Pensonic’s new hub in Bukit Minyak, Penang, is a testament to the company’s accomplishments.
GEORGE TOWN: Pensonic Holdings Bhd
group chief executive officer Dixon Chew has taken over the reins from his younger brother Vincent in the interim group managing director (MD) post with effect from Oct 31.
Dixon, 54, who is currently responsible for the company’s export and original design manufacturing (ODM) markets, will oversee the domestic sales.
It said Vincent, 51, stepped down from his post, which he assumed in 2014, “to pursue other interests and personal commitment”.
“Throughout his tenure with the group, Vincent was pivotal in shaping the company’s strategic direction.
“However, the group experienced a period of stagnation and underperformance in recent years,” Pensonic said.
The announcement said Vincent believed the company could benefit from a fresh perspective and a new leadership approach to reinvigorate and guide it toward a more prosperous future.
Vincent ceased to be a substantial shareholder of Pensonic on Sept 25 after he sold four million shares or a 3.18% stake for RM3mil or 75 sen each, in an off-market transaction.
On the same day, Neo Ching Yuen emerged as Pensonic’s substantial shareholder after acquiring 8.3 million shares or a 6.6% stake.
Dixon’s shareholding in Pensonic rose to 8.7% after his father Datuk Seri Chew Weng Khak@Chew Weng Kiak, 81, who is Pensonic founder and executive chairman, transferred three million shares or a 2.4% stake to him recently.
Pensonic said most of its profits can be attributed to Dixon’s effective leadership in export markets, which has been the main contributor to its profits while its domestic market sales have been challenging.
Weng Khak has another son Nelson, 47, who is the company’s group executive director, who takes care of its corporate branding, public relations and marketing strategy.
In the first quarter ended Aug 31, 2023, the company returned to the black with a net profit of RM336,000 from a net loss of RM617,000 a year ago.
Its revenue, meanwhile, was flattish at RM74.2mil.
It attributed its profitable quarter to incurring lower expenses.
For its financial year ended May 31, 2023, Pensonic went into the red with a net loss of RM3mil from a net profit of RM14.3mil in the previous year.
Revenue, meanwhile, dipped to RM273.18mil from RM325mil.
It said there was a gain on disposal of investment properties of RM10.6mil in the preceding year’s corresponding quarter.
