KUALA LUMPUR: SMTrack Bhd executive chairman Mohd Anuar Mohd Hanadzlah, 58, has been appointed the chairman of MQ Technology Bhd (MQ Tech), with immediate effect.

A Mara Institute of Technology accounting graduate, who is also MQ Tech’s independent director, is replacing Dr Ch’ng Huck Choon who is being redesignated as independent director, said MQ Tech in a bourse filing yesterday.

It also said it would be reconstituting its subcommittees of the board, namely its nomination, remuneration and investment committees, of which Mohd Anuar now chairs. Ch’ng, however, remains the chairman of the company’s audit committee.

The company, which is involved in high precision mould making and manufacturing of magnetic coils for hard disk drives, has also established a risk management committee, headed by executive director Edwin Silver Das.

MQ Tech has been in the spotlight recently following the Securities Commission Malaysia’s (SC) announcement that it would not hesitate to take any action against the group if it was found to have breached securities laws.

The SC told local news agency Bernama on Dec 29 that it was looking into the possibility of insider trading at the ACE Market-listed company, following claims that two of its substantial shareholders had been acting in concert to sell the company’s warrants and shares ahead of negative news.