Chip Eng Seng's CFO takes on new C-suite roles at education division

MAINBOARD-LISTED Chip Eng Seng's C29 group chief financial officer (CFO) Law Cheong Yan is stepping down from his role to become the new group chief corporate officer and chief operating officer of its education division, while Kenny Yong Shan Siong will take over as group CFO.

These appointments are effective from Monday (Jan 17), the property developer said in a bourse filing on the same night.

Law will manage the education division's mergers and acquisitions, investments, corporate exercises, and functions relating to information technology, payroll and risk management, the group said. He will also oversee its business and day-to-day operations.

Yong, who is currently Chip Eng Seng's deputy group CFO, will lead the group in its financial and management accounting, taxation, corporate governance, internal controls, financial planning and analysis, sustainability and investor relations.

Both Law and Yong will jointly manage the group's fund-raising and treasury functions.

Since 2018, Chip Eng Seng has expanded its scope of businesses beyond the construction segment to include education, infrastructure and civil engineering, water solutions, mechanical and electrical services as well as 3D-printing services.

Chip Eng Seng's shares closed at S$0.425, up S$0.01 or 2.4 per cent, on Monday before the announcement. READ MORE: Chip Eng Seng posts S$99k H1 net profit, reversing year-ago loss