KUALA LUMPUR (Oct 6): Asteel Group Bhd (KL:ASTEEL) has appointed former Inspector-General of Police Tan Sri Razarudin Husain @ Abd Rasid as independent non-executive chairman and new controlling shareholder Datuk Clifford Hii Toh Leong as executive deputy chairman.
The boardroom reshuffle follows Clifford securing a 53.08% stake in Asteel at the closing of a mandatory offer on Monday via investment vehicle Hii Capital Holdings Sdn Bhd.
Clifford emerged as Asteel’s controlling shareholder in August with the acquisition of an initial 52.94% stake in the company via a RM20.75 million cash deal at 7.5 sen apiece.
This triggered a mandatory offer for the remaining 47.06% stake in Asteel, also at 7.5 sen apiece.
Clifford, 43, the son of the journalist-turned-businessman Tan Sri Clement Hii Chii Kok, who is the founder and executive chairman of property developer HCK Capital Group Bhd (KL:HCK) and group managing director and major shareholder of private education group SEG International.
Clifford is also the founder of Gambit Group Sdn Bhd, whose subsidiaries are involved in information technology services, investment, business management consultancy and is a registered digital asset custodian under the Securities Commission Malaysia.
Clifford, a former non-independent, non-executive director at HCK Capital, has more than 20 years of experience in the education, property and financial technology sectors.
He had held senior management and board positions covering corporate strategy, business development, corporate deals and investments, corporate governance and project management.
Razarudin, 63, who is also independent non-executive chairman of Advancecon Holdings Bhd (KL:ADVCON), brings more than four decades of experience in national security and law enforcement. He was Malaysia’s 14th police chief until his retirement in June 2025.
In separate filings, the steel manufacturer announced the appointment of Esther Teh Oun Pheng and Datuk Dr Lor Chee Leng as independent non-executive directors, while former executive chairman Tan Sri (Dr) Soh Thian Lai has been redesignated as executive director cum chairman emeritus.
At the same time, non-independent non-executive director Christopher Hii Lu Ming, and independent non-executive directors Yan Ying Chieh, Khor Hun Nee and Wee Hiang Chyn have resigned, all citing personal reasons.
Teh, 47, is head of internal audit and risk management at Usaha Tegas Sdn Bhd and an independent director of Nasdaq-listed OMS Energy Technologies Inc.
She has more than 20 years of experience in internal and external audit, risk management, management consulting, shared-services implementation and operations and controllership. Her previous roles include group head of internal audit and compliance at Singapore-listed fintech company Silverlake Axis Ltd, head of risk management and assurance for group digital at Petroliam Nasional Bhd, and senior manager of management consulting at Accenture.
Lor, 62, meanwhile, currently serves as an adviser to the Global ESG Leadership Organization and to Cambodia’s Ministry of Economy and Finance. He brings more than 35 years of experience in financial services, including banking transformation and strategy, corporate governance, risk management, credit oversight and consumer banking.
His previous positions include independent director of Mizuho Bank (Malaysia) Bhd, chief executive officer and executive director of Canadia Bank PLC in Cambodia, group CEO of EON Bank Bhd, director of banking solutions at Hewlett Packard Enterprise, group head of consumer banking at RHB Bank Bhd and managing director of consumer banking at DBS Bank Ltd.
At Tuesday's market close, Asteel shares rose a sen or 10.5% to 10.5 sen, valuing the group at RM50.9 million.