Asteel Group Berhad is entering a new phase of business development following the appointment of Gambit Group CEO Datuk Clifford Hii Toh Leong as its Executive Deputy Chairman.
The leadership change follows Hii Capital Holdings Sdn Bhd’s acquisition of a controlling 53.08% stake in the Bursa Malaysia-listed steel and building materials company.
With the takeover completed on 5 October 2026, Asteel Group is looking to strengthen its existing operations while exploring opportunities in technology, digitalisation and business efficiency.
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A New Direction for Asteel Group
The appointment brings together experience from two different business sectors. Asteel has an established presence in steel and building materials, while Datuk Clifford brings a background in financial services, private wealth, fintech and digital assets through Gambit Group.
This combination could create opportunities for Asteel Group to improve its business processes and explore new approaches to industrial operations.
Rather than shifting away from its core business, the company intends to build on its existing strengths.
Datuk Clifford said the completed transaction marks the beginning of a new chapter for Asteel Group, with an emphasis on long-term development.
“Technology and innovation will be increasingly important to how businesses operate and compete,” he said.
He added that digitalisation and stronger business processes could complement Asteel’s existing capabilities.
The approach reflects a wider shift in Malaysia’s business landscape, where traditional industrial businesses are increasingly looking at technology to improve efficiency and remain competitive.
Leadership Changes Support Business Continuity
Alongside Datuk Clifford’s appointment, Asteel Group has introduced several changes to its Board of Directors.
Tan Sri Razarudin bin Husain @ Abd Rasid, Malaysia’s former 14th Inspector-General of Police, has been appointed Independent Non-Executive Chairman.
His appointment brings additional leadership and governance experience to the company.
Other Board appointments include Datuk Dr. (h.c.) Michael Lor Chee Leng and Ms Esther Teh Oun Pheng as Independent Non-Executive Directors.
Meanwhile, former Chairman Tan Sri (Dr.) Soh Thian Lai has been redesignated as Executive Director.
Dato’ Sri Victor Hii Lu Thian continues serving as Group Managing Director, helping maintain continuity in Asteel’s daily operations and business direction.
The leadership structure allows the company to retain experienced management while introducing new perspectives.
Datuk Clifford also emphasised the importance of working closely with the existing management team and Board as Asteel moves forward.
RM15.8 Million Project Adds to Business Momentum
The leadership transition comes as Asteel continues securing projects in Malaysia’s construction sector.
On 5 October 2026, the company announced that its subsidiary, Asteel Synergy Sdn Bhd, had secured a RM15.8 million work order from H.N. Lau Agency Sdn Bhd.
The contract covers structural reinforced concrete works for a three-storey multi-level logistics complex in Shah Alam, Selangor.
The project adds to Asteel’s business activities at a time when the company is preparing for its next stage of development.
It also highlights the role of construction and building materials companies in supporting Malaysia’s industrial and logistics infrastructure.
Facilities such as logistics complexes are important for warehousing, distribution and supply chain operations. Their development creates business opportunities across construction-related industries.
For Asteel Group, securing new work while undergoing a leadership transition provides a foundation for maintaining operational momentum.
Technology Could Strengthen Industrial Competitiveness
One area to watch under the new leadership is how Asteel Group approaches digital transformation.
Across the steel and construction supply chain, businesses face pressure to manage costs, improve productivity and deliver projects efficiently.
Digital systems can help companies strengthen planning, monitor operations and improve coordination between departments.
Datuk Clifford’s experience in technology-related businesses may offer a different perspective on how Asteel approaches these opportunities.
However, the company has not announced specific digital investment projects or implementation timelines.
Its immediate direction remains focused on exploring improvements that support existing operations rather than replacing its established industrial business.
What This Means for Malaysia’s Industrial Sector
Asteel Group’s leadership transition is relevant beyond the company itself.
Malaysia’s construction and manufacturing industries depend on businesses that can maintain reliable operations while adapting to changing market needs.
For established industrial companies, investment in better processes and management systems can support productivity and long-term competitiveness.
Asteel’s combination of experienced industry leadership and new executive perspectives could help it assess opportunities in this area.
The company’s recent Shah Alam project also reflects the continued involvement of local construction businesses in developing infrastructure that supports commercial activity.
Whether the new leadership delivers measurable improvements will depend on how its plans are carried out over time.
Building Towards the Next Phase
With its takeover completed, Board refreshed and new project secured, Asteel is moving into its next phase with both continuity and change.
The company’s direction centres on strengthening its industrial foundations while considering how technology and improved business processes can support future growth.
For Malaysia’s building materials sector, Asteel’s next steps will offer an example of how established businesses can approach leadership renewal and industrial modernisation.
Frequently Asked Questions
1. Who is the new Executive Deputy Chairman of Asteel Group?
Datuk Clifford Hii Toh Leong, CEO of Gambit Group, has been appointed Executive Deputy Chairman following Hii Capital’s acquisition of a controlling stake.
2. How much of Asteel Group did Hii Capital acquire?
Hii Capital Holdings Sdn Bhd acquired a controlling 53.08% interest, with the mandatory takeover offer completed on 5 October 2026.
3. What is Asteel Group focusing on under its new leadership?
The company aims to strengthen existing operations while exploring technology, digitalisation and business improvements to support long-term competitiveness.
