Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on August 8, 2017

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

According to a statement to Bursa Malaysia, Saharun Nizam joined Ire-Tex in 1999 and resigned in October 2016, before being reappointed as vice president (VP) in 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 of 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, to seek 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 Ire-Tex’s best interest.

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