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Sapphire makes changes to board ahead of proposed acquisition
SAPPHIRE Corporation Limited's group chief executive officer and managing director Teh Wing Kwan has been redesignated as non-independent non-executive director, as part of changes to its board of directors.
On Friday, the mainboard-listed company said that Wang Heng, a co-founder of Ranken Railway Construction Group Co Ltd, Sapphire's China-based rail engineering subsidiary, has been redesignated as executive director and CEO.
Sapphire added that the changes to the board are part of a planned leadership transition, ahead of completion of the proposed acquisition of a 27.97 per cent stake in Sapphire by Hong Kong International Construction Investment Management Group Co Limited (HKICIM).
Sapphire's other board members - Lim Jun Xiong Steven, Fong Heng Boo, Tao Yeoh Chi, Yang Jian, and Cheung Kam Wa - will also relinquish their directorships.
Sapphire announced on Nov 13 that the board would voluntarily step down upon completion of a proposed share swap deal between HKICIM and two of Sapphire's largest shareholders.
Upon completion of the transaction, HKICIM, a property development arm of China conglomerate HNA Group Co Ltd, through its wholly owned subsidiary Forestar Assets Limited, will emerge as Sapphire's single largest shareholder, the company said.
The group will announce other changes to the board and related committees in due course.