Axington board engaging Lohs on strategic changes
Sign up now: Get ST's newsletters delivered to your inbox
The two-man board of Axington is engaging with controlling shareholders Nelson Loh and Terence Loh to obtain clarity on strategic changes to be made in the business direction of the company, the Catalist-listed firm said in a bourse filing late on Thursday.
It added that its board understands the Loh cousins are continuing to "explore strategic possibilities with respect to the company".
Axington was responding to queries from the Singapore Exchange (SGX) submitted on Wednesday. SGX had asked for an update on the strategic changes to be made in Axington's business direction, and an update on the business of the group in relation to its executive decision-making function and management, among other things.
The professional advisory services group had in July proposed to change its core business to medical and consumer wellness services, and to invest in medical technology, robotics and artificial intelligence technology in the medical and consumer wellness space.
Following controversy surrounding a bid for English football club Newcastle United by the Lohs and Axington former non-independent and non-executive chairman Evangeline Shen, the firm on Sept 6 requested a voluntary suspension of its shares, pending an announcement related to strategic changes in its business direction. Ms Shen and four other directors also resigned from the board last month.
In its response to SGX on Thursday, the company said its board is in the midst of identifying suitable candidates to be appointed as executives to oversee its day-to-day operations, and the implementation of any strategic changes to the business direction.
The company is in the process of reviewing the expertise and experience of these candidates.
Axington said its audit committee, remuneration committee and nominating committee currently do not comply with Catalist rules.
Its board will endeavour to fill the vacancies "as soon as practicably possible", it added.
The counter last traded at $0.19 on Aug 25.
THE BUSINESS TIMES
