~2 years ago, I looked at Thomson Medical for the "valuable piece of land" it had at Vantage Bay, which was pretty close to the RTS station in downtown JB. It was clear that Thomson Medical did not (and still does) have the capital to fully monetize the potential of that piece of land, and so I was looking at whether there as a chance of a sale to some big Msian developer. But alas, there wasn't much hidden value (freehold land was at fair value) and eventually I thought that "resource conversion" was a very remote probability. From the responses to SIAS's queries, it seems like I am still right on cue.
On another note, interesting to see Towkay Tong as a non-executive chairman on board. That doesn't normally happens....Is he there on someone's orders or volunteering his expertise/network to gain that someone's favor?
RESPONSES TO SIAS QUERIES ON ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2026
Mr Tong Kooi Ong was appointed Independent Non-Executive Chairman with effect from 1 February 2026, succeeding Mr Ng Ser Miang, who had chaired the Board since 2015.
In considering several candidates for the role, the Nominating and Remuneration Committee (NRC) placed particular emphasis on the experience and capabilities needed to guide the Group through its next phase of growth. These included strong business leadership, experience in managing large-scale and capital-intensive investments, and a deep understanding of the markets in which the Group operates.
Mr Tong stood out for his extensive business track record and strong standing in Malaysia, a key market for the Group given its hospital operations and significant long term investments, including the Johor Bay development within the Johor–Singapore Special Economic Zone.
His experience spans banking, media, building products and property development, including founding PhileoAllied Bank and The Edge Media Group, and serving as Executive Chairman of SGX-listed Avarga Limited. In particular, his experience in
property development, capital allocation and managing complex businesses is directly relevant to the Group's strategic priorities. His established relationships in Malaysia's business community and understanding of the regional landscape further strengthen the perspective he brings to the Board.
The NRC considered these capabilities against the requirements of the role and recommended Mr Tong as the preferred candidate.
Mr Tong voluntarily waived his director's fee upon assuming the Chairmanship, reflecting his commitment to helping the Group strengthen its fundamentals and deliver on its long-term growth plans. The waiver remains in place and will be reviewed by him from time to time. Any future changes to the Chairman's fees will follow the NRC's established process and be submitted for shareholders' approval at a general meeting.
https://links.sgx.com/FileOpen/Annc%20-%...eID=909378
P.S. The someone is THE ONE's whose son just recently swapped his ah gong's land with the Spore Gov.
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.
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