Ellipsiz's chairman, independent director resign for 'personal reasons'

ELLIPSIZ Ltd on Wednesday said its longstanding non-executive chairman and independent director have resigned due to "personal reasons".

This comes about a week after Ellipsiz, a semiconductor testing company, found a new substantial shareholder in the head of property developer Lum Chang Holdings, after Ellipsiz's CEO Chan Wai Leong sold 100 million of his shares for S$15 million to Lum Chang's managing director David Lum Kok Seng. Mr Lum raised his stake through the married trade from 2.35 per cent to 20.44 per cent on April 5. Mr Chan correspondingly has had his stake cut from 19.79 per cent to under 5 per cent.

Chong Fok Choy, the non-executive chairman of Ellipsiz since Nov 15, 1994, and director Phoon Wai Meng - who has been on the board for nearly 11 years - resigned on Tuesday.

Separately, Mr Phoon had sold 293,333 shares in Ellipsiz on April 6 - a day after Mr Lum was officially made a substantial shareholder - for S$43,120.

No further explanation for the resignations was provided in the regulatory filings.