KUALA LUMPUR (Dec18): Pestech International Bhd (KL:PESTECH), which is now a subsidiary of Dhaya Maju Infrastructure (Asia) Sdn Bhd, announced a slew of boardroom changes on Thursday, which saw the appointments of Dhaya Maju's co-founder and its group chief executive officer to its board, with immediate effect.
Also appointed to the board as a non-independent and non-executive chairman was Tan Sri Mohd Zuki Ali, who was previously the chief secretary to the government from 2020 to 2024, Pestech's bourse filings show.
The group's executive chairman Lim Ah Hock was redesignated to deputy chairman, while Lim’s nephew, Lim Pay Chuan, was named as group chief executive officer. Ah Hock currently holds 21.69% in Pestech, including 0.4 indirectly, while Pay Chuan holds 11..84%, including 0.13 indirectly.
Rail construction company Dhaya Maju's co-founder Datuk Seri Dr Subramaniam Pillai Sankaran Pillai, who now owns 57.52% in Pestech, was made executive director, while Dhaya Maju's group CEO Datuk Mohamed Razeek Md Hussain Maricar was made group managing director.
Pestech announced in October that Dhaya Maju was taking up a 57.52% stake in Pestech for RM160 million or 12 sen per share for 1.33 billion shares, following the inking of a conditional share subscription agreement to take up the shares via a restricted issue. Dhaya Maju also sought and obtained an exemption from the regulators from making a mandatory offer for the rest of the shares they don't own in Pestech.
The emergence of Dhaya Maju in Pestech came after IJM Corp Bhd (KL:IJM) aborted its plan to acquire a 44.83% in Pestech for RM124 million due to unmet conditions.
At the time of writing, Pestech’s share price was 1.5 sen or 8.82% higher at 18.5 sen, valuing the group at RM190.12 million.