Milux announces boardroom changes after completion of takeover by ABS Capital

PETALING JAYA: Home appliance distributor Milux Corp Bhd has announced boardroom changes, including the resignation of the chairman and the vice-chairman following a takeover.

According to a filing with Bursa Malaysia, independent chairman Datuk Wong Lai Sum and executive vice-chairman Datuk Wira Ling Kah Chok stepped down with immediate effect.

Managing director Datuk Khoo Teck Kee and non-executive directors Datuk Seri Liew Mun Hon and Datuk Haw Chin Teck have also exited.

Milux has named Yap Yen Chien as the new chairman, while Yap Shin Siang, Ng Wei Wei and Mak Wai Hoong will come on board as non-executive directors.

The changes follow the takeover by ABS Capital Sdn Bhd, which now owns 64.14% of Milux, the Bursa Malaysia filing noted.

ABS Capital acquired 63.88% of Milux from Ling and other shareholders for RM64.9 million, triggering a mandatory general offer completed on Dec 20.

On the earnings front, Milux recorded a net loss for the third quarter ended Sept 30, 2024, at RM41,000, an improvement of 95.8% from RM971,000 in the same period last year. For the cumulative nine months, it recorded a net loss of RM683,000, down by 81.5% from RM3.70 million in the same period last year.

Quarterly revenue (Q3’24) fell 15.3% to RM11.23 million from RM13.27 million a year earlier (Q3’23) on weaker sales by OEM trading and e-commerce operations.

Revenue for the OEM trading operation fell by 81.6% in Q3’24 compared to Q3’23. The higher OEM trading operation revenue for Q3’23 was due to project sales secured by its OEM customers.

Meanwhile, e-commerce operations saw a 63.6% contraction in sales revenue.

However, Q3’24 revenue for the trading operation grew by a marginal 1%.

Revenue was marginally lower by 0.1% for the cumulative nine months ended September 30, 2024, compared to the previous corresponding period.

Milux is principally engaged in trading gas and electrical home appliances for the local market under the MILUX brand and, to a limited extent, the EURO UNO brand. It operates out of the group’s headquarters cum warehouse in Port Klang, and four sales and service centres in Butterworth, Ipoh, Malacca and Johor Bahru .