KUALA LUMPUR (Oct 9): OSK Holdings Bhd has appointed Ong Ju Yan as its deputy managing director (MD). The company also announced the appointment of Datuk Saiful Bahri Zainuddin and Ong Ju Xing as executive directors (EDs).

Both Ju Yan and Ju Xing are the sons of OSK Holdings 's substantial shareholder and chief executive officer/group MD, Tan Sri Ong Leong Huat.

In a filing with Bursa Malaysia today, OSK Holdings said Ju Yan, 35, has over 14 years of experience in financial services, having worked in Citibank Malaysia and Morgan Stanley in New York, Hong Kong and Singapore.

In 2004, he joined OSK Investment Bank Bhd (OSKIB) in Malaysia, where he last held the position of chief operating officer and head of investment banking.

Following the disposal of OSKIB by OSK Holdings to RHB Capital Bhd in November 2012, Ju Yan joined RHB Investment Bank Bhd as its ED and head of group corporate and investment banking services until April 30, 2015.

Ju Yan also holds directorship in PJ Development Holdings Bhd and OSK Property Holdings Bhd.

Meanwhile, Ju Xing, 30, has worked with multinational corporations across a variety of industries, namely corporate restructuring with Ernst & Young, consumer banking with HSBC, investment banking with Credit Suisse and management consulting with Accenture.

Ju Xing also holds directorship in PJ Development, OSK Property and KE-ZAN Holdings Bhd.

Saiful Bahri, 53, currently serves as an independent non-ED of Bursa Malaysia Bhd. He was also appointed as a board member of Bursa Securities and Bursa Malaysia Securities Clearing from April 2015, as well as the Securities Industry Dispute Resolution Centre.

In a separate filing, OSK Holdings said it has successfully received 318.21 million OSK Property shares representing a 97.1% stake, and 17.66 million warrants equivalent to 93.12% stake, under its offer at the closing date today.

To recap, OSK Holdings had launched a takeover bid for OSK Property and PJ Development at for RM1.95 and RM1.56 per share respectively, to enable the enlarged group to consolidate the property business of both OSK Property and PJ Development, with OSK Holdings, which may lead to greater economies of scale and the benefits of cost synergies.

OSK Holdings successfully completed its takeover bid of PJ Development, with an 89.4% stake at the close of the offer period on Sept 7. It intends to maintain the listing status of PJ Development.

OSK Property on the other hand, will be delisted from Bursa Malaysia, following the 97.1% voting shares held by OSK Holdings at its closing date today. Bursa Malaysia is expected to suspend trading of the securities of OSK Property on Oct 20.

PJ Development's shares closed down 1 sen or 0.66% at RM1.50 today, bringing it's market capitalisation to RM792.65 million; while OSK Property's shares were down 1 sen or 0.51% to end the day at RM1.95, with a market capitalisation of RM639.03 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)