Neptune Marine Services Limited (ASX: NMS - Neptune or the Company) is pleased to announce the Chief Executive Officer of MTQ Corporation Ltd (MTQ), Mr Boon Wee Kuah, has joined the Neptune Board of Directors. Earlier this month, the Singapore-based company became a key cornerstone investor in Neptune.
Neptune’s Chairman, Ross Kennan, said Mr Kuah’s appointment would significantly strengthen the Board. “Boon Wee has extensive international experience in the oil and gas engineering industry. We look forward to working together to take advantage of our respective competencies and developing an operational relationship with MTQ in the Australian and Asia-Pacific marketplace,” he said.
As announced on 3 March 2011, as part of Neptune’s recently completed $65 million capital raising, MTQ committed to subscribe for 200 million shares in the Company via one of its wholly owned subsidiaries. As a result MTQ holds a relevant interest of approximately 12% in Neptune.
MTQ is recognised as a premier integrated engineering solutions provider to the South-East Asian region specialising in Oilfield Engineering and Engine Systems. MTQ is listed on the Singapore Stock Exchange.
Boon Wee Kuah is a UK qualified chartered accountant with a degree in mechanical engineering. He joined the Board of MTQ in October 2006 and has been CEO since July 2010. A summary biography is attached.
“Boon Wee brings an enormous amount of experience and leadership to the Neptune Board and will help with our focus on returning the Company to sustainable profitability as soon as possible,” Mr Kennan said.
Independent consultants Gerard Daniels continue to work with Neptune to review the composition and structure of the Board. The recommendations of this review will assist the Board in implementing a search process aimed at identifying additional candidates with the best possible skill sets to achieve further strengthening and renewal of the Board.