Avi-Tech Holdings has a new controlling shareholder after Lim Eng Hong and his related parties sold their combined stake of 29.9% for $17 million, or 33 cents each.
Following completion of the transaction, Lim, who founded the company in 1981, has stepped down from his roles as executive director, CEO and executive chairman of the company. However, he will continue to serve as the CEO of Avi-Tech Electronics, one of the subsidiary units.
Also, Alvin Lim Tai Meng has resigned as executive director and COO. Similarly, he will remain as COO of AVT Elect.
The buyer is an entity called Global Wave Venture, wholly owned by Tan Xiangyang, who will take over the executive chairman role. Another executive director, Lai Huamao, has been appointed as well.
"With the support of its new strategic shareholder and refreshed leadership structure, the company is well-positioned to pursue sustainable growth and long-term value creation for shareholders," says Avi-Tech.
W Capital Markets was the placement agent for Lim and his related parties
