KUALA LUMPUR (May 6): NWP Holdings Bhd chief executive officer (CEO) Wong See Ming has been redesignated as executive director (ED) of the company with immediate effect.

Wong, 49, was appointed to the board of directors on Jan 29, 2001 as ED and was redesigned as CEO on Aug 18, 2008.

In a filing with Bursa Malaysia today, NWP said Wong has more than 15 years experience in the timber industry, palm oil industry, and other investment sectors. He started his working career at the age of 24 in the wood-based industry and was later involved in the plantation sector and palm oil refinery.

"Being a strong advocate of caring for the future of the environment, Wong has vast knowledge in sustainable forest management and reduced-impact logging method that was garnered from his direct involvement and experience in logging activities and forest management," it added.

NWP is principally engaged in the manufacturing of a variety of timber products, such as jambs, timber molding, laminated moldings and timber flooring.

On April 22, Wong ceased to be a substantial shareholder of the company, after disposing of 24.2 million shares via Cashflow Budget Sdn Bhd, in which Wong has an indirect interest in.

NWP swung into a net loss of RM477,000 in the first financial quarter ended Nov 30, 2015, compared to a small profit of RM210,000 a year ago. Revenue fell 34% year-on-year to RM3.36 million, from RM5.12 million.

Shares in NWP rose to its all-time high of 59 sen on April 28, from a low of 10 sen recorded on March 21, triggering The Edge Research's momentum stock algorithm.

It closed two sen or 4.71% lower at 41 sen today, for a market value of RM131.2 million.