KUALA LUMPUR (April 11): GIIB Holdings Bhd (formerly known as Goodway Integrated Industries Bhd) has suspended one of its executive directors, Wong Weng Yew, its bourse filing showed on Monday (April 11).
GIIB said Wong has been suspended from his employment with the company since March 28, and the suspension has been extended until April 25, pending the evaluation of the reply of show cause letter from Wong.
However, no further reason or details was given by GIIB for Wong’s suspension.
According to the company's annual report, Wong, 38, was appointed as executive director of the company on Feb 23, 2021, and is responsible for managing the group’s finance and accounting operations.
Prior to joining GIIB, Wong was attached to PricewaterhouseCoopers LLP, Singapore, where he managed and provided advisory for business processes, IT auditing and security review. He has more than 10 years of experience in business advisory and auditing, overall.
His professional qualifications include Chartered Accountant accreditation in Malaysia and Singapore, a member of Association of Chartered Certified Accountants (ACCA), Certified Information Systems Auditor (CISA) and Certified Internal Auditor (CIA).
Bourse filing showed that on Sept 7 last year, Wong doubled his shares in GIIB to 36.05 million shares, or 6.097% stake, after subscribing to a rights issue.
GIIB, which is mainly involved in the manufacturing and distribution of rubber compounds and related products, has been in the red for twelve consecutive quarters since the start of 2019.
In its fourth quarter ended Dec 31, 2021 (4QFY21), GIIB narrowed its net loss to RM4.61 million from RM27.53 million a year earlier (4QFY20), which it attributed to improved operating efficiency, cost cutting measures and reduction in impairment adjustments.
Quarterly revenue meanwhile increased 3.84% to RM10.36 million, from RM9.98 million
For the full year (FY21), GIIB net loss reduced to RM21.2 million, compared with a net loss of RM40.68 million in the same period last year (FY20), despite revenue easing slightly to RM36.62 million from RM36.91 million.
GIIB shares settled unchanged at 9.5 sen on Monday, giving it a market capitalisation of RM56.17 million.