Es Ceramics appoints experienced property developers as directors

• Es Ceramics appoints experienced property developers, Dato’ Sri Yeong Joo Hock and Dato Tan Chee Who as Executive Director and Independent Director respectively

• The appointments of the new Directors will help Es Ceramics to diversify away from the reliance on its ceramic mould business.

• Strong earnings over the last two years, its cash rich position and new appointments will help with the expansion of its production as well as its diversification strategy

Es Ceramics Technology Bhd (“Es Ceramic” or “Group”) (ESCERAM:0100), which makes ceramics formers for rubber glove makers, appointed two experienced property developers, as their new directors today.

Dato’ Sri Yeong Joo Hock, who has been involved in various property development projects such as Ros Merah Square, Delta Square, Puteri Square, Laguna Heights and Fullerton, has been appointed as the Group’s new Executive Director.

Meanwhile, Dato Tan Chee Who, a veteran in the property development and management business, has been appointed as Es Ceramic’s Independent Director.

Es Ceramics’ new Executive Director, Dato’ Sri Yeong, said: “I’m humbled to be given the opportunity to take a leading role at Es Ceramics, which has proven itself to be a strong and resilient company. I believe that the appointment of Dato Tan and myself will help to bring fresh insights and new ideas on how to bring Es Ceramics forward as the Group plans to shift away from the reliance on its ceramic mould business.”

The appointment is timely as the Group look ahead in the post-COVID world. Es Ceramics is one of the beneficiaries of the COVID-19 pandemic and the management is looking at expansion and diversification into high-growth business to sustain its growth momentum going forward.

As at 31 August 2021, Es Ceramics has a strong cash position at RM68.6 million. This is more than three times its cash position two years ago as the Group recorded strong earnings growth during the pandemic as demand for gloves surge.

Dato’ Sri Yeong added that the Group’s strong growth puts Es Ceramics in a strong position to diversify away from the reliance on its core business and expand into business with strong growth prospect.

“The strong earnings and cash-rich position put Es Ceramics in a good position to expand beyond just a ceramic mould maker for the gloves industry. We’ve started from a humble beginning since 1998 and the time is right for the Group to expand our business,” Dato’ Sri Yeong said.

Aside from the Group’s diversification strategy, Es Ceramics will also invest into its existing business by building new factories to increase its production lines.

The management believes that the two-pronged strategies to expand its existing production lines and diversify into other high growth business, will help to sustain the growth momentum in the near-term and pave ways for a sustained long-term growth.

This content is provided by Aegis Communication Sdn Bhd.

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