our shareholders," he said in a statement.
MClean is engaged in the business of providing surface treatment, precision cleaning and packaging services catering mainly to customers in the HDD, consumer electronics, and oil and gas sectors.
Meanwhile, Pek Choon Lee has been appointed as MClean's new chief executive officer, taking over the role from Lim Han Kiau, who has been redesignated as a non-independent non-executive director.
MClean has also appointed two new directors into its board, namely Muhammad Radzi Embon and Chuah Ai Wen.
Three existing directors — Dr Danny Oh Beng Teck, Dr Goh Kwee Keng, and Yeo Seow Lai — have resigned as part of the board restructuring.
MClean said the new board alignment is set to leverage potential synergies between the company and Jubilee Industries Holdings Ltd, a subsidiary of Accrelist, aiming to enhance customer base and create cross-selling opportunities.
"These strategic moves are designed to solidify MClean's presence in Southeast Asia, particularly in markets like Malaysia and Thailand where demand for precision cleaning services is rapidly expanding," it said.
Last month, MClean announced the sale of a 28.53% stake to Accrelist, which is said to be worth just over RM9 million. The acquisition was completed on July 2.
MClean shares closed unchanged at 38 sen on Tuesday, giving it a market capitalisation of RM74.94 million.