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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.