PETALING JAYA: Businessman Tan Sri Robert Tan Hua Choon, better known as the “Casio King”, has stepped down as executive chairman of Jasa Kita Bhd, marking the end of his more than two-decade leadership at the power tools and industrial equipment maker.
Tan, 84, will be joined by his two children - Tan Han Chuan and Tan Ching Ching — who have also resigned as executive directors, the company announced in a filing with Bursa Malaysia.
Their departure takes effect on Oct 24, as Jasa Kita enters a new chapter under the helm of oil and gas industry veteran Abd Azis Mohamad, his wife Datuk Dr Yasmin Mahmood, and her brother Datuk Seri Iskandar Mizal Mahmood.
The leadership transition follows a change in the company’s ownership. Tan, previously Jasa Kita’s major shareholder with a 31.89% stake, and his son Han Chuan, who owned 8.44%, accepted a conditional buyout offer at 38 sen per share from Abd Azis and his investment vehicle Kintan Prima Sdn Bhd on Sept 11.
The deal, valued at RM68.9mil, paved the way for an unconditional takeover at the same price for all remaining shares.
Following the exercise, Abd Azis and Kintan Prima’s combined stake has risen to 77.93%, effectively giving the new group control of Jasa Kita.
The transaction also involved the sale of four industrial plots in Gombak to Tan’s Logik Damai Sdn Bhd for RM38mil, as part of the restructuring agreement.
Yasmin, a former CEO of the Malaysia Digital Economy Corporation (MDEC), and Iskandar, a director at Boustead Holdings Bhd, are expected to play key roles in steering the company’s strategic direction.
The new owners have stated their intention to maintain Jasa Kita’s listing on Bursa Malaysia.
