Also, Alvin Lim Tai Meng has resigned as executive director and COO. Similarly, he will remain as COO of AVT Elect.
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.
