KUALA LUMPUR (July 22): D'Nonce Technology Bhd’s director Tho Yow Yin has been appointed as chief executive officer of the company with immediate effect.
Tho, 62, had earlier been named as an independent and non-executive director of the hard disk drive contract manufacturer on July 1.
Tho succeeds Lim Teck Seng, 49, who resigned after the High Court ruled as invalid, Lim's re-election as director at the company's annual general meeting on June 17 this year.
The court ruling on July 11, which was announced by D'nonce on July 17, arose from a suit filed by Singapore investment company Blackstream Investments Pte Ltd, which has a 24.14% stake held in D'Nonce, via RHB Nominees (Asing) Sdn Bhd.
The High Court also declared an adjournment of the company's extraordinary general meeting (EGM) on June 12, as invalid.
It also declared the company's appointments of Ng Kok Wah, Yap Chee Keong, Thoo Soon Huat and Tan Than Kau as directors after the June 12 EGM, as invalid.
It also ruled as invalid, the re-elections of Yeo Boon Leong, Ng Kok Wah and Tengku Ahmad Badli Shah Raja Hussin as directors at the June 17 AGM.
D'nonce’s shares settled half a sen or 1.28% lower at 38.5 sen today, giving it a market capitalisation of RM100.59 million. The stock saw some 732,800 shares transacted.