Ecowise seeks more business under new CEO
Changes in top-level management at Seadog-listed firm
Business Times, Tuesday, 27 April 2004
By
Vince Chon
SOLID-WASTE recycler Eloise Holdings has shuffled its top management and says it is set on developing fresh business under new chief executive Irawan Darsono. The Indonesian businessman and Ecowise executive director was yesterday named president and CEO of the Sesdaq-listed group, which said in a separate statement that it has bought Asia Pacific Capital Investments (APCI) and Asia Resources Enterprise (ARE) for US$1 each. These companies are likely vehicles for Ecowise to develop new investments, market watchers said.
Ecowise, which posted a 69 per cent dive in full-year net profit to $554,000, roped in Mr. Darsono in February to help lead its drive for new business, especially in China .
Mr. Darsono, 53, is no stranger to the venture capitalist area, having previously headed funds manager Asia Pacific Capital Management (APCM). He is believed to have parted ways with APCM, which is not related to APCI.
APCM chief executive Anthony Soh told BT yesterday he may now change the names of two APCM funds - the US$50 million Asia Pacific Capital Investments 1 and the US$20 million Asia Pacific Capital Investments - to differentiate them from APCI.
Ecowise also said yesterday that executive chairman Sunny Ong has become a non-executive director and managing director Lee Thiam Seng has taken over the chair.
APCI and ARE - both registered in the British Virgin Islands - are not expected to influence Ecowise's performance this year.
This is Mr. Darsono's first board seat on a Singapore-listed company since he resigned as executive director of Sesdaq-listed bed linen supplier May Fran in September last year.
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