CEO Morning Brief

Metronic Sees Apandi Ali's Resignation From Board, Emergence of New Substantial Shareholder

Publish date: Fri, 15 Jul 2022, 08:38 AM
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TheEdge CEO Morning Brief
Metronic sees Apandi Ali's resignation from board, emergence of new substantial shareholder

KUALA LUMPUR (July 14): Former attorney general Tan Sri Mohamed Apandi Ali has resigned from the board of loss-making Metronic Global Bhd effective Thursday (July 14).

Apandi, 72, who was appointed to the board in July 2021, resigned as an independent and non-executive director "due to personal commitments", according to the group's filing with Bursa Malaysia.

In a separate filing, the group also announced the resignation of its deputy independent non-executive chairman Datuk Seri Tan Choon Wa. The resignation of Tan, 65, followed his appointment as an adviser to the group.

Metronic also announced that Fitters Diversified Bhd has emerged as a new substantial shareholder of the group after its unit, Fitters Property Development Sdn Bhd, subscribed for rights shares and excess rights shares recently.

Fitters Diversified now holds a 13.255% indirect stake in Metronic, which is involved in the provision of hardware and software required for buildings' control and management.

Metronic was Thursday's top active counter on Bursa Malaysia with a trading volume of 221.12 million shares.

Metronic's share price closed 28.57% or two sen higher at nine sen on Thursday, giving the group a market value of RM136.62 million. But year-to-date, the stock is still down by 52.63% from 19 sen.

Source: TheEdge - 15 Jul 2022

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