Latest Knit Textile and Apparel News
Feb 18, 2019
Mon, Feb 18, 2019 - 1:14 PM FOLLOWING the completion of a reverse takeover (RTO) of Knit Textile and Apparel, Lereno Bio-Chem, now known as KTMG Limited, has reconstituted its board with effect from Feb 18. Lim Siau Hing has been appointed executive chairman and executive director, with general oversight of the operations of the group, the company said in a regulatory filing. Mr Lim Siau Hing's son, Lim Vhe Kai, takes on the role of chief executive officer (CEO) and executive director, responsible for the overall management of the operations, strategic planning and business development of the group. Ong Puay Koon, managing director and CEO of Lereno Bio-Chem, has quit, along with his daughter Ong Ai Koon, who has resigned from the post of chief financial offer (CFO). Low Yong Heng has been named CFO, tasked with supervising the accounts and finance department of the group. He was formerly the financial controller of Knit Texiles Mfg Sdn Bhd. The group has appointed Chew Chong Kiat as chief operating officer, where he will be in charge of day-to-day operations of the group. Prior to the move, Mr Chew was group general manager of Knit Texiles Mfg Sdn Bhd. Market voices on: Goh Yeow Tin, Yap Boh Pin and Koh Boon Huat have been re-elected independent directors. Mr Goh is chairman of the group’s nominating committee, while Mr Yap and Mr Koh chair the remuneration and audit committees respectively. Following the completion of the RTO, the new company will be changing its reporting and functional currency from the Singapore dollar to the Malaysian ringgit. It will also report its financial statements on a half-yearly basis instead. In Sept 2017, Lereno said it entered into an agreement with Mr Lim Siau Hing to acquire all the issued ordinary shares in the capital of Knit Textile and Apparel for about S$26.4 million. Under the restructuring, which has been completed, Knit Textile and Apparel was due to acquire a number of companies. Knit Textile and Apparel is a private company engaged primarily in the business of contract manufacturing of apparels, specialising in making nightwear, lounge wear, casual wear and plus-sizes apparels in Malaysia and Cambodia. It is also in the process of expanding upstream into the knitting, dyeing, printing and finishing of fabric. Lereno also completed a share consolidation of every 20 ordinary shares into one share on Jan 29.