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Founder Mary Chia resigns as director and non-exec chairman of firm
MARY Chia has resigned as director and non-executive chairman from the beauty and wellness company she has founded with effect from Oct 7, after a general offer closed on Friday.
The offeror is Suki Sushi, which is controlled by Lee Boon Leng, the husband of Mary Chia's chief executive, Ho Yow Ping. Ms Ho is daughter of the founder.
Following Ms Chia's resignation, the board is as follows: Ms Ho remains the CEO, Yeung Koon Sang is lead independent director, Pao Kiew Tee is independent director, and Periowsamy Otharam is independent director.
There is no change to the composition of the Audit Committee, Remuneration Committee and Nominating Committee.
Suki Sushi now has a 93.18 per cent stake in the firm. Mary Chia Holdings' counter will not be able to trade until it meets the 10 per cent minimum public float.
According to Suki Sushi, there are plans to keep Mary Chia listed, and said on Friday that it will take necessary steps to restore the company's public float.