Vividthree Holdings managing director Charles Yeo Eng Pu has been re-designated as the company&rsquo s CEO effective June 1.

 

The company said Yeo&rsquo s terms of employment remain unchanged as he continues to serve as an executive director and a member of Vividthree&rsquo s nominating committee.

 

Its CEO Jed Mok will be re-designated as its chief content officer, while Jonathan Zhang will be appointed as Vividthree&rsquo s deputy CEO.

 

On Jan 5, Vividthree announced that it had entered into a convertible loan note agreement with GammaR &mdash Zhang is the sole shareholder of GammaR.

 

Under the terms of the convertible loan note agreement, Vividthree has agreed to subscribe for up to $4.08 million convertible loan notes in GammaR. As at May 31, Vividthree has subscribed for $700,000 of convertible loan notes.

 

Moving forward, Zhang will abstain from all discussions and deliberations relating to the Group' s dealings with GammaR, the company noted.

Vividthree Holdings has reported a wider loss despite higher revenue for FY2022 ended March 31.

 

The company, which is in digital production, generated higher sales from post-production work. It also managed to record a reversal of expected credit losses.

 

However, it did not enjoy the same level of government grants. Its bottomline was also weighed down by inventory write-down. It incurred higher staff costs too as it reinstated pay cuts.

 

Vividthree recorded a net loss of $5.8 million, versus red ink of $4.5 million for the preceding FY2021.

 

Revenue in the same period was up 41.1% to $2.86 million.

 

Charles Yeo, the company&rsquo s managing director, observes that Vividthree has been seeing signs of recovery for its post-production segment.

 

&ldquo We have been working on our roadmap to recover from the Covid-19 impact and we need to take the right steps to strengthen the company and position it to continue to scale, innovate, and grow after the pandemic and in the years ahead,&rdquo he adds.