Mainboard-listed Nanofilm Technologies has appointed its deputy CEO, Gary Ho as its CEO, on Oct 14.
Ho’s appointment will be effective on Jan 1, 2022.
Ho was appointed as the company’s deputy CEO from June 21. He is also its chief commercial officer, having been appointed from Aug 1, 2020.
Ho replaces interim CEO, Dr Shi Xu, who is the executive chairman of Nanofilm.
Dr Shi assumed the role after the resignation of former CEO Lee Liang Huang on June 23.
See: Nanofilm CEO steps down due to health reasons, chairman Shi Xu appointed interim CEO
In an Oct 14 statement, the company says it will “continue to harness its deep technology capabilities and innovative spirit to deliver solutions that make lives better,” in a statement on Oct 14.
“It is an honour to take on this leadership role for Nanofilm together with our founder and executive chairman Dr Shi Xu,” says Ho.
“My aim is to drive the development of our business units as we find new and exciting avenues for the commercialisation of our deep technology capabilities. The potential applications of our technologies span numerous industries and I look forward to see these come into fruition in the years to come,” he adds.
In the same statement, Nanofilm announced its business update for the 3QFY2021.
According to the company, it is in “an even stronger position” to boost its commercialisation paths in multiple areas.
Year-to-date (y-t-d), the company has continued to see growth momentum despite the current volatile business environment.
The company has been coming up with multiple strategic projects under development as it continues to build up its revenue pipeline in the 3QFY2021.
Furthermore, it is working on an increasing number of new product introduction (NPI) projects that will contribute positively to revenue for the 4QFY2021 and beyond.
Under Nanofilm’s advanced materials business unit (AMBU), the consumer electronics, communication and computers (3C) segment contributed some 66% to the company’s y-t-d revenue. Under the segment, the smartphone category registered “substantial growth”, offsetting the decline in wearables & accessories and computer categories.
Underlying demand for the 3C segment has remained strong, according to the company, although its typical peak season from June to October has been shifted to the 4QFY2021 and possibly FY2022, due to power supply curbs in China, component delays and chip shortages.
Beyond the 3C segment, other segments under the AMBU grew substantially, contributing around 16% of the company’s y-t-d revenue.
Nanofilm’s nanofabrication business unit (NFBU) contributed around 2% to its overall revenue y-t-d.
In the current quarter, the NFBU has begun mass production of its first micro-lens array (MLA) project for new-generation wearables. This is expected to contribute positively to the business’ performance.
Nanofilm’s industrial equipment business unit (IEBU) has contributed some 15% to the company’s y-t-d revenues. With the increased adoption of its FCVA technologies for various applications, IEBU expects to supply equipment to both third parties and for internal use, including Sydrogen.
Sydrogen, a joint venture between Temasek Holdings’ Venezio Investments and Nanofilm, is commissioning and installing its initial pilot production line at Nanofilm’s Shanghai Plant 2 for customer qualification in an automotive project.
The joint venture is working towards its maiden revenue contribution in FY2022.
“The operating environment in 2021 had its share of challenges as we worked closely with our customers to solve their production problems caused by global supply chain disruptions,” says Dr Shi.
“Dealing with such short‐term issues is part and parcel of our business and we remain confident of positive revenue growth for the year as we are seeing the steady increase in the adoption of our nanotechnology solutions. On this note, I welcome Gary’s appointment as CEO to help me drive the company’s plans forward,” he adds.
Shares in Nanofilm closed flat at $3.64 on Oct 13.
Photo: Albert Chua/The Edge Singapore
