Asteel appoints Razarudin chairman and Clifford Hii executive deputy chairman

Asteel Group Bhd has named Tan Sri Razarudin Husain @ Abd Rasid, the former Inspector-General of Police, its independent non-executive chairman. Datuk Clifford Hii Toh Leong, who has become the steel manufacturer’s controlling shareholder, was appointed executive deputy chairman.

In separate filings, Asteel also named Esther Teh Oun Pheng and Datuk Dr Lor Chee Leng as independent non-executive directors. Tan Sri (Dr) Soh Thian Lai moved from executive chairman to executive director cum chairman emeritus.

The changes come after Clifford’s holding through Hii Capital Holdings Sdn Bhd reached 53.08% upon completion of a mandatory offer. He gained control in August by buying 52.94% for RM20.75 million in cash, priced at 7.5 sen apiece. That purchase triggered an offer for the other 47.06%, at the same price.

Clifford, 43, previously served on HCK Capital Group Bhd’s board as a non-independent, non-executive director. His experience spans more than 20 years across education, property and financial technology. Razarudin, 63, retired in June 2025 after serving as Malaysia’s 14th police chief. He also chairs Advancecon Holdings Bhd as an independent non-executive chairman.

Teh, 47, heads internal audit and risk management at Usaha Tegas Sdn Bhd and holds an independent directorship at Nasdaq-listed OMS Energy Technologies Inc. Lor, 62, advises the Global ESG Leadership Organization and Cambodia’s Ministry of Economy and Finance, with a financial-services career spanning more than 35 years.

Four directors stepped down for personal reasons: Christopher Hii Lu Ming, a non-independent non-executive director, and independent non-executive directors Yan Ying Chieh, Khor Hun Nee and Wee Hiang Chyn.

Asteel ended the trading session at 10.5 sen, up a sen or 10.5%. Its market value stood at RM50.9 million.