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Artivision chairman resigns; group enters into share placements and bond subscription agreements

THE chairman and co-founder of Artivision Technologies has resigned, the video and artificial intelligence firm said on Thursday.

Soh Sai Kiang Philip, who was appointed as a director in 2004, resigned with effect from Dec 29. Artivision Technologies did not say why, but said it will announce the appointment of a new chairman in due course.

In a separate announcement, the group said that it had entered into two separate share placement agreements with two individuals - Ching Chiat Kwong, executive chairman and CEO of Oxley Holdings, and private investor Poh Chew Hua Christine - for S$4.5 million. The placement price of 1.62 Singapore cents represents a discount of 10 per cent to the volume-weighted average price of 1.8 cents on Dec 23.

Another two individuals - Oxley Holdings deputy CEO Low See Ching and private investor Tee Wee Sien - have also agreed to subscribe to S$4.875 million of bonds at 100 per cent of the principal amount.

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Artivision granted Mr Low and Mr Tee 370.4 million share options each, with each option carrying the right to subscribe for a new share at the exercise price of 1.62 Singapore cents.