KUALA LUMPUR (Apr 30): Cast acrylic sheets maker Asia Poly Holdings Bhd has appointed its largest shareholder Datuk Yeo Boon Leong, 49, as its non-independent and non-executive chairman with immediate effect, replacing Pang Hee Kin, 63, who resigned from his position today, citing retirement as the reason.

In a filing with Bursa Malaysia, Asia Poly said Yeo has 20 years of experience in hardware industries.

Yeo holds a 28.32% stake in Asia Poly. He is also the managing director of High Reserve Marketing Sdn Bhd, which is a company dealing in household do-it-yourself (DIY) hardware.

In separate filings, the company revealed a few other resignations and a new appointment.

It said Noel Chua, 45, has resigned as an executive director in the company, to pursue other interests. Before joining Asia Poly, Chua was the head of the legal and corporate secretarial department of Pantai Holdings Bhd.

Tan Wee Leong, 28, has also resigned from his position as an independent and non executive director in Asia Poly, to concentrate on other responsibilities. Yap Sing Khon, 48, has been appointed to fill his role.

Yap is a chartered accountant and is a practitioner of chartered accounting firm SK Yap & Associates.

According to Bloomberg data, 5.25 million Asia Poly shares, representing 5.97% of its shares, were traded off-market today at 43 sen per share for a total of RM2.26 million.

Asia Poly (fundamental:0.55; valuation:0.5) shares closed up 0.5 sen or 0.97% today at 52 sen, for a market capitalisation of RM45.28 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)