KUALA LUMPUR (Dec 29): Ajiya Bhd has announced the resignation of its chief executive officer (CEO) Datuk Chan Wah Kiang, effective from Dec 31.  

Chan, 65, is vacating the position to pursue his personal interest, the building materials manufacturer said in a bourse filing on Friday.

He is a founding member of the Ajiya group of companies, and was appointed to the board as its managing director in 1996, when the company was incorporated. He was made the CEO in May 2022.

Chan ceased to be a substantial shareholder of Ajiya in April 2022, after he divested his entire 31.38% stake in the company, comprising a 20.76% direct stake and a 10.62% indirect stake.

At the same time, Datuk Seri Chiau Beng Teik, the founder of  building material specialist Chin Hin Group Bhd, emerged as a substantial shareholder of Ajiya via the acquisition of a 32% stake in the group.

Since then, Chiau had increased his stake in Ajiya to 51.868% or 152.99 million shares as at Dec 28, 2023. 

The share price of Ajiya closed unchanged at RM1.53 on Friday, bringing the group a market capitalisation of RM466 million.

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