Lafarge CEO resigns after YTL takeover

Yeoh Khoon Cheng (picture) has stepped down as Lafarge Malaysia Bhd CEO after YTL Corp Bhd completed the acquisition of a 51% stake in the cement maker and has seen several changes at the board level.

Yeoh will remain as ED in Lafarge Malaysia and will be joined by YTL Corp chair Tan Sri Dr Francis Yeoh and MD Datuk Yeoh Seok Kian who were appointed EDs last week.

Other YTL Corp directors joining the Lafarge Malaysia board are Datuk Seri Michael Yeoh Sock Siong, Datuk Yeoh Soo Keng and Datuk Yeoh Seok Hong.

Martin Kriegner, who is part of the executive committee of parent company LafargeHolcim Ltd, is in charge of Asian operations, resigns as Lafarge Malaysia vice chair.

YTL Corp acquired a 51% stake in Lafarge Malaysia for RM1.62 billion which will trigger a mandatory offer for the remainder 49% interest.

The exercises value Lafarge Malaysia at close to RM3.2 billion and will result in Malaysia’s two largest cement manufacturers controlling 60% of the local cement market. — TMR