Ire-tex sees 6.81% stake traded off-market as three directors leave board

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KUALA LUMPUR (April 23): Ire-tex Corp Bhd saw 10 million shares or a 6.81% stake in the group traded off-market in two direct business transactions today, as three directors resigned from its board.

Tan Yeang Tze resigned as the group’s executive director in order to pursue personal interests, Ire-tex said in a stock exchange filing today.

Tan had on April 4 been redesignated as the packaging company’s executive director from being chief executive officer, a post he had taken over in June last year.

Meanwhile, non-independent and non-executive director Teoh Tuck Wah resigned from his post for the same reason as Tan, barely a week after being appointed.

Teoh, a solicitor with Kadir Andri & Partners, had been appointed to the board on April 15.

Independent and non-executive director Datuk Faisal Zelman Abdul Malik also stepped down from his board seat to pursue personal interests, Ire-tex said.

Shares for the group’s off-market trades were priced at 16 sen apiece, representing a 2 sen premium to the group’s closing price of 14 sen. The 10 million shares were crossed in two blocks at 4.26pm today.

Parties to the transaction were not known at the time of writing.

The stock had risen 0.5 sen or 3.7% in the open market today, lifting its market capitalisation to RM20.57 million.

The group’s largest shareholder is its executive director Datuk Chew Hian Tat, who was redesignated from non-executive director in November last year.