KUALA LUMPUR (Jan 2): Ancom Bhd has redesignated its substantial shareholder and managing director Datuk Siew Ka Wei as its executive chairman, while non-executive chairman Datuk Ahmad Johari Abdul Razak is redesignated as an executive director.


The group also appointed 43-year-old Lee Cheun Wei as its chief executive officer, according to its filings with Bursa Malaysia. The changes all took effect today.
Siew, 62, joined the board on Oct 23, 1985 and was appointed the deputy group managing director on Oct 17, 1995, before becoming Ancom managing director on July 30, 2003. He owns 20.387% of Ancom.
Meanwhile, 63-year-old lawyer Ahmad Johari, who is Prime Minister Datuk Seri Najib Razak’s second brother, has 0.22% direct stake in Ancom as at Sept 5, 2017. Ahmad Johari retired from Shearn Delamore & Co on Dec 31, 2017.
He joined Ancom's board on Nov 27, 1992 and was once Ancom’s executive chairman till July 30, 2003.
Lee, who holds a MSc in Finance, is the managing director for Ancom Crop Care Sdn Bhd, a subsidiary of Ancom. He was also Ancom's chief financial officer between 2009 and 2014.
Shares of Ancom, which manufactures and sells agricultural chemical products and trades electrical engineering products via its subsidiaries, closed up one sen or 1.89% at 54 sen for a market capitalisation of RM117.27 million.
Plus, the company have annouced a bonus issue as follows: