[ad_1]
SINGAPORE – Axington Inc, the Singapore-listed company linked to the Bellagraph Nova (BN) group, requested on Monday (August 31) before the opening of the stock market that trading of its shares be suspended.
Axington, which is listed on Catalist, said that the voluntary suspension was pending the publication of an announcement “in relation to the strategic changes that will be made in the commercial direction of the company.”
Singaporean entrepreneurs Nelson and Terence Loh, who are cousins, bought career advisory services firm Axington in July. Your business partner, Ms. Evangeline Shen, is Axington’s non-independent non-executive president. The Lohs don’t sit at the board.
Axington had stopped trading its shares last Wednesday after they fell 14 percent to 19 cents the day before in a report that the regulatory arm of the Singapore Stock Exchange had recommended an investigation into the suitability of its board of directors.
Last Friday, Axington said he had postponed an extraordinary general meeting (EGM) to be held on Thursday, saying that “recent events in the media” caused the board to require “more time to conduct an internal evaluation of the circumstances and strategy plans of the company “.
The plan had been to change Axington’s core business to provide consumer health and wellness services and investments in medical technology, robotics and artificial intelligence, along with a name change to NETX. Axington shareholders had been scheduled to vote on these, as well as a proposed acquisition of Malaysian medical equipment and cosmetic products distributor, Vesta Apex Trading, for $ 12 million and a rights issue to help fund it.
The Lohs and Ms Shen, a Chinese lawyer and jewelry merchant, co-founded the newly formed BN Group, which has come under increasing scrutiny following news of its attempt to take over the Premier League soccer club. English Newcastle United.
Since the August 15 news of its £ 280 million (S $ 506 million) offer for the club, the BN Group has been called in for doctored images of the founders with former US President Barack Obama. Other inconsistencies emerged in his publicity material. The Straits Times ‘checks also revealed a pattern of outlandish and questionable claims in the founders’ interviews, press releases, and social media accounts, ranging from exaggerations to misinformation.
Meanwhile, individuals and organizations have distanced themselves or denied any link to the group.
The controversy prompted former US ambassador to Singapore Kirk Wagar to resign as Axington’s independent director, as he “called for more transparency.”
[ad_2]
