KUALA LUMPUR (Feb 1): Semiconductor player Inari Amertron Bhd has appointed former OCBC Bank (Malaysia) Bhd chief executive officer (CEO) Datuk Ong Eng Bin as the company's independent non-executive director effective Wednesday.
Ong, 60, had an expansive 35-year career at OCBC where he rose through the ranks from a corporate banking officer in 1988 to several leadership roles in different divisions of the bank, including as CEO for eight years from August 2014 until his retirement in December 2022, Inari said in its bourse filing.
He was also an adviser to the chairman of OCBC until June 30, 2023.
Besides his seat on Inari's board, Ong is also a member of the board at Paramount Corp Bhd and Oriental Holdings Bhd.
Separately, Inari also announced that Ong will be the third member of its risk committee.
Earlier in January, TA Securities expressed a positive outlook for the company’s growth prospects due to the emergence of catalysts from the 5G-related core radio frequency segment, successful customer diversification efforts, progress with its joint venture (JV) in China and above-industry average profitability.
Notably, Inari’s core radio frequency (RF) segment accounted for 59% to 60% of the group’s revenue from FY2021 to FY2023.
TA Securities sees Inari’s RF segment continuing to benefit from the increasing demand for greater RF content per smartphone, to support a broader array of frequency bands.
Shares of Inari closed down eight sen or 2.45% to RM3.18 on Wednesday. However, the counter has seen a 5.65% incline year to date from RM3.01 at the start of the year. At its current price, Inari's market capitalisation stood at RM11.92 billion.