KUALA LUMPUR: Ex-Sime Darby Bhd group chief strategy officer (GCSO) Datuk Thomas Leong Yew Hong is set to join Main-board listed George Kent (Malaysia) Bhd's board, according to people familiar with the matter.
It is understood that an announcement on his appointment could be made as early as today (July 29), with his tenure to start on Aug 1, 2024.
It is to be the latest in moves made by major shareholder 76 year-old Tan Sri Tan Kay Hock at George Kent to revive the company which has seen declining profits in recent years.
In June this year, Tan which holds more than a 40 per cent interest in George Kent, was redesignated as executive chairman.
In July, his long-time lieutenant, executive director 62-year old Ooi Chin Khoon, retired from the company.
He joined the board on March 28, 2013.
It is understood that Leong, who left Sime Darby at the end of June after an eight-year stint there, is part of Tan's plan to inject new blood into the 80-year old company.
In charge of the overall strategy for Sime Darby, Leong was responsible for business development at the automotive and heavy machinery multinational and is expected to focus on driving George Kent's investment and strategy ahead.
For the financial year ended March 31, 2024, George Kent posted a net loss of RM25.8 million compared with a net profit of RM715,000 the year before, dragged down by its engineering business.
Its metering business continued to be profitable in financial year 2024.
In its latest results announcement it said it will continue to actively pursue new contracts in the local rail, water sectors and construction of hospitals.
It is expecting a turnaround of its engineering division is well-positioned for a turnaround in the current year.
The influx of investments in data centres is expected to renew interest in the company which has been in the water space since its inception in the 1930's.
Analysts expect investment in the water space to increase with the need to ensure a steady and secure supply of water for the power and water intensive data centre industry.
George Kent last traded at 46.5 sen a share giving it market capitalisation of RM261.9 million.