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SINGAPORE (THE BUSINESS TIMES) – Axington Inc.’s two-person board is engaging with controlling shareholders Nelson Loh and Terence Loh to gain clarity on the strategic changes to be made to the company’s business direction, the firm said that is listed on Catalist in a statement. Stock market file late on Thursday (September 10).
He added that his board understands that Loh’s cousins continue to “explore strategic possibilities with respect to the company.”
Axington was responding to inquiries from the Singapore Stock Exchange (SGX) sent on Wednesday. The exchange operator had requested an update on the strategic changes to be made to Axington’s business management, and an update on the group’s business and operations in relation to the executive decision-making function and management of the company. .
SGX also asked Axington to provide an update on the safeguards in place to ensure that the utilization and / or deployment of the group’s assets is in the best interest of the group, considering possible strategic changes in business direction.
The professional advisory services group had proposed in July to shift its core business to providing medical and consumer wellness services, and investments in medical technology, robotics and artificial intelligence in applications in the medical and consumer wellness space.
Following the controversy surrounding an offer for the English soccer club Newcastle United by the Lohs and former non-independent and non-executive Axington president Evangeline Shen, Axington requested on 6 September a voluntary suspension of its shares, to waiting for the publication of an announcement regarding strategic actions. changes in your business address.
Ms. Shen and four other directors also resigned from the board in August due, among other reasons, to expected changes in the company’s business direction, Axington said.
In its response to SGX on Thursday, the company said its shares will continue to be suspended until the announcement is published.
He added that following the resignation of the former directors, his board is in the midst of identifying suitable candidates to be appointed as executive personnel to oversee the company’s day-to-day operations and the implementation of any strategic changes in business direction. . The company is in the process of reviewing the knowledge and experience of these candidates and will make an announcement to update shareholders in due course.
Axington Singapore remains the sole operating subsidiary of the company. Axington ceased its operations in Malaysia following the divestment of subsidiary Axcelasia Taxand on April 15, and is in the process of liquidating three other dormant subsidiaries, namely Axington Lao, Audex Governance and Axcelasia Vietnam.
The company stated that its audit committee, compensation committee, and appointments committee currently do not comply with the 2018 Corporate Governance Code and the Catalist Regulation. Its board of directors will endeavor to fill vacancies in accordance with requirements “as soon as possible,” he added.
Axington also said he has made arrangements for the former executive team to hand over company documents and has begun the process of making changes to authorized signatories for company bank accounts.
The meter last traded at $ 0.19 on August 25.
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