Centurion Corporation has re-designated one of its controlling shareholders, David Loh Kim Kang to be the executive director of the group, from non-executive director previously.

As at Feb 26, Loh has entered into a three-year service contract with the company as executive director from March 1 to Feb 29, 2024.

Loh’s appointment came after a tough year for the company, which had to deal with the outbreak of Covid-19 in the workers’ dormitories which it operates.

Just a day earlier, the company reported earnings of $17. 2 million for FY2020, down 83% from the preceding year. The drag was mainly due to fair valuation loss of $27.6 million.

Loh first joined the company on May 8, 2015, as a non-executive director and was appointed joint chairman of the board on Nov 13, 2019.

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Following the re-designation, Loh will remain as joint chairman and lead the growth plans of the group.

Loh is the maternal cousin of Han Seng Juan, a non-executive director. Han is also the joint chairman of the board and a controlling shareholder of the company.

The two men were known in the stockbroking industry for being the so-called “A Team” of UOB Kay Hian.

Loh may be subject to retirement by rotation at least once every three years.

As at Feb 26, Loh holds a stake of over 20% in Centurion.

Shares in Centurion closed 1 cent lower or 2.9% down at 34 cents on Feb 26.