KUALA LUMPUR (Feb 11): Ceramic tile manufacturer White Horse Bhd said on Friday (Feb 11) Liao Yuan Shun had retired from his role as the executive chairman and managing director of the group effective immediately.
White Horse did not say who will take over his role. Currently, Teo Swee Teng and Cheng Soon Mong are joint deputy managing directors of the group.
Consequently, Yuan Shun's son Liao Hung-Chang, 37, will cease to be the alternate executive director to Yuan Shun with immediate effect. Hung-Chang held a direct stake of 4.14% in White Horse as at Jan 10, 2022.
According to bourse filings, Yuan Shun, 68, through his children and private vehicle Ding Qiao Investment Co Ltd, owned an indirect stake of 8.6% in White Horse as at Jan 10, 2022.
A Taiwanese, Yuan Shun was appointed to the board of White Horse as its executive chairman on Aug 6, 1999. He has more than 40 years of experience in the ceramic tile industry.
On Dec 24 last year, Yuan Shun's nephew Liao Shen Yao emerged as a substantial shareholder of White Horse after his father Liao Jung Chu — a director of White Horse and brother of Yuan Shun — transferred 366,000 White Horse shares or a 0.17% stake to him, bringing Shen Yao's equity interest in the group to 5.06%.
For the cumulative nine months ended Sept 30, 2021 (9MFY21), the group narrowed its net loss to RM38.67 million from RM47.23 million a year ago, even though revenue was down 7% to RM249.69 million from RM268.48 million for 9MFY20.
Revenue for 9MFY21 was lower mainly due to the business operation shutdowns last year in compliance with the movement control order arising from the continuing outbreak of Covid-19, according to White Horse.
On its prospects, the group said its business is linked with the construction and renovation industries, where its market coverage is fairly distributed into the property development and replacement sectors of both the local and export markets.
"Business operations are still challenging in view of the pandemic, other than market competitiveness, pricing strategy, the marketing structure, fluctuations in foreign currencies, [as well as] high production and operating costs, which have great impact on the bottom line of the group. Countermeasures to address these challenges include enhancing the manufacturing efficiency and productivity, new product developments, cost control and market restructuring," it added.
At 3.23pm on Friday, White Horse shares were down half a sen or 0.81% at 61.5 sen, bringing it a market capitalisation of RM146.41 million.