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.
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.
