KUALA LUMPUR: Lafarge Malaysia Bhd has made a slew of board changes after YTL Cement Bhd acquired a 51 per cent stake in the company for RM1.63 billion.
The firm re-designated Tan Sri Francis Yeoh Sock Ping as its executive chairman with effect from June 19 from executive director previously.
Three new independent non-executive directors were also appointed to the board of directors of Lafarge Malaysia.
They are Tan Sri Asmat Kamaludin, Datuk Tan Guan Cheong and Datuk Yoogalingam, who will also serve on the board’s audit, nomination, remuneration and risk committees.
Datuk Seri Michael Yeoh Sock Siong serves as the managing director while Datuk Yeoh Seok Kian, Datuk Yeoh Seok Hong and Datuk Yeoh Soo Keng are executive directors.
YTL Cement, a subsidiary of YTL Corp Bhd, acquired a 51 per cent stake in Lafarge Malaysia on May 17.
Following the mandatory take-over offer undertaken in relation to the acquisition, which closed on June 13, YTL Cement currently 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 a share offer price.
The remaining 23 per cent minority shareholders did not accept the offer.
Lafarge will remain listed and would need to comply with Bursa Malaysia’s 25 per cent minimum public spread requirement within the next three months.