UMS Holdings acquired 7.3 million shares in JEP Holdings : 1J4 0% representing 1.77 per cent of the company from Andy Luong, who serves as chairman and CEO of both companies. This means Luong no longer maintains a direct interest in JEP Holdings. His deemed interest is 78.84 per cent, given that he holds 14.9 per cent of the issued share capital of UMS Holdings, which in turn maintains the 78.84 per cent direct interest in JEP Holdings.

 

For its FY 2023 (ended Dec 31), JEP Holdings achieved a net attributable profit of S$1.7 million on revenue of S$58.1 million. Luong noted that while these figures showed a decline compared to the previous year, mainly due to the semiconductor market slowdown, it is crucial to note the stabilisation in its performance during H2 FY2024. Also, all business segments of JEP Holdings remained profitable, with the aerospace business experiencing a notable 51.7 per cent increase in sales compared to FY 2022.

 

Luong also maintained that the combined production and engineering capabilities of both JEP Holdings and UMS Holdings means the latter can further entrench itself in the precision engineering industry and offer more integrated value-added engineering services for equipment manufacturers.

Between Aug 18 and Aug 23, JEP Holdings executive chairman and CEO Andy Luong acquired 2,021,900 shares at an average price of S$0.302 per share.

 

With a consideration of S$610,501, this took his direct interest in the Catalist-listed provider of precision machining and engineering services from 0.70 per cent to 1.19 per cent.

 

Luong holds 15.89 per cent of the issued share capital of UMS Holdings, which in turn holds 73.85 per cent of the issued share capital of the company. This brings his total interest in JEP Holdings to 75.04 per cent.

 

Luong is also the executive chairman and CEO of UMS Holdings and has more than 20 years of experience in manufacturing front-end semiconductor components. As relayed over recent years, JEP Holdings has looked to maximise operational synergies with UMS Holdings to improve overall performance and seek new growth opportunities.

 

On Aug 11, JEP Holdings reported a 33.7 per cent decrease in H1 FY2023 (ended Jun 30) revenue from H1 FY2022, primarily attributed to a weaker performance from its equipment manufacturing and precision machining segments, which were impacted by the lower global demand for semiconductors.

 

Luong noted that while the global slowdown in demand for semiconductors and the economic challenges such as recession led to the group&rsquo s lower H1 FY2023 performance, JEP Holdings remained profitable with a healthy financial position. He added that the group will continue to focus on its twin growth engines in the semiconductor industry and the aerospace industry.

 

The group&rsquo s new factory in Penang, Malaysia is also scheduled for completion in the second half of 2023.

On Jul 5, JEP Holdings : 1J4 0% executive chairman Andy Luong acquired 150,000 shares at an average price of S$0.305 per share. With a consideration of S$45,750, this increased his direct interest in the company from 0.66 per cent to 0.70 per cent. This followed his acquisition of 115,000 shares at an average price of S$0.301 per share on Jun 28. Luong also holds 15.89 per cent of the issued share capital of UMS Holdings : 558 0%, which in turn holds 73.85 per cent of the issued share capital of JEP Holdings. This brings his total interest in JEP Holdings to 74.55 per cent

On Jun 28, JEP Holdings : 1J4 0% executive chairman Andy Luong acquired 115,000 shares at an average price of S$0.301 per share.

 

With a consideration of S$34,600, this increased his direct interest in the company from 0.63 per cent to 0.66 per cent.

 

Luong also holds 15.89 per cent of the issued share capital of UMS Holdings, which in turn holds 73.85 per cent of the issued share capital of JEP Holdings.

 

This brings his total interest in JEP Holdings to 74.51 per cent.

Between Jun 19 and 20, JEP Holdings : 1J4 -1.54% executive chairman Andy Luong acquired 500,000 shares at S$0.325 per share.

 

With a consideration of S$162,500, this increased his direct interest in the company from 0.51 per cent to 0.63 per cent.

 

Luong also holds 15.89 per cent of the issued share capital of UMS Holdings, which in turn holds 73.85 per cent of the issued share capital of JEP Holdings. This brings his total interest in JEP to 74.48 per cent. His preceding acquisition was on Jun 9, with 600,000 shares acquired at S$0.310 per share.

 

With over 30 years of operating history, JEP Holdings is a leading solutions provider of precision machining and engineering services, with a primary focus on the aerospace industry.

 

Luong noted in April that he expects a more noticeable recovery of JEP&rsquo s aerospace business in the second half of 2023, supported by volume production of complex and high value-added parts from its strategic customers.

 

The group&rsquo s new factory in Penang, Malaysia is scheduled for completion in the second half of 2023, and full production is expected to begin in the first quarter of 2024. This will enable the company to take on more customer orders and increase production output.

 

Luong has more than 20 years of experience in manufacturing front-end semiconductor components. He acquired his machining skills through his experience in working in his family machining business in Vietnam.

 

He emigrated to the United States from Vietnam in 1979 and shortly after college, started a precision business called Long&rsquo s Manufacturing. He is also the executive chairman and CEO of UMS Holdings.