Elektromotive's investment chairman quits amid restructuring review
The chairman of Elektromotive Group's investment committee has resigned amid a restructuring review at the electric vehicle recharging solutions company.
Executive director Tan Choon Wee resigned on May 1 because he could not "fulfil the duties of an executive director of the company due to his other commitments", Elektromotive announced on the Singapore Exchange.
The company said there are no disagreements between Mr Tan and the company's board of directors with regard to practices that will have an impact on the company's financial reporting, and that company sponsor PrimePartners Corporate Finance is satisfied that there are no other material reasons for Mr Tan's resignation.
Elektromotive in February announced that it is considering restructuring its business. The company appointed PrimePartners as its financial adviser in relation to potential acquisitions of new businesses.
Mr Tan has been a director at Elektromotive since 2006. He is currently a director at Advance Capital Partners, Energy Capital Partners, Lexicon Capital Holdings and Virago Capital.
He directly and indirectly holds 2.55 million shares and 3.15 million warrants in Elektromotive.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Malaysia to build region’s largest chip design park in bid for top startup-hub status
British retailer JD Sports to buy US rival Hibbett for US$1.08 billion
Japan’s 7-Eleven convenience chain targets aggressive global growth
Renault Q1 sales rise 1.8%, helped by financing business
UBS lifts Chinese stocks to overweight in rare upgrade call
China acquired recently banned Nvidia chips in Super Micro, Dell servers, tenders show