KUALA LUMPUR (April 15): Electrical and mechanical engineering services provider Kejuruteraan Asastera Bhd (KAB) has appointed Datuk Dr Ong Peng Su as its independent non-executive chairman effective immediately.
He replaces investment banker-turn-investor Ian Yoong Kah Yin, who has resigned to pursue his personal interests. Yoong had assumed the role on Oct 15, 2019.
In a statement today, KAB said Ong brings with him more than 35 years of experience in the power industry. He recently joined the company to serve in the newly created role of adviser to help it identify potential power plants as well as potential new customers.
"With his experience, we hope he will take our energy segment to the next level. One of our goals is to expand (our energy business segment) overseas,” KAB managing director Datuk Lai Keng Onn told The Edge Malaysia weekly in a March 22 interview.
Lai also said KAB is planning to tap the local debt market to raise up to RM500 million to fund the group’s expansion plans in the energy efficiency solutions and energy generation segment.
According to KAB, Ong was appointed to the board of directors of Powertek Bhd in 1993 and later served as its executive director from March 2001 until March 2009. In April 2009, Ong assumed the roles of chief executive officer and executive director of Powertek Energy Sdn Bhd until 2015. He was nominated and selected to be a commission member of the Energy Commission of Malaysia twice between 2016 and 2020.
During his years in the energy sector, Ong also held various directorships in companies both within and outside Malaysia namely Asia Gulf Power Holding Co Ltd, Asia Gulf Power Service Co Ltd and Taweelah Asia Power Co PJSC. Prior to his services in the Powertek Energy Group, he was with Lembaga Letrik Negara, which is now known as Tenaga Nasional Berhad.
KAB shares closed down 5 sen or 4.76% at RM1 today, bringing it a market capitalisation of RM1.68 billion.