KUALA LUMPUR (Nov 24): SMPC Corp Bhd's Ooi Chieng Sim has been appointed as executive chairman of SMPC upon the resignation of independent chairman Sudesh KV Sankaran.

In a filing with Bursa Malaysia this evening, SMPC said Sudesh will remain as an independent non executive director of the board.

Ooi was previously vice executive chairman of the steel manufacturer and processor and is a substantial shareholder of SMPC by virtue of his deemed interest through Hock Lok Siew Realty Sdn Bhd and Skylitech Resources Sdn Bhd.

A separate filing today showed that Ooi had acquired 4.95 million SMPC shares as per his rights issue entitlements; 1.5 million shares were acquired through direct interest while the remaining 3.45 million was acquired through Skylitech Resources. 

After the acquisitions, Ooi now holds a 4.05% direct stake or 2.94 million shares in SMPC, with a deemed interest of 19.12% or 13.85 million shares.

SMPC posted a net loss of RM1.1 million for the second quarter ended Sept 30, 2014 (2QFY15), compared to a net profit of RM1.87 million in the previous corresponding period. Revenue was 2.02% higher at RM31.68 million from 2QFY14.

SMPC warrants B and C will be granted listing and quotation on the main market of Bursa Securities tomorrow.

SMPC closed unchanged at 73.5 sen today, giving it a market capitalisation of RM37.49 million.