It said in a bourse filing late on Dec 16 that Mr Lim had been dismissed with immediate effect, following a review of its business after Hanwha Ocean SG completed the acquisition of the company.
As the board of directors wanted to identify areas where the strategic direction and operations of Dyna-Mac could be improved, it decided to terminate Mr Lim's appointment as executive chairman of the board and as CEO.
The daily running of Dyna-Mac's business will continue to be overseen by its directors and management team.
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