Daniel Crennan's resignation comes just days after it was revealed that he had received a rental allowance of around A$70,000 ($49,861) when he relocated from Melbourne to Sydney after he took the deputy chair job in 2018.
KUALA LUMPUR: JF Technology Bhd's wholly owned unit JF International Sdn Bhd will enter a partnership with the venture capital arm of Huawei Investment & Holding Co Ltd via the latter's subscription to shares in JFH Technology Sdn Bhd.
JFH Technology is a wholly owned subsidiary of JF International, which is principally involved in the manufacture of technical support for integrated circuits test contacting solutions.
In a filing with Bursa Malaysia, JF Technology said Hubble Technology Investment Co Ltd (HTI) will inject a total of US$1.5mil in JFH Technology, which will fortify its relationship with the Chinese firm as a key customer and strategic partner, as well as gain market access into China.
Of HTI's contribution, US$410,000 will be credited to the increased registered capital of JFH while the remaining US$1.09mil will be credited to its capital reserve.
Post-exercise, the registered capital of JFH Technology will increase from US$500,000 to US$910,000.
JF International will have a 55% stake by virtue of its own US$500,000 capital contribution to JFH while HTI will own the remaining 45%.
JF Technology said the collaboration will enable the group to establish a long-term synergistic business partnership with HTI.
"JFH Technology will manufacture and supply high performance test contactors to HTI and other customers in China," it said.
"With the opportunity for JFH Technology to work closely with HTI to develop new test contacting technology for 5G network and 6G network as well as in the future, there will be technological knowhow and knowledge transfer from JF Group to JFH Technology, enabling JFH Technology to move up the value chain of the semiconductor industry while developing local talents amongst Malaysians," it added.
Trading in JF Technology shares was suspended by Bursa Securities on Monday but will resume at 9am Tuesday.The counter last traded at RM4.80 a share on Friday.