(Updated)

Caely redesignates Wong Siaw Puie as executive chairman; Koo Chen Yeng appointed as director

Caely redesignates Wong Siaw Puie as executive chairman; Koo Chen Yeng appointed as director
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KUALA LUMPUR (May 17): Perak-based lingerie maker Caely Holdings Bhd said its former executive director Wong Siaw Puie has been redesignated as executive chairman of the company effective Tuesday (May 17).

"The new position of Madam Wong Siaw Puie should read as executive chairperson," Caely said in a filing with Bursa Malaysia on Tuesday.

According to Caely's recent Bursa filings, Wong, who is also known as Jessie Wong, was appointed as Caely executive director on April 28, 2022.

Madam Jessie Wong is currently the national president of Malaysia Chinese Women Entrepreneurs Association and founder of Malaysia Influencers Industry Online Association.

Wong takes over the chairman post of Caely from the company's ex-chairman Datuk Wira Ng Chun Hau, who resigned to pursue other personal opportunities. 

Meanwhile, in a separate filing on Tuesday, Caely announced the appointment of Koo Chen Yeng as the company’s new executive director. 

Koo, 24, is also the director in several private limited companies in Malaysia, the group noted. She holds six million indirect shares in the lingerie maker. 

Caely has been closely watched since April 18, 2022, when it announced that the authorities had issued a freeze order on the bank accounts of the company, which also said it was not aware of any wrongdoing that had led to the authorities' move.

"The board of directors [of] Caely wishes to announce that the authorities have issued a freeze order to freeze the operation of all bank accounts of Caely group of companies. The group expects an impact on the financial and operational aspects of the Caely group of companies as a result of the said freeze order," Caely said in a Bursa filing.

Caely, however, did not specify which authorities issued the freeze order on its bank accounts.

On April 20, 2022, Caely however said that according to a letter from CIMB Bank to Caely, the authority that issued the freeze order on Caely's bank accounts was the Malaysian Anti-Corruption Commission.

"The freezing order was never served on the company (Caely). The company merely received the notice from one of the banks on April 13, 2022 that the company's accounts had been frozen," Caely said in a response to Bursa's request for Caely to provide additional information in relation to the company's announcement on April 18, 2022.

The group saw some members of its board tendering their resignations. The company’s chief executive officer Gok Ching Hee, who was also the chief financial officer, tendered his resignation effective April 18. Caely’s independent non-executive director Tan Loon Cheang and Ng Boon Kang also resigned on March 16 and March 14 respectively. 

The troubled lingerie maker also saw the resignation of Datuk Seri Mazlan Lazim and Noor Azri Noor Azerai as the group’s independent directors in late April, citing "to pursue other opportunities". 

On Tuesday, Caely’s share price closed unchanged at 37 sen, which gave the company a market capitalisation of about RM95.55 million based on its 258.24 million outstanding shares.

Its share price has fallen to current levels from the closing price of 58 sen on April 5, 2022.

Read also:
Public Gold founder Ng Chun Hau resigns as executive chairman of Caely
Caely says MACC issues freeze order on bank accounts; unable to pay salary, suppliers
Freeze order on lingerie maker Caely’s bank accounts; company says not aware of any wrongdoing

Esther Lee & Chong Jin Hun