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Astaka allays concerns over key persons' cessations and CEO choice

THE sponsor for Catalist-listed property player Astaka has said that it was not aware of any concerns which shareholders and the Singapore Exchange (SGX) should be made aware of in relation to the spate of cessations of executives and directors in the past month.

Novus Corporate Finance, in a response to SGX, also said that it did not know of any disagreements within the board or key management.

Astaka’s non-executive chairman and independent director (ID) Neo Gim Kiong and another ID San Meng Chee both retired on Feb 5.

On Feb 29, chief financial officer Lee Shih Yi resigned to pursue other career opportunities. Days later, chief executive officer Zamani Kasim resigned as part of his retirement plans, according to Astaka in response on Wednesday to SGX queries.

Khong Chung Lun, 32, the current CEO, said Astaka, is well qualified and experienced to helm the company. He had held a senior position in Malaysian property developer as its business development manager from June 2012 to May 2015.

Mr Khong joined Astaka as general manager in May 2015, and has been working under the leadership of Mr Zamani since then. He has been heavily involved in the group’s operations, added Astaka.

The counter closed flat at S$0.088 on Wednesday before the responses to SGX were published.