WE Holdings

WE Holdings: CEO Sim Mong Keang has resigned on his own accord, to facilitate the scaling down of his involvement in the businesses of the group and to pursue other unrelated business interests. Nevertheless, he will remain as a consultant to the company for 3 yrs, to advise on the operations and devt of the group’s components business, as well as any M&A activity. Company sponsor, PrimePartners is satisfied that there are no other material reasons for the Mr Wong’s resignation. Executive Chairman, Terence Tea shall in the interim assume the role of CEO. Mr Sim's resignation comes as WE has been seeking to diversify beyond its traditional business. Mr Sim took his current position in 2010 as a result of a reverse takeover of debt-ridden Westech Electronics by Plexus Components, which Mr Sim co-founded. Westech was renamed WE in 2011. The company this year has been actively exploring business opportunities in Myanmar, announcing plans to look into the cement and oil and gas industries in the newly opened South-east Asian country. Those announcements of potential investments have sent WE's stock on a volatile ride this year.