KUALA LUMPUR (Feb 21): Globetronics Technology Bhd has seen a slew of changes to its board effective immediately, as the Ng family exits the company and APB Resources Bhd Bhd takes its position as the semiconductor firm’s second-largest shareholder.
According to bourse filings, Globetronics board saw the departure of executive chairman Ng Kok Yu, non-independent and non-executive director Ng Kok Khuan, and independent and non-executive directors Datin Suryani Ahmad Sarji, Khoo Kay Leong, Ong Huey Min and Mohammad Hazani Hassan, effective Feb 21.
Kok Yu is the son of Ng family patriarch and Globetronics’ co-founder Michael Ng Kweng Chong, while Kok Khuan is Kweng Chong’s nephew.
In the departing board members’ stead, Liaw Way Gian, who was appointed as the group’s executive director back on Feb 8, has been redesignated as the company's executive chairman.
Meanwhile, new entrants to the board on Wednesday were executive directors Ku Chong Hong and Kang Wei Luen, and independent and non-executive directors Chiew Jong Wei, Datuk Seri Zaini Jass and Gah Sheng Yih.
The five new appointments join Liaw, executive directors Kang Wei Luen and Ku Chong Hong, and CEO Heng Charng Yee.
Notably, Liaw, Ku and Kang all currently hold directorships in APB Resources, Artroniq Bhd, and Sarawak Consolidated Industries Bhd (SCIB).
The trio joined the board on Feb 8, months after a deal was inked between the Ng family and APB Resources in December last year, for the design process equipment maker to purchase a 10.4% stake in Globetronics from the family.
The transaction was completed last week and saw APB Resources emerge as Globetronics’ second-largest shareholder with its 10.4% stake, only behind the Employees Provident Fund’s 13.44%.
It is worth noting that APB Resources, Artroniq and SCIB were among the counters that faced a wave of heavy selling pressure back in January.
Shares in Globetronics dropped three sen to RM1.48 on Wednesday, giving the company a market capitalisation of RM998.99 million.