KUALA LUMPUR (Sept 30): Cape EMS Bhd (KL:CEB) said on Monday that its executive director Lim Chue Wan had resigned due to health reasons.
Lim, 57, joined Cape EMS' board as the director of corporate, finance, and accounts in 2020, before taking on the role of an executive director in March 2022, the Johor-based electronics manufacturing services provider said in a bourse filing.
According to Cape EMS' 2023 annual report, Lim had no family ties to any other directors or major shareholders.
Major shareholders of the group include non-independent managing director and group chief executive officer Christina Tee Kim Chin, and her sister Tee Kim Yok, who is a non-independent executive director.
Kim Chin and Kim Yok have significantly reduced their stakes in Cape EMS, amid a wave of selling pressure since late July. Kim Chin’s stake has dropped from 38.05% to 11.13%, while Kim Yok’s holding has decreased from 6.81% to 1.02%.
Last month, the Employees Provident Fund ceased to be a substantial shareholder of Cape EMS after disposing of six million shares, trimming its stake to 4.44% from 5.04%.
Shares of Cape EMS closed unchanged at 34 sen on Monday, giving the group a market capitalisation of RM337.3 million. The counter, which made its debut on the Main Market of Bursa Malaysia in March last year, has retreated 62% from its initial public offering price of 90 sen.