Datapulse CEO resigns; firm ends plan to buy ICP's hotel unit

DATAPULSE Technology, a media storage business looking to diversify out of the industry, on Monday said that its chief executive officer Wilson Teng has resigned. Mr Teng is leaving to "pursue his personal interests", the company said in a late press statement. 

The current chief financial officer, Lee Kam Seng, will take on the post of interim CEO with immediate effect.

Datapulse on Monday also said that it has appointed an independent director, Sin Boon Ann, to the board. Mr Sin, 60, is now a consultant at Drew & Napier, and was previously deputy managing director of the corporate and finance department at the law firm. 

It appointed a second independent director, Loo Cheng Guan, to the board. Mr Loo, 55, is listed as having experience in private equity, corporate finance and financial advisory work, and is "well placed to guide the company on mergers and acquisitions, growth strategies, and evaluating investments", Datapulse said. Mr Loo is currently the managing director of Vermilion Gate. 

These are the latest in a slew of announcements separately announced by the company on Monday. Earlier in the evening, Datapulse said that it has agreed with Catalist-listed ICP to terminate a plan to acquire ICP's hotel subsidiary Midscale Hotel Investments Pte Ltd.

Midscale Hotel Investments owns a hotel in Kuala Lumpur, and currently operates under the brand Geo Hotel Kuala Lumpur.

This comes as the agreement inked under the letter of intent required due diligence on Midscale Hotel Investments to be completed by Monday. The due diligence has not been completed, and consequently, both parties have "mutually agreed" to terminate the letter of intent.

Datapulse also said that it has appointed Morgan Lewis Stamford as its compliance adviser. The appointment is meant to "raise the standards of corporate governance and compliance", the company said. As the company's compliance adviser, Morgan Lewis Stamford will advise the board on the continuing listing rules obligations of the company.

Shares of Datapulse closed on Monday at S$0.27, down two Singapore cents, or 6.9 per cent. Shares of ICP closed higher by 0.1 Singapore cent to S$0.01.