KUALA LUMPUR (May 10): Privasia Technology Bhd has roped in the former CEO of the Malaysian Investment Development Authority (MIDA), Datuk Azman Mahmud, as its independent and non-executive director.

Azman, 60,  had served in various positions across many divisions within MIDA since 1989 until his retirement on April 1, the ICT and business process outsourcing company said in its bourse filing.

Apart from Azman, the company also appointed Rachel Lau Jean Mei and Leong Kah Chern as independent and non-executive directors.

Privasia slipped into the red with a net loss of RM7.18 million in the financial year ended Dec 31, 2017 (FY17), compared with a net profit of RM112,547 in FY16.

The company continued to bleed thereafter, registering a RM3.96 million net loss in FY18, RM4.66 million net loss in FY19 and RM6.18 million net loss in FY20.  

Revenue for the group has been on a downtrend for the past five years. From RM81.35 million in FY15, it dropped to RM74.5 million in FY16, RM59.93 million (FY17), RM52.53 million (FY18), RM38.73 million (FY19) and RM41.56 million (FY20).

Shares of Privasia Technology closed unchanged at 15 sen today, bringing the company a market capitalisation of RM92 million. The stock saw 1.19 million shares traded.