KUALA LUMPUR (August 7): Corrugated packaging services provider Ire-Tex Corp Bhd has appointed Saharun Nizam Saharan as its new chief executive officer, effective today.

According to a statement to Bursa Malaysia, Saharun joined Ire-Tex in 1999 and resigned in October 2016, before being reappointed as vice president on April 2017.

Last week, Ire-Tex saw Datuk Donald Lim Siang Chai, former deputy finance minister who is currently the chairman of property developer Jiankun International Bhd, emerge as a substantial shareholder of the group with a 10.03% stake.

Ire-Tex has been in the spotlight since April this year due to a boardroom tussle between its current directors and the largest shareholder, Elite Cosmo Group Ltd.

Elite Cosmo has repeatedly called for extraordinary general meetings to remove several Ire-Tex's directors and appoint others in their place.

On June 21, Ire-Tex's current directors filed a lawsuit against Elite Cosmo and 19 others, including Ire-Tex director Kong Hon Kay, ex-director Datuk Tey Por Yee, chief operating officer Christopher Purcell and another major shareholder Famous Bluechip Sdn Bhd.

In the suit, the plaintiffs sought for, among others, damages for conspiracy to injure, breach of duty care towards the directors, and a declaration that the proposed resolution to remove the current directors was not in the best interest of Ire-Tex.

Ire-Tex shares closed up 1.5 sen or 9.09% at 18 sen today for a market capitalisation of RM24.18 million.