KUALA LUMPUR (Sept 3): Consumer electronics manufacturer Salutica Bhd (KL:SALUTE) announced the resignation of its principal officers as the Lim family exit the board after selling off all their shares in the company.
In separate exchange filings, executive chairman Lim Chong Shyh and managing director Joshua Lim Phan Yih resigned from the company “to pursue other interests”.
Joel Lim Phan Hong, who is an alternate director, also announced his resignation in connection to Chong Shyh.
Both Phan Yih and Phan Hong are the sons of Chong Shyh. The Lim family held a 35.41% controlling stake in Salutica via the family investment vehicle Blue Ocean Enlightenment Sdn Bhd.
Following the resignations, Blue Ocean Enlightenment disposed of the entire stake, comprising 166.04 million shares, through direct business and open market transactions at 11 sen apiece — or a total of RM18.26 million.
Salutica did not disclose who bought the shares.
Following the resignations, the board appointed Chuah Chong San and Siew Chiew Loon as executive directors.
In a separate filing, Salutica said Chuah brings experience in information technology, enterprise systems and supply chain transformation, having spent more than two decades in roles involving IT systems, mergers and acquisitions and manufacturing operations. He was previously managing director of Aimflex Bhd (KL:AIMFLEX)
Salutica said Siew has more than 30 years of experience in manufacturing, engineering, automation, electronics and photonics across Asia Pacific. His previous roles included leadership positions at Applied Magnetics, Western Digital, Finisar Malaysia, Acacia Communications and Cisco Systems.
The changes come after Salutica undertook a major restructuring earlier this year to streamline operations and improve financial sustainability. The company has been loss-making for seven consecutive financial years.
The restructuring resulted in about 250 employees, more than half of it workforce, being retrenched from its wholly owned subsidiary Saluta Allied Solutions Sdn Bhd from April 30.
Salutica, which was listed on Bursa Malaysia’s Main Market in 2016, is principally involved in the design, development and manufacture of consumer electronic products, including Bluetooth devices and other electronic products.
Shares of Salutica were up 1.5 sen, or 15%, to 11.5 sen at Thursday’s market close, leaving its market capitalisation at RM53.9 million.