JEP appoints UMS founder and CEO as new executive chairman

JEP Holdings has appointed Andy Luong as executive chairman to replace its existing chairman, Joe Lau, who is stepping down from the role.

Mr Lau has been redesignated as executive director and CEO of the group.

These board changes followed a change in shareholding in JEP that saw UMS Holdings becoming a major shareholder on Jan 15 after it bought 157 million shares from Mr Lau and 110 million shares from executive director Zee Hoong Huay through married deals.

Mr Luong is deemed to have 29.5 per cent shareholding in JEP holdings held through UMS, a precision engineering company he founded.