KUALA LUMPUR (Jan 8): Former Deputy Youth and Sports Minister Gan Ping Shou @ Gan Ping Sieu has joined the board of directors at Perwaja Holdings Bhd as an independent and non-executive director.

In a filing with Bursa Malaysia today, the loss-making steel maker said the appointment of Gan, 48, is with immediate effect.

Together with Gan’s appointment today, Perwaja also announced Datuk Henry Pheng Chin Guan, son of Tan Sri Pheng Yin Huah, as alternate director to his father. Chin Guan is also the CEO of Kinsteel Bhd.

In a separate filing, Datuk Seri Mohd Fauzi Yon is now alternate director to Datuk Ong Tee Thong, a non-independent non-executive director of Perwaja.

On Dec 31, 2014, Perwaja saw the resignations of Chin Guan as CEO of Perwaja, Yin Huah as its managing director and Ong as chairman following a reduction of Kinsteel's interest in Perwaja to 31.25%.

Perwaja shares inched up half sen or 10% to close at 5.5 sen in morning trade, giving it a market capitalisation of RM28 million.

Meanwhile, Kinsteel's share price was up half sen or 3.45% at 15 sen before market-break, bringing a market cap of RM151.03 million.