KUALA LUMPUR (Jan 17): Aluminium billets manufacturer A-Rank Bhd has appointed former AMMB Holdings Bhd managing director Cheah Tek Kuang as its new non-executive chairman.

He replaces Datuk Shahrir Abdul Jalil, who resigned in December to comply with the group’s 12-year limit for independent directors, according to the group’s bourse filing.

Cheah, 75, was appointed to the board as independent non-executive director in October last year. He also holds directorship in IOI Corp Bhd, Eco World International Bhd and UPA Corp Bhd.

Cheah started his career in the Malaysian Industrial Development Authority, now known as Malaysian Investment Development Authority, in 1970 as an economist.

In 1978, he joined Arab Malaysian Merchant Bank Bhd, now known as AmInvestment Bank Bhd, in its corporate finance department.

Cheah was later appointed as chief executive officer and group managing director of AmInvestment Bank in 2002.

Following the restructuring of AmBank group, he was appointed as the group managing director of AMMB Holdings Bhd from 2005 until his retirement in 2012.
 

Apart from Cheah, A-Rank also re-designated Tan Sri Leow Chong Howa as non-executive vice/deputy chairman, while appointing two independent non-executive directors, Neoh Lay Keong and Siti Ruzainah Abd Halim.

Leow controls a 26.23% stake in A-Rank, and is also the executive chairman in LB Aluminium Bhd, in which he owns a 30.2% stake.

Shares of A-Rank closed unchanged at 53 sen on Tuesday (Jan 17), giving the group a market capitalisation of RM94.66 million.

LB Aluminium, meanwhile settled two sen or 3.5% higher at 58.5 sen, valuing the group at 254.39 million.