PETALING JAYA (Nov 8): More than a month after selling a 51% stake in Goh Ban Huat Bhd (GBH) to Paragon Adventure Sdn Bhd, Tan Sri Robert Tan Hua Choon is resigning as the group's non-independent and non-executive chairman.

Hua Choon, who has been chairman of the ceramic and sanitary ware company since 2010, is relinquishing his position due to the change in the controlling shareholder, GBH said in its filing with the stock exchange today.

However, the tycoon still holds a 12.82% equity interest in the company and 24.83% of its outstanding warrants, GBH said.

Executive directors Datuk Seri Tan Han Chuan, who is Hua Choon’s son, together with Poh Weng Choon, also resigned due to changes in the controlling shareholder, GBH said in separate announcements.

Paragon Adventure, which triggered a mandatory general offer of GBH with its acquisition of Hua Choon’s stake, has since accumulated a 72.26% stake in the company.

Shares in GBH closed unchanged at RM1.40 today, leaving the company with a market value of RM261.29 million.