Euro Holdings reshuffles, appoints Choong as MD

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KUALA LUMPUR: Euro Holdings Bhd has appointed its director and major shareholder Datuk Seri Choong Yuen Keong @ Tong Yuen Keong as its managing director (MD) and Teh Hock Toh as chief executive officer.

Choong, who holds 18.606 million shares or a 22.97% stake in Euro Holdings, was one of the parties that had initiated a failed conditional mandatory general offer (MGO) to acquire the office furniture maker back in September.

Teh, meanwhile, is a veteran in the group and has about 26 years of experience in marketing office furniture and equipment.

Prior to this appointment, both Choong and Teh were Euro Holdings’ executive directors, said the company in separate filings with the local bourse yesterday.

Datuk Tong Yun Mong, brother of Choong and also one of the MGO offerors, has also been appointed to the group’s board as executive director.

On top of that, the group has announced several changes to its board of directors, including the resignations of Lew Fatt Sin as MD and Law Sim Shee as executive director, as well as the redesignation of Foong Yein Teng as chief financial officer from executive director.

Euro Holdings inched up one sen or 1.64% to close at 62 sen yesterday, giving it a market capitalisation of RM50.22 million.

 

This article first appeared in The Edge Financial Daily, on October 24, 2014.