KUALA LUMPUR (April 26): Datuk Mohamed Sharil Mohamed Tarmizi has stepped down as Opcom Holdings Bhd's chairman following his appointment to the board of Digital Nasional Bhd (DNB).

Opcom said the Malaysian Communications and Multimedia Commission (MCMC) has stipulated that a director of DNB — the government's special purpose vehicle to deploy 5G in the country — shall not be a director or officer of a telecommunications equipment provider.

"In order to comply with this regulatory requirement by MCMC, Datuk Sharil has to relinquish his position as chairman and independent non-executive director in Opcom," the group said in a bourse filing.

Opcom said Sharil, who was appointed a director of Opcom in July 2019, has helped steer the group through difficult times amid uncertainty in the outlook for fibre optic cable manufacturers in Malaysia.

"Through various initiatives undertaken, the board and management have been able to turn around Opcom towards becoming a telecommunications and engineering services company which is poised to play a key role in the development of fibre optic-based broadband service offerings to the telecommunications industry, and support the national aspirations under the JENDELA programme coordinated by MCMC as well as the National 5G initiative under MYDigital," said Opcom.

Sharil practised as a lawyer before becoming a partner of an investment advisory firm called BinaFikir Sdn Bhd, which was eventually acquired by Malayan Banking Bhd. He then joined MCMC as its chief operating officer in 2009, and was subsequently appointed to the position of chairman and chief executive from October 2011 to December 2014.

Shares in Opcom closed one sen or 1.69% lower at 58 sen, valuing the group at RM102.88 million. The counter saw 4.66 million shares traded.