OSK Holdings CEO’s sons appointed executive directors

KUALA LUMPUR: OSK Holdings Bhd has appointed Ong Ju Yan, son of chief executive officer/group managing director Tan Sri Ong Leong Huat, as deputy managing director.

In a filing with Bursa Malaysia, the property investment and capital financing firm said Ju Yan, 35, had 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 in Malaysia where he last held the position of chief operating officer and head of investment banking.

On Friday Ju Yan was also appointed executive director of OSK Property Holdings Bhd and PJ Development Holdings Bhd.

In a separate filing, OSK Holdings said it had appointed Ju Yan’s brother Ong Ju Xing, 30, as executive director.

He has worked with multinational corporations across several industries, namely corporate restructuring with Ernst & Young, consumer banking with HSBC, investment banking with Credit Suisse and management consulting with Accenture.

OSK Holdings also said Datuk Saiful Bahri Zainuddin, an independent non-executive director of Bursa Malaysia, as executive director.

OSK Holdings, which is seeking to merge with OSK Property Holdings and PJ Development Holdings, also issued a press statement saying its unconditional takeover offer involving the acquisition of all remaining OSK Property Holdings shares and outstanding warrants C had closed on Friday.

As of the date, it and people acting in concert hold 97.1% of the shares and 93.05% of the warrants.

OSK Holdings reiterated its intention to invoke the provisions of the Capital Markets and Services Act 2007 to compulsorily acquire any remaining offer shares for which valid acceptances had not been received.

OSK Holdings shares have dipped 14% from three months ago. They closed at RM1.73 on Friday, up 8 sen (4.8%) from the previous day.