London Biscuits Bhd group CEO/MD Datuk Liew Yew Chung during a Starbiz interview for Going global series
KUALA LUMPUR: London Biscuits Bhd (LBB) has ceased to be Khee San Bhd
’s holding company as it no longer controls the board composition of the candy and sweets maker.
Khee San, whose brands include Fruit plus and Torrone, told Bursa Malaysia that with the composition of the new board and the appointment of a new chief executive officer (CEO) on Thursday, it also was no longer classified as LBB’s subsidiary.
LBB is a major shareholder of Khee San with a 19.15% stake. Khee San was previously classified as LBB’s subsidiary under Section 5(1)(a)(i) of the Companies Act 1965 by virtue of control of board composition.
With the cessation of the subsidiary and holding relationship, the financial results for Khee San from the quarter ending March 31, 2017, will not be consolidated into the financial results of LBB of the same quarter.
Datuk Seri Liew Yew Chung, who is LBB group managing director and group CEO, has resigned as Khee San Bhd’s CEO effective Thursday but remains as non-executive chairman. His CEO post at Khee San is being assumed by Edward Tan Juan Peng, who has more than 20 years’ experience in local and foreign financial institutions.
Khee San’s board is currently composed of chairman Datuk Seri Liew Yew Chung, executive director and CEO Edward Tan Juan Peng, and non-executive directors Wong Hock Fong, Liew Yet Mei, Huang Yan Teo, and Leslie Looi Meng. (The latter three directors also sit on LBB’s board.)
Khee San said its sales and operations had grown substantially over the past years and the board looked forward to continuing its success in the constantly changing business environment which has grown ever more complex and challenging.
“Moving forward, this is also part of a gradual transition towards a future management model of the daily operations and being supervised by a Board composed of experienced directors from different fields or professions as well as invested stakeholders. This will provide an ideal balance between decisions made for short-term benefits against the long-term prospects of Khee San,” it said.
Limited time offer:
Just RM5 per month.
