Memiontec Holdings appoints lead independent director Yap as chairman

Tay will step down as chairman on the same day.

The move comes as the company separates the roles of chairman and CEO to enhance its corporate governance practices, under the recommendation of its nominating committee.

Yap is currently the company’s lead independent director.

The board has considered Yap to be independent under the Catalist rules.

See also: Memiontec secures $21.7 mil contract for PUB's Deep Tunnel Sewerage System Phase 2 Project

Memiontec, on the same day, appointed Derek Loh Eu Tse as independent director to the board.

Loh is currently the executive director of TSMP Law Corporation.

Shares in Memiontec Holdings closed 2.5 cents lower or 10% down at 22.5 cents on June 30.

Photo of Tay Kiat Seng: The Edge Singapore