KUALA LUMPUR (Feb 8): Semiconductor company Globetronics Technology Bhd has appointed three new executive directors Liaw Way Gian, Kang Wei Luen, and Ku Chong Hong in its latest boardroom addition.
The appointments follow a heavy sell-down of small-cap counters, including Globetronics, earlier last month lasting for about two weeks, resulting in at least 11 companies hitting their respective limit-downs.
Some counters were even slapped with an unusual market activity (UMA) query from Bursa Malaysia.
Notably, all three new appointees also currently hold directorships in APB Resources Bhd, Artroniq Bhd, and Sarawak Consolidated Industries Bhd (SCIB), which were the counters affected by the heavy selling pressure in January.
According to separate filings on Thursday, Liaw is also currently the chief executive officer of Artroniq, Kang is a lawyer by profession, while Ku is the group managing director and chief executive officer of SCIB.
To recap, a handful of counters seemingly linked by individuals holding directorships in the companies saw its share price tank in mid-January. Analysts have cited margin calls and negative external environment as possible reasons for the heavy sell-down.
Globetronics, APB Resources, Artroniq and SCIB were among the top 10 losers on Bursa Malaysia for several market days between Jan 15 to Jan 26.
In its highest drop, Globetronics saw its share price nosedived 18%, or 32 sen, from RM1.76 to RM1.44 within a span of just three days, having lost RM215.99 million in market capitalisation.
Aside from the three new executive directors, Globetronics has three serving executive board members namely executive chairman Ng Kok Yu and CFO Ng Kok Chun — both appointed on Nov 1, 2022; as well as CEO Heng Charng Yee, who was first appointed as COO on May 12, 2022.
Other board members are independent non-executive directors Khoo Kay Leong, Datin Suryani Ahmad Sarji, Mohammad Hazani Hassan, Ong Huey Min and Ng Kok Khuan.
According to company filings, Globetronics' shareholders include the Employees Provident Fund (13.52%), Ooi Keng Thye (9.12%), General Produce Agency Sdn Bhd (6.86%), and Lembaga Tabung Haji (5.36%).
On Thursday's market close, shares of Globetronics were up a sen, or 0.68%, at RM1.49 with a market capitalisation of RM1.01 billion.