Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 10): Cookware manufacturer Ni Hsin Resources Bhd saw changes in its board room today.

According to a filing to Bursa Malaysia, Rizvi Bin Abdul Halim, 45, has been appointed as independent and non-executive director of Ni Hsin.

Rizvi is also a director in Ideal Jacobs (M) Corporation Bhd, which is in the midst of undergoing a reverse takeover exercise (RTO) with oil and gas outfits Cekap Technical Services Sdn Bhd and MECIP Global Engineers Sdn Bhd.

Rizvi was previously senior manager in the equities-corporate finance department in the Securities Commission of Malaysia from 2000 to 2012.

Meanwhile, Ida Suzaini Binti Abdullah, 54, was appointed as executive director of Ni Hsin. The filing to Bursa showed that Ida is currently PR manager and director of Elektron Motorsport.

Ida was previously an advisor to Persada Nuri Sdn Bhd, an oil and gas services and consultancy firm (2006-2008), a dealer representative in Rashid Hussain Securities — US Desk Stockbroker (1995-2005), and a seismic interpreter, exploration geologist, wellsite geologist in Sarawak Shell Bhd (1984-1994).

Meanwhile, Taiwanese Hsiao Chih Che, 56, executive director has resigned to “pursue other interests”, according to a filing to the exchange. Hsiao has disposed 2.8 million shares in Ni Hsin at 34 sen today, bringing down his shareholding to 10.52%.

Additionally, Hsiao Liu Lee, who held a 11.73% stake in Ni Hsin as at March 31, 2014, has also ceased to be a substantial shareholder in the company as at Sept 30, having disposed 21 million shares recently.

Anita Chew Cheng Im, 47, independent & non executive director, has also resigned to pursue other interests. Chew has directorships in Notion VTec Bhd and MK Land Holdings Bhd group, Bursa showed.

Ni Hsin was slapped with an unusual market activity query on Sept 18, following the sharp rise in its share price and volume, amid market talk that the company was exploring a venture into the oil and gas sector.

Its share price rose from 15 sen a year ago, to 32 sen in early September, and hit its all-time high of 51 sen on Sept 23.

The counter closed down 3.5 sen or 7.61% to 42.5 sen today, giving it a market capitalisation of RM100.47 million.

 

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