Tuju Setia names new CEO and COO to spearhead construction division

TheEdge Fri, Feb 09, 2024 02:02pm - 3 months View Original


KUALA LUMPUR (Feb 9): Tuju Setia Bhd, a construction group, has appointed Tee Huei Tsyr as its new chief executive officer and Seon Yen Kong as its new chief operating officer (COO).

In a statement on Friday, the group said Tee has been with Tuju Setia since 2011, backed by more than 22 years of experience in project and construction management.

Tee was previously the group’s COO and currently assists the group’s managing director in overseeing the construction division and pursuing business development opportunities.

“He is also responsible for overall project planning, coordinating site progress to ensure timely completion of construction projects, controlling project budget, and providing technical guidance in tendering projects,” Tuju Setia said.

Meanwhile, Seon also has extensive experience — 29 years — in project and construction management involving civil and infrastructure works.  

He has held multiple senior positions, including CEO of a construction company, and has led teams, coordinated construction activities, developed strategies and managed tenders.

“He was also involved in some significant development projects in Malaysia involving the construction of high-rise buildings, commercial towers, industrial buildings, and hospitals,” Tuju Setia added.

Tuju Setia MD Wee Eng Kong said the appointment of the new CEO and COO aligns with the group’s vision to be a leading construction group, as both Tee and Seon have years of experience in various construction projects and management skills to support the group.

“Looking ahead, we are aiming to secure more new wins, supported by our tender book of more than RM3 billion, comprising high-rise and industrial buildings as well as hospital and healthcare facilities,” Wee said.

The group earlier reported a net loss of RM113,000 or 0.04 sen loss per share for the third quarter ended Sept 30, 2023 (3QFY2023), mainly due to the revision of project costs following the exceptional cost escalation on building materials, labour cost and operating costs, as well as additional costs arising from the prolongation of contract durations impacted by the movement control order.  

Despite this, the group’s revenue increased by 73.55% to RM150.70 million, thanks to its higher work progress on ongoing projects.  

The group’s ongoing projects are mainly high-rise buildings, such as Alora Residences (Subang Jaya), Emerald 9 (Cheras), Jernih Residence (Kajang), Sunway d’hill Residences (Kota Damansara), and One Equine (Seri Kembangan), as well as the design and build of the Kajang Women and Children Hospital.

At the time of writing, Tuju Setia shares remained unchanged from its previous close of 20 sen, valuing the group at RM63.37 million.

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