KUALA LUMPUR (June 12): GDB Holdings Bhd (KL:GDB) said its non-executive chairman Tan Sri Zaini Omar has resigned from the position due to health issues.

Zaini, 76, is replaced by Datuk Chia Lui Meng with effect from Thursday (June 12), said the construction services company in a bourse filing.

Chia, 70, was an independent non-executive director in the company prior to this appointment.

According to GDB's annual report, Zaini has vast experience in the electricity, aviation, water supply and public works sectors, and was appointed to the company's board in 2017.  

GDB's group managing director, Cheah Ham Cheia, is the company's largest shareholder. He holds a 48.94% stake in the company through his investment vehicle CHC Holdings Sdn Bhd.  

The second-largest shareholder is group executive director Alexander Lo Tzone Leong, with a direct stake of 21.07%, according to the annual report.

GDB’s share price settled half a sen or 1.3% down at 37 sen, giving the company a market capitalisation of RM347 million.