CHANGES TO LAFARGE BOARD
YTL Cement now holds 76.98pc stake after mandatory takeover offer closes
LAFARGE Malaysia Bhd has made a slew of board changes following YTL Cement Bhd’s acquisition of a 51 per cent stake in the company for RM1.63 billion.
It re-designated Tan Sri Francis Yeoh Sock Ping as executive chairman with effect from June 19. He was previously an executive director.
Three new independent nonexecutive directors were appointed, namely Tan Sri Asmat Kamaludin, Datuk Tan Guan Cheong and Datuk Yoogalingam. They will be on the board’s audit, nomination, remuneration and risk committees, respectively.
Datuk Seri Michael Yeoh Sock
Siong will serve as the managing director while Datuk Yeoh Seok Kian, Datuk Yeoh Seok Hong and Datuk Yeoh Soo Keng as executive directors.
YTL Cement, a subsidiary of YTL Corp Bhd, acquired the Lafarge Malaysia stake on May 17.
Following the mandatory takeover offer, which closed on June 13, YTL Cement now holds a 76.98 per cent stake in Lafarge Malaysia.
Minority shareholders with a collective 26 per cent shareholding in Lafarge accepted the RM3.75 share offer price while the remaining 23 per cent did not.
Lafarge will remain listed and will need to comply with Bursa Malaysia’s 25 per cent minimum public spread requirement within the next three months.