IN complying with the regulatory requirement by the Malaysian Communications and Multimedia Commission (MCMC), ACE Market-listed Privasia Technology Bhd’s chairman and independent non-executive director (INED) Datuk Mohamed Sharil Tarmizi is relinquishing his positions with immediate effect.
Sharil was recently appointed by the Finance Ministry to the board of Digital Nasional Bhd (DNB), a special purpose vehicle owned by the Government tasked with the development and deployment of a wholesale 5G network for Malaysia.
However, it is not immediately known if the position of the former chairman and chief executive of the MCMC as the INED in Pos Malaysia Bhd will be affected as well. For the record, Sharil, 51, joined Pos Malaysia’s board on April 13.
He has served on the board of the information communications technology (ICT)-based Privasia as an INED since July 5, 2017 and chairman since May 27 last year.
On April 26, Opcom Holdings Bhd announced that Sharil was stepping down as its independent non-executive chairman with immediate effect after having served on the board as an INED and chairman since July 16, 2019.
As part of its regulatory compliance and requirement for good governance to the DNB, MCMC has determined that a director of DNB shall not also be a director or officer of a telecommunications service provider as defined in Bursa Malaysia’s sector classification of listed issuers.
Although Privasia’s business is now largely in the IT and software solutions space, it does have remaining business activities in the telecommunications space.
In acknowledging his contribution, Privasia said Sharil was instrumental in steering the company’s board and management from its traditional telecommunications, technology and ICT businesses to the development of cloud-based solutions, namely:
- The development of a Software As A Service (SaaS) model in its flagship e-procurement platform called ProcureHere, a cloud-based procurement platform that facilitates efficient and seamless process for procurement, allowing businesses to manage all types of purchases, tenders, and communications with potential vendors;
- The development of a cloud-based integrated port management solution called iTap, an end-to-end multi-cargo terminal operating system with the support based on the deep-seated knowledge in the port business;
- The development of multiple new business solutions based on the Internet of Things (IoT) and its latest offering; and
- The development of a Shariah-compliant supply chain financing solution called FinansHere, a fintech platform to assist SMEs to facilitate working capital financing as well as optimising business’ supply chain.
“The solutions developed by the Privasia Group over the years would afford Privasia an opportunity to participate in the various initiatives under MYDigital which was recently launched by the Prime Minister of Malaysia,” added the company. – May 18, 2021
