JOHOR BARU: Property developer Linbaq Holding Sdn Bhd founder Datuk Wira Ling Kah Chok has acquired all the stakes in Topspike Holdings Sdn Bhd.
In a statement issued by Milux Corp Bhd
, it said the stakes were acquired from another shareholder, Gan Boon Lay.
“Topspike currently holds 33.54% in Milux and this acquisition makes Ling the largest shareholder in the company.”
It said the recent changes likely signifies a significant shift in the company’s business strategy.
Milux had obtained approval from its shareholders as early as 2020 to diversify into the construction and property development sectors, it said.
It added that Ling’s background in real estate development in the Iskandar Malaysia region in Johor may have a decisive impact on Milux’s future development direction, especially in expanding real estate operations and penetrating regional markets.
The exit of Gan as non-independent non-executive director may also imply changes in the company’s board of directors, the statement added.
