KUALA LUMPUR (Dec 31): Home appliance distributor Milux Corp Bhd (KL:MILUX) announced a slew of boardroom changes on Tuesday, including the resignation of its chairman and vice chairman following takeover by a new shareholder.

Both independent chairman Datuk Wong Lai Sum and executive vice chairman Datuk Wira Ling Kah Chok stepped down immediately, according to exchange filings. Managing director Datuk Khoo Teck Kee, and non-executive directors Datuk Seri Liew Mun Hon and Datuk Haw Chin Teck have also exited.

Milux has named Yap Yen Chien as the chairman, while Yap Shin Siang, Ng Wei Wei and Mak Wai Hoong will come on board as non-executive directors.

The changes follow the successful takeover by ABS Capital Sdn Bhd, that now owns 64.14% in Milux. ABS Capital initially acquired 63.88% in Milux for RM64.9 million, or 43.2 sen per share, from Ling and other shareholders, and triggered a mandatory general offer that was completed on Dec 20.

ABS Capital is controlled by brothers Lim Aik Hoe and Lim Aik Kiat of Exsim Group, with a 55% stake, while the remaining 45% is held by Mak.

The Lim brothers of Exsim have been actively acquiring stakes in listed companies since the start of the year.

In October, they proposed to take up a 70% stake in Sabah-based property developer WMG Holdings Bhd (KL:WMG) at 16.5 sen per share, totalling RM75.12 million. Yen Chien, the new chairman of Milux, also sits on the board of WMG.

In March, they agreed to purchase a 65.9% stake in Pan Malaysia Holdings Bhd (KL:PMCORP) from prominent businessman Tan Sri Khoo Kay Peng for RM36.73 million, or six sen per share.

Shares in Milux last traded at 48.5 sen at noon trading break on Tuesday, valuing the company at RM114 million.