China Haida executive director Guo Yun resigns

GUO Yun, an executive director of China Haida, resigned from the Mainboard-listed company on Wednesday, citing health issues. 

Appointed in 2004, he owns 5.67 per cent of the company, according to its latest annual report. He was responsible for all of its legal and financial matters, investor relations and expansion plans.

Mr Guo's departure comes as China Haida scrapped its planned rights issue on Monday that could have raised net proceeds of about S$3.3 million, after failing to get the green light from the Singapore Exchange (SGX).

China Haida had first proposed the rights issue back in June 2019, along with a proposal to transfer to the Catalist board. In November, the SGX rejected the latter request on the basis that China Haida's plans to turn the business around are "preliminary at this stage", and hence, there are "no compelling reasons" to allow the proposed transfer.

China Haida shares closed at S$0.007 on Wednesday, down 0.2 cent or 22.2 per cent.