Pensonic executive director resigns after paring down stake

KUALA LUMPUR: Tan Sri Tan King Tai, 62, has quit as Pensonic Holdings Bhd executive director after 22 years on the board, citing “personal reason.”

In a filing with Bursa Malaysia, the Penang-based electrical and electronic appliance manufacturer said his resignation would be effective Oct 1.

Tan was made executive director on Sept 13, 1995, but was redesignated non-executive director in December 2003. He returned to the executive director post in April 2014.

Tan, who became a substantial shareholder of Pensonic four years ago. recently reduced his stake to 1.27%.

Tan is also executive chairman of furniture maker SWS Capital Bhd, executive director/finance director of oil seed crushing machinery producer Muar Ban Lee Group Bhd and chairman of Eka Noodles Bhd.

Tan was appointed chairman of EKA Noodles on May 8, about two months after his son-in-law Fong Yit Meng, became executive director of of the rice and sago sticks (vermicelli) producer.

Vibrant Class Sdn Bhd, in which Tan is a shareholder, emerged as a substantial shareholder of EKA Noodles with 8.97% equity interest in December last year, and the stake was raised to 19.65% in March.

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