KUALA LUMPUR (Aug 11): Classita Holdings Bhd (KL:CLASSITA) plans to change its name to NexG Bina Bhd after NexG Bhd (KL:NEXG) became its largest shareholder. The company has also appointed former Inspector General of Police Tan Sri Razarudin Husain as its new independent, non-executive chairman.
Classita, formerly known as Caely Holdings Bhd, said Razarudin’s appointment is effective immediately.
Razarudin, aged 62 this year, served as 14th IGP of Malaysia until his retirement in June 2025. He served the nation’s police force for over four decades, starting when he began his career as a cadet inspector in 1982.
In separate filings, Classita also announced that executive chairman Ng Keok Chai had been redesignated as an executive director, effective immediately.
Meanwhile, the company said Datuk Mior Faridalathrash Wahid had stepped down from his executive director position, also effective immediately. Mior’s resignation, it cited, was “due to other business commitments”.
Mior was appointed as an independent and non-executive director in September 2022, and subsequently re-designated as an executive director in April 2023.
The moves follow NexG’s acquisition of a 32.61% stake and 414.31 million warrants in the company for a total of RM76.78 million in cash last Friday.
NexG, formerly known as Datasonic Group Bhd, bought 402.06 million Classita shares from Hong Seng Consolidated Bhd (KL:HONGSENG) at 15 sen each — 87.5% above the last traded price of eight sen. It also acquired 414.31 million warrants from various parties for RM16.47 million — mostly off-market at four sen each and some from the open market at 3.5 sen.
NexG said it will fund the purchase with RM40 million in short-term borrowings and RM36.78 million in internal funds.
Classita said the name change is subject to shareholder approval and to reflect its evolving role as a full-fledged national construction and development platform together with the NexG group.
In a statement, Classita also said it intends to propose a dedicated residential development to Koperasi Polis Diraja Malaysia (KPDRM) on its Ulu Kelang land, specifically aimed at supporting the welfare and housing needs of police personnel and their families.
In addition to housing initiatives, Classita is preparing for participation in large-scale infrastructure projects, most notably the Mass Rapid Transit Line 3 (MRT3) project.
Classita said it is currently collaborating with Lion Pacific acting as the lead contractor. Under the proposed arrangement, Classita is expected to undertake the SY303 work package, which involves the supply, testing, and commissioning of electric trains and related systems.
Classita is reportedly a CIDB G7-certified entity with a growing land bank and development portfolio across Bentong, Tapah, Kinta, Kajang, and Ulu Kelang. With strategic support from NexG — whose core businesses include secure ID solutions, eKYC platforms, and government-aligned digital infrastructure — Classita is poised to scale its role in affordable housing, infrastructure, and public-private partnership programmes.
The new major shareholder has prompted Classita’s shares to climb to a two-year high to an intraday high of 9.5 sen. At Monday's noon break, the stock stood at nine sen, one sen or 12.5% higher than its last Friday’s closing price. At nine sen, the stock was valued at RM111 million.