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.

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.