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JEP Holdings appoints executive chairman Andy Luong as acting CEO, replacing Adam Lau who has stepped down

CATALIST-LISTED JEP Holdings has appointed Andy Luong, its executive chairman, as acting chief executive officer (CEO) with effect from June 1, it said.

Mr Luong replaces Adam Lau Fook Hong, who has stepped down from the position and also from the board and its nominating committee.

On his new appointment, Mr Luong said, "I am excited to take up this new role at this pivotal point in the company's history which spans almost 30 years.

"Moving ahead, we will be focused on growing the aerospace business which is an area we lead in. JEP has also made a modest turnaround to profitability in its latest financial results in FY2017. We aim to continue to do better, to invest in our future while delivering on our goals."

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Mr Luong added: "We thank Mr Lau for his contributions over the years and his efforts in building JEP to what it is today. We are grateful for his invaluable advice, guidance and contributions during his tenure on the board."

Separately, the provider of precision machining and engineering solutions on Friday appointed RHT Capital to act as its continuing sponsor from June 4, in place of Stamford Corporate Services (SCS).

In a filing with the Singapore Exchange on Friday evening, JEP said: "The reason for the change of sponsorship is that the company has recently undergone a change of management and the new management team has made the commercial decision to bring in a new sponsor.

"The board would like to express its appreciation to SCS for its past guidance and sponsorship as a continuing sponsor."

JEP shares closed S$0.008 or 4.1 per cent lower at S$0.189 on Friday before the announcement.