Asti Holdings executive chairman and chief executive Michael Loh Soon Gnee is resigning from the semiconductor manufacturer and its listed units Advanced Systems Automation (ASA) and Dragon Group International (DGI) due to unspecified "personal reasons".
Mr Loh's last day of service has not been announced but he will be transitioning his duties in the next 12 months, the companies said in regulatory filings on Sunday night. He is currently chief executive officer of ASA, an Asti associate company, and CEO and executive chairman of DGI, an Asti subsidiary.
The boards are identifying and reviewing internal and external candidates in its search for a successor. Mr Loh will continue to work closely with the board to achieve a smooth transition, the companies said.
Asti noted that with Mr Loh stepping down as CEO, the individual business units or subsidiaries will still have senior management who have been working with the company between eight and 25 years.
Mr Loh has been a director of Asti since Oct 23, 2003 and he was made CEO on July 1, 2013. He has also been a director of ASA since July 19, 2006 and was appointed CEO on Nov 12, 2010. He has been director of DGI since Oct 23, 2003, and was appointed CEO on July 1, 2008.
The three former independent directors of Camsing Healthcare on Friday night explained to the Singapore Exchange Regulation why they resigned when the company's audit matters had yet to be resolved.
In a 12-page filing, Messrs Lau Chin Hock Kenneth Raphael, Ong Wei Jin and Maurice Tan Huck Liang detailed, among other things, the company management's tardy approach relating to the discovery made by the auditors that certain China customers were unable to sell goods previously purchased from the company's subsidiary Nature's Farm and that they had entered into an agreement to consign the goods back to Nature's Farm.
The three independent directors (IDs) had formed Camsing's previous audit committee.
They highlighted several key considerations that led to their decision to resign on March 20 this year. "We were of the opinion that management did not take the audit matters seriously," the three former IDs said.
They also said they were of the opinion that management did not take corporate governance seriously.
"We faced resistance when we urged them to take steps that would enhance corporate governance," they added.