Pek Lian Guan To Return As CEO Of Tiong Seng

Tiong Seng Holdings has announced the reappointment of Pek Lian Guan as its Executive Director and Chief Executive Officer, effective August 5.

Pek previously stepped down from the role on July 31, 2020, after being charged in a corruption case. He was later acquitted of two counts of abetting a conspiracy to corruptly lend money to former Land Transport Authority (LTA) deputy group director, Henry Foo Yung Thye.

Foo, who was found guilty of receiving a total of $1.24 million in bribes from various contractors, was sentenced to five-and-a-half years in prison in 2021. Pek was cleared of all charges on October 11, 2024, although the prosecution has filed an appeal, with the outcome still pending.

Welcoming Pek back, Tiong Seng chairman Teo Ho Pin said, “His strategic vision, deep industry experience, and strong ties with stakeholders make him the right person to lead Tiong Seng into its next phase of growth.”

The announcement comes as Tiong Seng warned of a net loss for the first half of FY2025, due to cost overruns from pre-pandemic projects. Rising material and labour costs have affected margins across the construction industry.

In contrast, the company posted a profit of $5 million in the first half of FY2024 and ended that year with a net profit of $2.8 million, rebounding from a full-year loss of $13.6 million in FY2023. As of December 31, 2024, Tiong Seng reported an order book of around $600 million.

Pek, who joined Tiong Seng in 1990 and led the company through its public listing in 2010, said, “Tiong Seng has always been close to my heart. I’m excited to work with our team to strengthen our finances, innovate, and mentor the next generation of leaders.”

Current CEO Pay Sim Tee, who is Pek’s cousin, will remain on the board as an executive director. Pek’s son, Pek Zhi Kai, also continues to serve as an executive director.

Tiong Seng shares last traded at 10 cents, up 11.11% year-to-date.

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