Shares in Malayan United Industries Bhd (MUI) gained 2.3% in early trade Monday as investors welcomed the news that Tan Sri Khoo Kay Peng’s son will take over as chief executive.

The counter rose 2.38%, or 0.5 sen to 21.5 sen with over 3.5 million shares traded. It has gained more than 79% year-to-date.

Last week, MUI announced that its major shareholder Kay Peng would relinquish his position as chief executive officer paving way for his son.

In a filing with Bursa Malaysia, MUI said Andrew Khoo Boo Yeow, 45, will assume the CEO post effective Jan 1.

Kay Peng, who owns a 47.58% stake in the group, will remain as executive chairman.