Singapore companies announcing executive changes: ASTI Holdings, Dyna-Mac Holdings and Colex Holdings
ASTI Holdings‘ CEO Dato’ Loh Soon Gnee will cease to be CEO, effective 31 December, as he is among the affected personnel in the company’s retrenchment exercise, according to a filing to SGX Wednesday.
Loh, who holds 130.21 million ASTI shares, was appointed to the CEO role in 2020, the filing said. He will remain chairman, the filing said.
“The group has been negatively impacted by the on-going geo-political tensions between China and U.S. and the global pandemic (which has devastated the global economy and have adversely affected global supply chains),” ASTI said in the filing. “In order to ensure the group’s survival during this difficult period and in order for the company to exit the watch-list … the company has commenced a retrenchment exercise of its personnel.”
The board has decided to pay Loh S$1.38 million as part of his termination, even though he is entitled to S$2.04 million as the former amount doesn’t require shareholder approval, the filing said.
In addition, Anthony Loh Sin Hock, age 51, the chief financial officer, will be appointed acting CEO, ASTI said. Anthony Loh became the chief financial officer this money, and was the vice president of finance from 2017 to May 2021, the filing said.
Dyna-Mac Holdings said Wednesday Ong Seh Hong, age 59, would cease to be an independent director effective 31 December, in line with the Code of Corporate Governance after serving for more than nine years. Ong was appointed in 2011, the company said in a filing to SGX.
Colex Holdings said Wednesday Desmond Chan Kwan Ling, age 66, would cease to be a director and general manager at wholly owned subsidiary Colex Environmental, effective 31 December, effective 31 December.
Chan is currently serving a notice period through end-December, and his departure is “in accordance with the provisions of his employment contract,” the company said, adding he was appointed to his current position in 2012.
Chan had been responsible for the day-to-day operation of the waste-management division, Colex said.
The role will be taken over by Kelvin Liew Kim Tiong, director of the waste-management division, Colex said.