Midas appoints new non-executive chairman, redesignates 2 directors

SINGAPORE - Troubled railway-parts maker Midas Holdings has appointed Mr Chan Soo Sen as its new non-executive chairman and redesignated two independent non-executive directors Tong Din Eu and Xu Wei Dong as executive directors, it said late on Wednesday (April 4). The changes are effective from April 3.

Mr Chan, a former minister of state, has been Midas's independent non-executive director since June 29, 2006. He has also served in a number of government ministries, including the Ministry of Education, the Ministry of Trade and Industry, and the Ministry of Community Development, Youth and Sports.

Mr Tong has been an independent non-executive director since Aug 8, 2011, and lead independent director since Nov 14, 2013. He is also the independent non-executive director of Roxy-Pacific Holdings.

Dr Xu, a professor and a PhD supervisor of the School of Law at Jilin University in China, has been the company's independent non-executive director since March 17, 2010.

These appointments follow a notice of compliance by Singapore regulators demanding the immediate resignation of two of its top executives on Monday.

The Singapore Exchange (SGX) said in the notice that Midas executive chairman Chen Wei Ping cannot be appointed as a director or executive officer in any listed company for the next three years, and that Ma Ming Zhang, the legal representative of Midas unit Luoyang Midas, cannot be appointed an executive officer in any listed company for the next three years.

Last week, the company's audit committee had lodged a police report with Singapore's Commercial Affairs Department, over a possible breach of securities laws and other offences linked to irregularities in the group's operations in China.

Trading in the company's stock has been suspended since early February.