New biz direction, management beckon for Sand Nisko with new head honcho

RUBBERWOOD furniture maker Sand Nisko Capital Bhd (formerly Len Cheong Holding Bhd) could be heralding a change of business direction with the emergence of its single largest shareholder Datuk Billy Goh Soo Wee as the group’s executive chairman effective May 26.

Alongside the change in business direction is the departure of old management as evident from Goh taking over the company’s helm from Datuk Seri Dr Sow Chin Chuan, 62, who had stepped down from the family business on the same day.

A filing with Bursa Malaysia dated May 26 showed that Goh, 41, has increased his stake in Sand Nisko to 25.4% (previously 20.05%) via his vehicle Mayapada Capital Sdn Bhd prior to the announcement of his re-designation to executive chairman from executive director on the following day.

Chin Chuan has further trimmed his stake in Sand Nisko to 5.24% following a disposal of 19 million shares on May 25. On Feb 28, he disposed 43.93 million shares which reduced his stake to 12.43% following the emergence of Mayapada which acquired 22.17 million shares or 9.57% in the company on Feb 25.

Datuk Billy Goh Soo Wee

Meanwhile, Goh is reputed to be a corporate leader who holds directorships in several other companies, namely, MXPRESS Sdn Bhd and PALMARA Sdn Bhd.

Additionally, he has a strong track record in the automotive industry given his years working with dealerships and international commercial brands distributors in Malaysia. Aside from that, he also has a strong experience in the property development business.

His entrepreneurship and leadership skills were recognised when he was voted as one of the 100 Most Influential Young Entrepreneurs in 2017.

In this regard, the expertise of the business degree holder (banking & finance) from Monash University in Melbourne in various industries and wide networks could help to drive Sand Nisko forward.

“I am looking forward to leading the management and group to greater height of achievements. Sand Nisko is ready to take on new challenges in the post-COVID world,” commented Goh of his new appointment.

“Over the last two years, the management has taken proactive measures to create a competitive environment within the group to take on the new phase of growth. With a lean, efficient and proactive workforce, I am confident that Sand Nisko will add value to our customers, shareholders and other stakeholders, including those involved in our supply chain.”

For its 1Q FY2022 ended March 31, 2022, Sand Nisko fell into the red with a net loss of 6.05 mil while its revenue shrank 36.7% to RM14.09 mil (1Q FY2021: RM22.23 mil).

At the close of today’s mid-day trading, Sand Nisko was down 0.5 sen or 1.02% to 48.5 sen with 5,000 shares traded, thus valuing the company at RM112 mil. – May 30, 2022

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