KUALA LUMPUR (Jan 25): ACE Market-listed Aimflex Bhd has redesignated Datuk Awang Daud Awang Putera from executive chairman to non-executive chairman with effect from Tuesday (Jan 25).

Awang Daud, 62, currently holds 171 million direct shares, representing a 28.98% stake in the group, according to Aimflex's filing with the bourse.

He joined the board on Aug 19, 2020 as the group's non-independent non-executive chairman, before being redesignated as executive chairman on Feb 16, 2021.

Awang Daud is also the co-founder of Serba Dinamik Holdings Bhd, according to the filing.

"He was later redesignated as deputy managing director in 2016. Currently he is a non-independent and non-executive director, a member of investment committee and management committee of Serba Dinamik," said Aimflex, adding that Awang Daud has over 40 years of experience in the field of mechanical engineering.

Aimflex through its subsidiary companies is principally involved in manufacturing and modification of specialised automation machines.

On Monday (Jan 24), Luster Industries Bhd announced that it was acquiring 100 million shares or a 8.169% stake in Aimflex for RM22 million or 22 sen per share.

It entered into a form of transfer of securities on Friday (Jan 21) with Awang Daud.

Aimflex shares went down one sen or 5.71% to close at 16.5 sen, valuing the company at RM196.37 million.