Thursday 28 Mar 2024
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KUALA LUMPUR (July 5): Parti Gerakan Rakyat Malaysia secretary-general Datuk Liang Teck Meng has been appointed the managing director of Kumpulan Powernet Bhd today.

Exchange filings today showed Liang, 47, replacing Woo Wai Mun, who has stepped down from his post after three years at the helm to pursue other business and personal commitments.

Woo, 44, joined Kumpulan Powernet in August 2015 and was once the group's executive chairman, before he was subsequently redesignated as managing director in 2016. He has a 3.651% stake in the group.

Meanwhile, Liang is a former member of parliament for Simpang Renggam in Johor, before he lost to Dr Maszlee Malik of Parti Pribumi Bersatu Malaysia in the 14th general election on May 9. Maszlee is currently the Education Minister of Malaysia.

According to the filing, Liang has a degree in electrical engineering from Tohoku University in Japan. He is also currently a director in private companies Cempaka Sdn Bhd and Eight-Tel Sdn Bhd.

Kumpulan Powernet is involved in the manufacturing of warp-knitted fabrics for the lingerie industry, before extending products in other warp-knitted and woven fabrics for apparel, automotive, household, shoe and industrial products. It is also in the business of property investment.

The stock was last traded at 45 sen on June 26, for a market capitalisation of RM34.27 million.

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