Catalist-listed TMC Education Corporation has a new management and board of directors following the completion of the sale of its education subsidiary, TMC Academy, to the firm's former controlling shareholders.
TMC Academy was sold for $6.32 million to Advanced Investment Holdings, a special purpose vehicle controlled by TMC Education executive chairman Chin Kon Yuen and his wife, Ms Yeow Cheng Khim, the firm's director and chief executive.
They had earlier sold a 51 per cent stake in the company to Singapore tycoon Koh Wee Meng, the chief executive of real estate developer Fragrance Group. Mr Koh's mandatory takeover offer for TMC closed on Jan 30, bringing his stake to 53.05 per cent.
On Wednesday, TMC Education said in an Singapore Exchange filing that the disposal of TMC Academy had completed and separately announced the resignation of five members of the board: Dr Chin and Ms Yeow, and independent directors Timothy Chen Teck Leng, Tham Wan Loong and Wee Liang Hiam.
In their place, Mr Koh Kian Soo, brother-in-law of Mr Koh Wee Meng, has been appointed executive chairman and CEO, with Mr Tan Chee Wee coming on board as executive director and chief operating officer. Mr Tan will assume his appointments on May 1.
Mr Woo Peng Kong was appointed its lead independent director, with Mr Kwan Chee Wai and Ms Pan Pei Say named as independent directors.