Donald Lim emerges as substantial shareholder in Ire-Tex

Donald Lim emerges as substantial shareholder in Ire-Tex
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KUALA LUMPUR (Aug 4): Datuk Donald Lim Siang Chai, former deputy finance minister who is currently the chairman of property developer Jiankun International Bhd, has emerged as a substantial shareholder in Ire-Tex Corp Bhd, with a 10.03% stake.

In a filing with Bursa Malaysia today, Ire-Tex said Lim had acquired 13.29 million Ire-Tex shares or a 9.6% stake in the company on Aug 3. This brings his total shareholding in the Penang-based packaging company to 13.85 million shares or 10.03%.

Lim is also the chairman of another listed company Advance Information Marketing Bhd, which is involved in providing customer loyalty programmes.

Lim was involved in politics from 1995 to 2013, having held top governmental roles as deputy minister of finance (2010 to 2013), deputy minister of tourism (2006 to 2008) and deputy minister of information (2003 to 2006).

Ire-Tex, a small-cap packaging company, 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 seven of Ire-Tex's directors. It also proposed the appointment of three individuals, namely Hamdan Mohd Nor as executive director, Datuk Amiruddin Jamaluddin as independent director and Raja Hizad Raja Kamarulzaman as independent non-executive director.

On June 21, Ire-Tex's current directors filed a suit in the High Court 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.

Ire-Tex shares closed unchanged at 16.5 sen today for a market capitalisation of RM22.79 million.