Binasat names Hextar Capital ED Ong Soon Lim as new MD

TheEdge Fri, Jan 26, 2024 07:43pm - 2 months View Original

KUALA LUMPUR (Jan 24): Binasat Communications Bhd has appointed Ong Soon Lim as its group managing director cum executive director, effective immediately.

In a bourse filing, telecommunications support service provider Binasat said Soon Lim, 58, is succeeding Na Boon Aik. Soon Lim is an executive director in Hextar Capital Bhd (formerly known as Opcom Holdings Bhd), a fibre optic manufacturer.  

Hextar Capital is the largest shareholder in Binasat, with a 24.78% stake.

Soon Lim's nephew Datuk Ong Choo Meng is the largest shareholder of Hextar Capital, controlling a 31.74% stake in the company.

Binasat said Soon Lim brings a wealth of experience and expertise to his new role, having held key leadership positions in several corporations.

"Recognised for his strategic foresight and leadership acumen, [Soon Lim] is poised to lead Binasat through a dynamic phase of growth and innovation," said Binasat.

Meanwhile, Na, 59, has resigned from the position to pursue other interests. Previously, he was appointed as the group MD on June 6, 2017.  

Na’s resignation came after he ceased to be a substantial shareholder of the company last year. The group saw Hextar Capital emerge as its largest shareholder at that time.

Separately, Binasat saw Teh Li King join as its non-independent non-executive director. Teh is currently the chief operating officer of the Hextar group of companies.

Binasat also appointed Chan Ai Joo as its principal officer. She held the group financial controller position at Hextar Capital before her appointment at Binasat.

Binasat's share price closed down one sen or 3.7% at 26 sen, bringing the group a market capitalisation of RM101 million.

The counter has fallen 42% over the last three months from its recent peak of 44.5 sen in September 2023.

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