IOUpay (ASX:IOU) appoints chairman amid product innovation initiatives, shares rise ~14%

Highlights

• IOUpay has appointed Dato’ Wan Ahmad as a non-executive director and has elected him as non-executive Chairman.
• Mr Wan Ahmad brings over 25 years of corporate advisory and investment banking experience.
• Previously, Mr Wan Ahmad has held various senior executive banking roles and has also established a corporate advisory firm in 2013.

IOUpay Limited (ASX:IOU) has appointed Dato’ Wan Ahmad as a non-executive director and has elected him as non-executive Chairman to its Board of Directors, effective from 30 June 2022. Subsequent to the key update, the shares of IOU increased by ~14% to trade at AU$0.048 on 01 July 2022.

Based in Kuala Lumpur, Mr Wan Ahmad brings in over 25 years of experience in corporate advisory and investment banking with some of Malaysia’s leading financial institutions.

IOUpay has been continuing with a flurry of developments across various operational fronts. The company has been seeking to access new communities of merchants and consumers across Malaysia and beyond.

Source: IOU Announcement 30/06/2022

Previous experience and current engagements

Mr Wan Ahmad established DWA Advisory Sdn Bhd, a corporate advisory firm, in 2013 and is presently working as the Managing Principal of the same. Mr Wan Ahmad has successfully led a team of 12 personnel at DWA. Under this role, he has been involved in mergers and acquisitions and fund-raising activities with an accumulative transaction value of more than AU$1.5 billion.

Mr Wan Ahmad holds a Bachelor of Business Administration and a Master of Business Administration degree from Temple University, Philadelphia, USA.

Source: © Jirsak | Megapixl.com

Presently, Mr Wan Ahmad is among the nine members of the Market Participants Committee of Malaysia’s national securities exchange. Besides this, he is a Corporation Member of Pahang State Development Corporation and also holds the position of Chairman of the Association of Corporate Finance Advisers (Malaysia).

Previously, he was engaged for nearly a decade in diverse senior executive roles with Maybank Investment Bank Berhad, including EVP/Head of Islamic Capital Markets and EVP/Head of Dealing, Equity Capital Markets. In 2009, he was appointed as Chief Operating Officer of the Saudi Arabian division of the bank.

Mr Lee Chin Wee, who was acting as interim chairman will continue on the Company’s Board as an Executive Director and shall continue fulfilling the duties of the Group Chief Executive Officer. 

Effective from 30 June 2022, Mr Lee has been appointed Managing Director.