KUALA LUMPUR (June 19): GSB Group Bhd has appointed Datin Toh Siew Chuon as executive chairman of the company, replacing Loy Kwee Keow, 59, who has been redesignated as non-executive director.

Toh, 52, is the executive director of Kerjaya Prospek Group Bhd. She is also the spouse of Datuk Tee Eng Ho and sister-in-law of Tee Eng Seng, who are both controlling shareholders of Javawana Sdn Bhd, the major shareholder of GSB. Eng Ho is executive chairman of Kerjaya Prospek, while Eng Seng is an executive director.

In a filing with Bursa Malaysia today, GSB said Toh holds an indirect interest of 40.58% in the company via Javawana.

"Toh started her career as practice in audit firm focusing on auditing and taxation. She has also accumulated more than 20 years of experience in a construction company after serving in the auditing and taxation industry," it added.

On May 18, Javawana had launched a mandatory takeover offer of 13 sen per offer share for the remaining 59.29% stake in GSB which it did not own. It said it intends to continue GSB’s focus in property development and maintain the listing status of the group.

GSB shares closed down 2.5 sen or 11.9% at 18.5 sen today, with 18.72 million shares traded, giving it a market capitalisation of RM100.66 million. Year-to-date, the stock has risen 68.2% from 11 sen.