Chuah brothers emerge at Salutica after Lim family exit
KUALA LUMPUR: Brothers Chuah Chong Ewe and Chuah Chong San, who jointly hold leadership roles at two Bursa Malaysia-listed companies, have emerged at Salutica Bhd following the abrupt exit of its controlling Lim family.
On September 3, brothers Chuah Chong Ewe and Chuah Chong San jointly acquired a significant stake in Salutica Bhd, following the exit of the Lim family that controlled the company. Chuah Chong Ewe purchased 31.13% of Salutica by acquiring 145 million shares, while Chuah Chong San was appointed as executive director, replacing Salutica's former executive chairman, Lim Chong Shyh, and his two sons.
Meanwhile, the Lim family's investment vehicle, Blue Ocean Enlightenment Sdn Bhd, sold its entire 35.41% stake in Salutica, comprising 166.04 million shares, on the same day. The transaction occurred at 11 sen per share and resulted in Chong Ewe acquiring a block representing approximately 87% of the shares disposed by Blue Ocean.
These developments came after the resignations of Chong Shyh, his son Joshua Lim Phan Yih, and Joel Lim Phan Hong from their respective roles at Salutica. In response to the boardroom shake-up, Salutica appointed Chuah Chong San and Siew Chiew Loon as executive directors. Both brothers are already prominent figures in the corporate world, holding senior positions at Aimflex Bhd, where Chuah Chong Ewe serves as executive chairman and Chuah Chong San as group managing director.
Additionally, they are part of the board at Luster Industries Bhd, with Chuah Chong Ewe serving as managing director and executive director, while Chuah Chong San holds the position of executive director.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
