Friday, February 26, 2010

Richard Ong resigns, Martin Purvis new CEO for Straits Asia

Richard Ong Chui Chat, 62, has resigned as Chief Executive Officer of Straits Asia Resources Ltd, a coal producer listed on SGX and controlled by PTT (Thailand) which controls two concessions (Jembayan and Sebuku) in Kalimantan.
Richard Ong has a direct and a deemed interes in 7.625 million and 550,000 shares of Straits Asia which dropped further by 2.42% on Friday trading. The stock surged 270% in the period of March 2009 until early January 2010. But in the past eight weeks, the stock has lost 26%.
Martin Purvis, a director of Straits Asia since November 2006, has been announced as the new CEO, taking over the role from Richard with effect from March 1, 2010. Martin was responsible for the original development of the Company’s Sebuku Coal Mine in 1997. He is a mining engineer with more than 25 years experience in the resource industry working in senior management roles in Indonesia, South Africa and Australia. Mr Purvis is currently Chief Executive Officer of PTT Asia Pacific Mining, which controls 46% of Straits Asia's shares.
Mr Ong took up the role of Chief Executive Officer of Straits Asia in May 2007. Straits produced about 9 million tons of coal per annum from Jembayan and Sebuku mines. Thailand's PTT acquired majority control of Straits Asia Resources Ltd from ASX-listed Straits Resources Limited.

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