Hotel magnate Michael Kum has become the non-executive chairman of Atlantic Navigation Holdings following his takeover of the company, according to filings with the Singapore Exchange (SGX) yesterday.
Mr Kum is chairman of hotel property group M&L Hospitality and founded offshore chartering business Miclyn Express Offshore, which was sold to private equity.
He acquired a 50.2 per cent stake in Atlantic Navigation earlier this month via a placement of Atlantic Navigation shares to his investment vehicle Saeed Investment.
Mr Wong Siew Cheong, who was Atlantic Navigation's executive chairman before the latest board re-composition, has been redesignated as an executive director of the board and retains his role as chief executive officer. The company also appointed Mr Sam Chee Leong as an independent director.
At the same time, executive director for finance Tong Choo Cherng has resigned from the board, but will remain as chief financial officer for the company. Non-executive director Andrew Waite; his alternate, Mr Jeffrey Ewen; and independent director Eu Lee Koon have also resigned from the board.
The company also said that group finance manager Zamirul Hassan Bayezid ceased to hold that appointment from July 31 this year due to family matters.
Trading in Atlantic Navigation's shares is currently suspended because its public float fell below the 10 per cent minimum required by the SGX following the placement of shares to Saeed. Atlantic Navigation and Saeed have said that they intend to restore the public float to maintain the company's listing.