Advance SCT to appoint new non-executive chairman

ADVANCE SCT will be appointing a new non-executive chairman, the company said on Tuesday.

This was after Teh Wing Kwan acquired 11.9 billion shares from three parties, and is now holding a 28.7 per cent interest in the company.

On Tuesday, Advance SCT, a supplier of copper-related products, said that Mr Teh is a "sophisticated investor" who's currently the chairman of China Vanadium TitanoMagnetite Mining Company that's listed on the Hong Kong Stock Exchange.

Mr Teh was the group CEO and managing director of mainboard-listed Sapphire Corporation from October 2013 to December 2017.

Besides Mr Teh, ICH Partners and Anthony Tan have also acquired two billion shares each and hold a 4.84 per cent interest.

Another individual, Teo Yi-Dar, had acquired one billion shares and has a 2.42 per cent stake.

Advance SCT was taken off the Singapore Exchange's watch list with effect from June 18.

It was put on the watch list in March 2015 for posting pre-tax losses for the three most recently completed consecutive financial years and having a six-month average daily market capitalisation of below S$40 million.