KUALA LUMPUR: Ng Wai Pin was appointed the new chairman and managing director of Frontken Corp Bhd yesterday, replacing Wong Hua Choon in both capacities.
In a filing with Bursa Malaysia yesterday, Frontken said Ng was redesignated to the new positions from senior independent non-executive director previously.
Wong’s exit came on the back of selling off his entire 5.8% stake in Frontken to German shareholder Jorg Helmut Hohnloser last Friday.
Hohnloser first emerged as a substantial shareholder in June last year with a 5.07% stake, and has subsequently increased his shareholding to 28.8% or 290.99 million shares.
Bursa filings indicate Wong whittled down his shareholding from 21.2% direct and 2.3% indirect stakes, which he held in April last year. He still owns 49.27 million direct warrants and 6.74 million indirect warrants by virtue of his interest in Frontken Holdings Pte Ltd.
Wong is the co-founder of Frontken and was appointed to the board in 2006. He has more than 20 years of experience in the business of surface technology.
Hohnloser is believed to be the owner of Germany-based Cleanpart GmbH, which is involved in the same business as Frontken.
Both Cleanpart and Frontken provide surface engineering and coating services for machinery for different markets. It has been rumoured that Hohnloser is planning a corporate exercise for both companies, but this remained unsubstantiated at press time.
Apart from Hohnloser, the only other substantial shareholder in Frontken is pilgrim fund Lembaga Tabung Haji which has a 6.27% stake.
Frontken has been trading in the 10 sen and 15 sen band for the past six months. It closed at 12 sen yesterday, unchanged.
This article appeared in The Edge Financial Daily, January 20, 2012.
In a filing with Bursa Malaysia yesterday, Frontken said Ng was redesignated to the new positions from senior independent non-executive director previously.
Wong’s exit came on the back of selling off his entire 5.8% stake in Frontken to German shareholder Jorg Helmut Hohnloser last Friday.
Hohnloser first emerged as a substantial shareholder in June last year with a 5.07% stake, and has subsequently increased his shareholding to 28.8% or 290.99 million shares.
Bursa filings indicate Wong whittled down his shareholding from 21.2% direct and 2.3% indirect stakes, which he held in April last year. He still owns 49.27 million direct warrants and 6.74 million indirect warrants by virtue of his interest in Frontken Holdings Pte Ltd.
Wong is the co-founder of Frontken and was appointed to the board in 2006. He has more than 20 years of experience in the business of surface technology.
Hohnloser is believed to be the owner of Germany-based Cleanpart GmbH, which is involved in the same business as Frontken.
Both Cleanpart and Frontken provide surface engineering and coating services for machinery for different markets. It has been rumoured that Hohnloser is planning a corporate exercise for both companies, but this remained unsubstantiated at press time.
Apart from Hohnloser, the only other substantial shareholder in Frontken is pilgrim fund Lembaga Tabung Haji which has a 6.27% stake.
Frontken has been trading in the 10 sen and 15 sen band for the past six months. It closed at 12 sen yesterday, unchanged.
This article appeared in The Edge Financial Daily, January 20, 2012.
