Desmond Lim is executive chairman of WCT Holdings

PETALING JAYA: Tan Sri Desmond Lim, one of Malaysia's richest men, has relinquished his post as executive chairman at Malton Bhd to become executive chairman of WCT Holdings Bhd just a day after buying a 19.665% stake in the group.

In two separate announcements, WCT announced that Lim is taking over from Datuk Capt Ahmad Sufian @ Qurnain Abdul Rashid who resigned to pursue personal interests.

Malton also announced that Lim has been redesignated as non-independent non-executive chairman of the group, and that his duties and responsibilities as the executive chairman will be reassigned to and assumed by the other executive members of the board.