Ayer Holdings CEO Eugene Khoo resigns

KUALA LUMPUR (May 23): Eugene Khoo Kong Hooi (pictured) has resigned as the chief executive officer (CEO) of property development firm Ayer Holdings Bhd.

According to a filing by the group to Bursa Malaysia, Khoo, 51, resigned to pursue other interests. His resignation will take effect from June 7. Khoo was appointed as CEO of Ayer, which was then known as TAHPS Group Bhd, on Oct 4, 2016.

Khoo has more than 20 years of working experience in the banking and finance industry, having worked for RHB Investment Bank Bhd, Cagamas Bhd, Citigroup, AmInvestment Bank Bhd and Asian International Merchant Bankers Bhd.

Ayer said Jeffery Yoon Weng Choon, who is group chief operating officer, will assume Khoo's duties.

Meanwhile, the group also released its first quarter financial results today. For the quarter ended March 31, 2018 (1QFY18), Ayer reported a 76.3% drop in net profit to RM2.19 million from RM9.23 million a year ago, as revenue fell 14.5% year-on-year to RM16.16 million from RM18.9 million.

On prospects, Ayer noted that the general outlook remains challenging given the prevailing over-supply situation in the property sector.

"During this period of market slowdown, the group continues to market its products through various channels and promotions and focus on the re-planning of its township development in Bandar Bukit Puchong in order to further enhance the township with innovative and market receptive products.

"Simultaneously, the group will continue to enhance its new brand value to increase its visibility within the property sector," it said.

Ayer shares were not traded today. The stock last traded at RM5.70 on May 17 — its lowest level since December 2014. This gives the group a market capitalisation of RM426 million. — theedgemarkets.com

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