Sersol sees new substantial shareholder as three directors quit

KUALA LUMPUR: Sersol Bhd has undergone a significant change in both its shareholding and boardroom structure. On September 1, Peh Lon Pah @ Pei Tze Chiang purchased 100 million Sersol shares, which amounts to a 12.43 percent stake, through an off-market transaction. This acquisition has made Peh one of the company's major shareholders.

The transaction details, including the seller's identity and the price paid, remain undisclosed. Following Peh's acquisition, three directors resigned from the company. Executive director Datuk Mohamed Suffian Awang, along with non-independent non-executive directors Alan Ling Sie Kiong and Tan Tong Lang, cited personal commitments as the reason for their departure.

They stated that there were no disagreements with the board or matters requiring disclosure to shareholders. MyBursa data indicates that Ice Age Property Sdn Bhd holds the largest shareholding in Sersol, with 100 million shares, equivalent to a 12.43 percent stake. However, the source does not provide any information to establish a direct link between Peh's acquisition and Ice Age Property's shareholding.

Mohamed Suffian, in his resignation filing, revealed that he held an indirect interest in the same 100 million Sersol shares, although the specific entity through which this interest was held was not specified. Tan Tong Lang's resignation also led to his departure from Sersol's audit, remuneration, and nomination committees. The audit committee has since been reconfigured, comprising chairman Leong Lup Yan and member Tan Su Ning. Sersol is currently in the process of identifying a suitable candidate to fill the vacant position.