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Koon Holdings names new CFO

KOON Holdings, which will soon hold its creditors' scheme meetings this month, has named Peter Tan as chief financial officer (CFO).

Mr Tan, 66, replaces Yee May Yo, 49, who has resigned after about a year on the job.

Ms Yee left the mainboard-listed company on Monday to pursue personal interests and other opportunities, Koon Holdings said in a filing on the same day. She became CFO on Dec 31, 2018, after the previous CFO Ron Loi had likewise quit less than a year from his appointment.

Mr Tan is based in Singapore and also an independent director at Australia-listed GLG Corp, a role he has held since October 2019. GLG's parent entity is Singaporean-owned Ghim Li Group, a textile and apparel supply chain manager.

Mr Tan's appointment comes three months after Koon Holdings appointed a new chief operating officer, Loo Woei Harng, to oversee both the construction and precast operations.

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On Feb 25, creditors will vote on the proposed schemes of arrangement of Koon Holdings and its subsidiary Koon Construction & Transport (KCT), as part of the group's debt restructuring exercise.

The two companies' debt moratoria also expires on April 30, after an extension from the initial Feb 28 deadline. The duo had applied for court protection last October as they intended to propose and implement a scheme of arrangement to restore their financial position.

Koon Holdings is an infrastructure and civil engineering service provider specialising in reclamation and shore protection works. KCT is the group's main operating company.

Shares of Koon Holdings have been suspended since Aug 30, 2019.

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