KUALA LUMPUR: KNM Group Bhd has announced that its founder and group chief executive officer (CEO) Ir Lee Swee Eng is leaving the company.
Lee, 64, together with his wife Gan Siew Liat started the process equipment maker and energy company about 30 years ago. KNM was listed on Bursa Malaysia in 2003.
"Other than the retirement from the post of the Group Chief Executive Officer, Ir Lee Swee Eng will also retire from the post of Executive Director of the Company effective July 9," KNM said in a filing with Bursa Malaysia today.
His wife, Gan will assume the new post of executive vice chairman, the company said in a separate filing today.
Meanwhile, KNM has also announced the appointment of Tan Koon Ping as new group CEO effective July 9.
Tan, 50, was the group chief financial officer (CFO) since March 2013.
The company has appointed Wong Toh Sing as its new CFO effective Thursday. Wong was previously the CEO of FBM Group, a KNM business group in Italy.
On a separate development, KNM said wholly-owned subsidiary, KNM Process Systems Sdn Bhd, has signed a joint-venture (JV) agreement with ADAP Capital Sdn Bhd to form a company to undertake oil, gas and petrochemical project in Sarawak.
In a filing with Bursa Malaysia today, KNM said the company would hold 49% equity in the JV company while ADAP would hold the remaining 51%.
"The JV company will engage in engineering, procurement, construction contracts for oil, gas and petrochemical plants; manufacture and supply of process equipment, tanks, piping and structures for oil, gas and petrochemical plants; as well as build, own and operate strategic projects,” it said.
The agreement will be valid for 12 months from the date of execution and may be extended for another period subject to written approval by both parties, it added.
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