In a filing with Bursa Malaysia yesterday, the convenience retail chain store said group CEO Tai Luk is replacing Ding Lien Bing as executive chairman due to the latter’s “personal commitments”.

“Owing to time constraints arising from his other ongoing personal commitments, he is resigning as the executive chairman.

“However, Ding will continue to play a role as an adviser to the management of the company,” the filing read.

Tai Wen, the current deputy group CEO, will be appointed as the new group CEO.

Their brother, Dang Tai Hock, is also an executive director of the company. All three are shareholders of D&D Consolidated Sdn Bhd, the largest shareholder of MyNews.

These changes took place about two months after Titiwangsa MP Johari Ghani emerged as a substantial shareholder of MyNews.

On July 12, Johari through JAG Capital Holdings Sdn Bhd  acquired 68.2 million (9.09%) of MyNews’s shares via a share placement.

The Umno politician and businessman currently holds a 32.96% stake in KUB Malaysia Bhd and CI Holdings through JAG Capital. He previously held stakes in KFC Holdings (M) Bhd and QSR Brands Bhd.

MyNews currently runs 615 convenience store outlets. It plans to launch 48 new stores within the next year.

At market close, MyNews’s share price was unchanged at 55 sen, giving it a market capitalisation of RM412.69 million.