Novena hires ex-newspaper editor as exec director

By Erica Tay
Jun 02, 2007
The Straits Times

FORMER newspaper editor Mano Sabnani has been appointed executive director of Novena Holdings, a listed company which recently sold its furniture business.

Mr Sabnani, 57, who was editor-in-chief of freesheet Today from 2003 until late last year, had been on Novena's board as an independent director before his new appointment yesterday.

He will work with Novena founder and chief executive Toh Soon Huat.

The veteran journalist has held positions as editor of The Business Times and managing editor of The Straits Times - both owned by Singapore Press Holdings (SPH).

Mr Sabnani left SPH to became research director (equities) and managing director (investments) at DBS Bank from 1996 to 2000.

When he left Today, MediaCorp re-hired his predecessor and Today's founder, Mr P. N. Balji, as group editorial director.

Besides Mr Toh and Mr Sabnani, the Novena board comprises three independent directors - Mr Tay Beng Chuan, Mr Wong Meng Yeng and Mr Ivan Chong Hon Kuan.

In February, Sesdaq-listed Novena sold its furniture arm to TT International, the local company that created the Akira consumer electronics brand.

Under the deal, Novena divested itself of its furniture assets and businesses, including seven brand names such as Novena, Castilla and Modern Living and others, and also three industrial properties.

In return, Novena received $13.5 million worth of TT shares.

It retained its beauty division, which includes subsidiaries Beaute Spring and NiClas International, and its business of distributing consumer goods through its unit Chuan Seng Leong.

Novena also kept its China manufacturing operations.

It has bought a further 3 per cent stake in TT, raising its holdings in the mainboard-listed company to 14.1 per cent, making it the second-largest investor.