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Cacola Furniture International Limited responded to queries by the Singapore Exchange (SGX) on the resignation of executive chairman and director, Chow Tat Ming Henry, before the company's imminent delisting.
The company said that Mr Chow has always "acted in the best interest of the company", such as by spearheading a RTO exercise in April 2014 in an attempt to rejuvenate the growth path of the company.
The company also said that Mr Chow, a controlling shareholder of Cacola Furniture International, is currently not in the process of providing an exit offer.
It reiterated that personal and other work commitments remain his reason for resignation and that the company does not have any policies or internal control that require it to take steps to retain the services of a person who chooses to resign on his or her own accord.