JEP Holdings

JEP says that its longer-term prospects remain strong

Both UMS and JEP are controlled by Andy Luong, who holds the chairman and CEO positions at both companies.

UMS plans to pay an interim dividend of one cent per share, double that paid this time last year.

JEP will remain listed on the SGX following the acquisition.

Shares in JEP Holdings closed the day 10% higher, with 27.5 million shares changed hands.

Three independent directors including newly appointed Yaacob Bin Ibrahim, the former minister, take up stakes in Oceanus Group.

JEP's diversification away from the aerospace industry is taking off

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Luong claims that customers like to turn to “younger, healthier” suppliers like JEP which has a better chance of surviving the economic downturn compared to certain suppliers in the US or Europe.