KUALA LUMPUR (Oct 2): ACE Market-listed Genetec Technology Bhd announced a slew of boardroom changes on Monday to comply with regulatory requirements, as it seeks to transfer its listing to the Main Market of Bursa Malaysia.

The contract manufacturer of automated industrial equipment revealed that its boardroom will see the resignations of two male members, namely non-independent non-executive director Hew Voon Foo, 62, and executive director Tan Moon Teik, 52.

Meanwhile, it announced the appointment of Ong Siew Min, 57, as independent non-executive director, which raises the female composition in the six-member board to above the 30% threshold, as required by Securities Commission Malaysia (SC).

The latest changes also increased the number of independent directors to four, from three previously, surpassing the regulatory need of having at least half of the boardroom constituted by independent members.

Genetec had in August obtained the SC’s approval to transfer its listing to the Main Market, provided the group enhances its corporate governance by raising the number of independent directors on its board to over 50%, and women directors to 30%.

Shares of Genetec closed four sen or 1.7% higher at RM2.43 on Monday, giving it a market capitalisation of RM1.84 billion.

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