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Datapulse shareholder dialogue session set for March 26
SHAREHOLDERS of Datapulse Technology will get a chance to engage with the company in a dialogue session on March 26 as the embattled manufacturer faces a bid to oust its board and halt diversification plans.
The dialogue session, which is organised by the Securities Investors Association (Singapore), or Sias, will be held from 7.30pm to 9pm at the MND Auditorium in Maxwell Road, with registration starting at 7pm. Those who wish to be at the dialogue session should inform Sias by 5pm on March 23.
The session comes ahead of Datapulse's extraordinary general meeting on April 20. Disk drive maker Datapulse has been caught in a shareholder revolt over the board's decision to buy Wayco Manufacturing, a Malaysian personal care product company, just days after directors were appointed in December 2017.
The family of company co-founder Ng Khim Guan is seeking to overthrow the board and halt the business diversification. These issues are set to dominate the slate of resolutions at the upcoming extraordinary general meeting that the Ngs have requisitioned.
The Wayco deal has also drawn the attention of the Singapore Exchange (SGX). The market regulator slapped Datapulse with a notice of compliance mandating an independent review to assess the board approval for the acquisition, among other aspects of internal controls and corporate governance practices.
On the agenda for the Sias dialogue session - which is being held at the SGX's behest - is what was dubbed a strategic overview of the company and an update on proposed change of board and proposed business diversification. There will also be a question-and-answer session.
It is open only to shareholders, who must bring proof of identification and shareholding. Proxies will not be allowed to attend.