KUALA LUMPUR: Tiles manufacturer Yi-Lai Bhd (YLB) today announced the appointment of Au Yee Boon as its new executive director, effective today.
Au is also the founder and chief executive officer of Techbase Solution Sdn Bhd, a company specialising in providing information technology (IT) solutions.
His operational track record in the IT industry provides an opportunity to further accelerate YLB's turnaround effort, which has been suffering losses since financial year (FY) 2017.
"It is a matter of fact that the Covid-19 pandemic has negatively impacted most businesses. My role as the executive director is to develop and oversee YLB's strategic transformation programmes, which aim to restore sales and grow our operational profits after several years of decline.
"Alpha tiles, together with our signature Talos Living Tiles that generate negative ions, are fantastic brands with huge potential. I am looking forward to working with the management team to step-up the pace of the transformation," Au said in a statement today.
He said together with the other directors of YLB, Au has pledged to voluntarily waive directors' fee for the next 2 quarters (until Feb 2021).
This initiative is intended to help the company cope with the revenue hit from the Covid-19 pandemic and in solidarity with those affected, he said.
"I would like to extend my gratitude to all the directors, who unanimously agreed to my proposal, and would like to emphasise that we have no intention to lay off our loyal employees," Au said.
Au also extended his appreciation to YLB chairman Datuk Wong Gian Kui who has over the years ensured the group continues its dedication to quality, profitability and growth for the benefit of its shareholders, customers, employees and the communities it serves.
He also did not discount the possibility for a business diversification for YLB.
"This pandemic is a wake-up call for businesses, to move out from our comfort zone and seek to have a 'Plan B'. It is imperative for us now to create an alternative, sustainable and recurring revenue stream," Au said.
"The company has a sturdy balance sheet, with a total cash and cash equivalents of more than RM80 million and zero borrowings.
"This allows us to capture the ample of opportunities that available for business expansion, in the form of merger and acquisitions (M&A) or joint-venture (JV)," Au said.
"When I invested in the company, I had some plans in the pipeline that will reduce our reliance on a single business division. It won't be long before we make the next move as I understand the importance of speed in business. I have confident about the management's ability to deliver a strong performance for shareholders," he said further.
Nevertheless, the company said the aforesaid business plans are still at preliminary stages and subject to board deliberation and approvals.
The company will make the necessary announcements in compliance with the relevant listing requirements as and when the plans materialise.