Temasek-backed medical device company Advanced MedTech Holdings has appointed a new CEO, while Ninja Van has announced another round of layoffs in Singapore.
Advanced MedTech names Wong Yau Chung as Group CEO
Temasek-backed medical device company Advanced MedTech Holdings has appointed Wong Yau Chung as group CEO-designate from July 1, 2024. He will take over as group CEO on 1 October 2024, according to an announcement.
Wong is set to replace Abel Ang, who will retire as Group CEO as part of a planned leadership transition.
Accordingly, Wong will also be appointed to the Board of Directors as group CEO, and Abel will continue to remain on the Board of Directors of Advanced MedTech.
“I am honoured and excited to lead Advanced MedTech into a new chapter and its next phase of growth and innovation. I thank Abel for his guidance and partnership over the years, which have been invaluable in establishing a strong foundation for the future. With the support of our incredibly talented team, I look forward to building upon our record success in FY24 and continuing to drive growth in a sustainable manner,” said Wong.
In addition to the leadership transition, the group also announced record global revenues of $335 million for the fiscal year ended March 31, 2024, representing a 15.1% increase on a reported basis and a 17.4% rise excluding COVID-19-related revenues.
Revenues have also grown at a compound annual growth rate (CAGR) of 9.5% on a reported basis from FY22 to FY24, and at a CAGR of 16.4% from FY22 to FY24 excluding COVID-19-related revenues. This strong performance was driven by the group’s focus on its Integrated Urology Platform strategy.
Ninja Van cuts 5% of Singapore workforce
Southeast Asian last-mile logistics provider Ninja Van on Monday announced that it has laid off 5% of its workforce in Singapore.
This recent round of layoffs comes after the logistics firm reportedly axed 10%, or 21 employees, from its regional tech team on April 30 as part of its cost-cutting measures.
There are about 450 staff based at its Singapore corporate headquarters in Kay Siang Road, near the Tanglin area, with those working in technology numbering over 100 in the Republic overall, according to a report in The Straits Times.
Ninja Van reported a 30.6% jump in net losses for FY2023 to S$326.8 million as it struggled to rein in costs, according to regulatory filings.
The company, which is backed by Alibaba Group Holding, postponed its initial public offering (IPO) in March and instead set its sights on improving profitability, with expectations to reach positive earnings before interest, taxes, depreciation, and amortisation within 12 months.