Dyna-Mac parts ways with CEO of 4 years

The board of directors of Singapore-based offshore builder Dyna-Mac, which is now part of South Korea’s Hanwha Ocean, has decided to dismiss its chief executive officer (CEO) and executive chairman.

According to the Singaporean player, the strategic decision to terminate the contract of Lim Ah Cheng as of December 16, 2024, was made following a business review after its recent takeover by Hanwha Ocean. Lim held the position since March 1, 2020. 

As stated by Dyna-Mac, this forms part of its plan to identify areas for improvement in the strategic direction and operations of the group. The directors and management team of the company will continue to oversee day-to-day management and operations.

While there are said to be no unresolved differences in opinion “on material matters” between Lim and the board of directors, the matter of payments due to Lim on termination of his employment is still under discussion.

The South Korean shipbuilder first made its intention to acquire Dyna-Mac known in September, offering to buy a 25.4% stake in the Singaporean firm for approximately $0.46 per share.

The offer was boosted to $0.51 per share a month later after Dyna-Mac’s largest shareholder considered the previous offer uncompelling. In late October, the firm’s independent directors recommended that shareholders accept Hanwha’s offer.