Steel distributor AnnAik appoints chairman's son as deputy CEO

CATALIST-LISTED AnnAik has appointed Ow Eei Meng Benjamin as deputy CEO of the company, the steel distributor announced on Monday.

Mr Benjamin Ow is the son of AnnAik's executive chairman and CEO, Ow Chin Seng.

In an exchange filing, the firm noted that the board has, on the recommendation of the nominating committee, approved the appointment having considered his "skills, qualifications and ability to contribute to AnnAik to ensure long-term growth".

The firm added that he will assist the CEO in managing all aspects of AnnAik's business.

Mr Benjamin Ow has been AnnAik's executive director since March 2, 2015.

He started out as the firm's IT executive in 2007, and took a break from the company, before rejoining as assistant to the executive chairman and supply chain manager in 2013.

Between 2013 to 2015, he served as AnnAik's alternate director to Low Kheng, who is his mother.

According to the company, Mr Benjamin Ow has a deemed interest in about 2.9 million shares, or a 1.2 per cent stake in the company, which are held by his wife, Eve Phua Sin Yee.

The elder Mr Ow is the firm's largest shareholder, with about 74.4 million shares representing a 30.2 per cent interest in the company as at March 15, 2018, figures from AnnAik's latest annual report show.

AnnAik shares last traded at 12 Singapore cents apiece on June 29, up 15.4 per cent.