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Graphjet Technology (GTI), an electrical industrial apparatus manufacturer with a market capitalization of $13.86 million, announced the expansion of its board and the appointment of a new Deputy Chief Executive Officer and Chief Financial Officer, as per a recent SEC filing. According to InvestingPro analysis, the company currently shows a weak financial health score of 0.34 out of 1. On March 19, 2025, the company appointed Ang Chee Yong, Chen Siow Woon, Pwa Yee Guo, and Tan Song Jie as directors, effective the following day. Tan Song Jie will also serve as the chairperson of the Audit Committee and is recognized as an "audit committee financial expert" by the SEC.
The new appointees bring a wealth of experience in financial planning, food science, corporate finance, and accounting. Ang Chee Yong is a licensed financial planner with over 15 years of experience, Chen Siow Woon has a strong background in food science and biochemistry, Pwa Yee Guo is a certified practicing accountant, and Tan Song Jie is a chartered accountant with extensive experience in various industries.
In addition to the board expansion, Chris Lai Ther Wei was appointed as Deputy CEO and CFO of the company. He has a rich history in corporate finance advisory services and has worked with several notable investment banks in Malaysia. His compensation includes a base salary of RM 300,000, an allowance of RM 400,000, and company shares valued at RM 500,000. These appointments come at a challenging time for the company, with InvestingPro data showing the stock has declined nearly 97% over the past six months, with current trading at $0.11 per share.
None of the new appointees has any direct or indirect interest in any transaction that requires disclosure under SEC regulations. The company’s filing indicates that each non-employee director will receive RM 2,500 per month and has entered into the company’s customary indemnification agreement.
The appointments come as Graphjet Technology continues to strengthen its leadership team and corporate governance, while facing significant financial challenges including negative EBITDA of $14.61 million in the last twelve months. The information is based on a press release statement filed with the SEC. For deeper insights into GTI’s financial health and growth prospects, including exclusive ProTips and detailed financial metrics, check out InvestingPro.
In other recent news, Graphjet Technology has experienced notable changes in its executive team. The company disclosed the resignation of Ng Keok Chai from his roles as Independent (LON:IOG) Director and Head of the Audit Committee, effective March 6, 2025. This announcement followed an earlier filing on January 6, 2025, revealing the sudden departure of Executive Director Hoo Swee Guan, along with Independent Directors Wong Kok Seong and Doris Wong Sing Ee. Wong Kok Seong’s resignation also involved stepping down from multiple committees, including the Audit, Remuneration, and Nominating and Corporate Governance Committees. Both filings emphasized that these resignations were not due to disagreements with the company’s operations, policies, or practices. Graphjet Technology, formerly known as Energem Corp, is incorporated in the Cayman Islands and has its main offices in Selangor, Malaysia. As an emerging growth company, it benefits from certain reporting relaxations under SEC regulations. The reasons behind these executive departures remain undisclosed, leaving investors and stakeholders to monitor any future announcements regarding the company’s governance and strategic direction.
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