KUALA LUMPUR (Oct 27): Classic Scenic Bhd saw not only a record high in its share price today, but also the resignation of its Executive Director and Co-founder Lim Chee Khoon, 57.

His resignation is for “retirement and to pursue other interests”, according to the wooden picture frame manufacturer and exporter’s filing to Bursa Malaysia this evening.

Chee Koon’s exit from the boardroom leaves his three brothers — namely Executive Chairman and Co-founder Lim Chee Keong (58), Managing Director Lim Chee Beng (50), and Executive Director Lim Chee Hwa (55) — to hold the fort.

Notably, according to another filing to the exchange in early October this year, Lim had cleared his indirect shareholdings in Classic Scenic by disposing of 59 million shares or a 49% stake, leaving him with 13.82% direct stake.

His indirect shareholdings were held through Lim Ket Leng Holdings Sdn Bhd, the controlling shareholder of Classic Scenic with up to 62.82% stake, according to the latter’s 2013 annual report.

Classic Scenic, which was covered by The Edge Research today under its ‘Stocks with Momentum’, has a strong balance sheet with no borrowings. Its outlook is also reported to be positive, as it is expected to benefit from the recovery in the US market as well as a stronger US Dollar versus the Ringgit, as most of its sales — 78% of total sales in 2013 — come from North America.

Shares of Classic Scenic, which is also a timber product exporter, surged to as high as RM1.41 today — the highest since its listing in 2004, before closing at RM1.38 — up 9 sen or 7% with 2.8 million shares transacted, giving it a market capitalisation of RM166.29 million.