Loss-making Tomei International (Holdings) has seen a management reshuffle after the purchase of 35.5 per cent of the audio products maker by fellow Semi-Tech (Global) stable-member Kong Wah Holdings.
Tomei chairman Johnny Lau Wing-hung is stepping down to become vice-chairman and will be replaced by Kong Wah chairman Lam Chung-kiu. Kong Wah vice-chairman Chambers Wong Toe-yeung has been appointed Tomei managing director.
Kong Wah last month paid $240 million for 600 million new shares in Tomei, a deal which raised Semi-Tech's stake in Tomei to 51 per cent.
Kong Wah is a video producer in which Semi-Tech indirectly holds 42.5 per cent through its 55 per cent subsidiary, Tokyo-listed Akai Electric, which owns 77.3 per cent of Kong Wah.
Akai has an indirect stake in Tomei via an 18 per cent stake in Tokyo-listed Sansui Electric. Semi-Tech also has a direct 27.5 per cent stake in Sansui, which holds 23.9 per cent of Tomei.
Semi-Tech chairman and chief executive James Ting said yesterday the reshuffle involved top-level management only. 'It's just a change of decision-makers, not the daily operation,' Mr Ting said. 'Mr Lau still takes charge of the daily operations.' Mr Lam, who chaired yesterday's board meeting, said he was confident Tomei would turn around this year. Last year it lost $98 million.
