Wife of Lysaght’s late founder ceases to be substantial shareholder

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KUALA LUMPUR: Lim Iee Kuan, whose late husband Chew Kar Heing founded Lysaght Galvanized Steel Bhd, has ceased to be its substantial shareholder, potentially paving the way for the emergence of a new ultimate holding company for the steel product manufacturer.

In filings with Bursa Malaysia, the maker of galvanised steel poles and masts said this followed the transfer of Lim’s shares and those of her late spouse in Chew Bros (M) Sdn Bhd - Lysaght’s current ultimate holding company that holds 55.14% deemed interest (via Lysaght (M) Sdn Bhd) - to CKH & LIK Family Sdn Bhd on Thursday last week.

In 2015, there was speculation of a shareholder tussle between Chew’s eldest daughter, Annie Chew Meu Jong, and Liew Hoi Foo, who stepped down as Lysaght chief executive officer on May 31, 2016. (Liew is also the spouse of Meu Jong's sister Chew Mee Lee). Meu Jong, also managing director of Chew Brothers, denied there was such a dispute.

Liew had resigned as managing director effective April 27, 2016, but consented to be made CEO effective the same date.

According to the filing on his resignation to Bursa Malaysia, Liew, claiming personal knowledge, insisted that “the immediate holding is no longer the ultimate holding company while all the independent directors, not being privy to the affairs of the immediate holding company nor having received any notification to the contrary and based on publicly available records and legal advice, still regard the immediate holding company as the ultimate holding company.”