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Datapulse to call 2 EGMs by Feb 26
DATAPULSE Technology on Monday said it would call two extraordinary general meetings (EGM) by Feb 26, following a move by the family of former Datapulse Technology chairman and co-founder to replace four directors on the company's board and re-evaluate the firm's diversification strategy.
The digital media storage maker had in December received a requisition notice to convene an EGM from Ng Bie Tjin, the daughter of Datapulse's co-founder Ng Khim Guan, and Uniseraya Holdings. They have a combined stake of about 16 per cent in the company.
The firm had acquired Wayco Manufacturing for S$3.5 million in December, moving into an entirely new business of manufacturing hair care, cosmetics and other homecare chemical products through the acquisition. Datapulse also has plans to re-explore expanding the property development, investment and trading business.
The Wayco acquisition was questioned at length by the Singapore Exchange, with Datapulse having to issue an eight-page response, saying that it did not conduct proper due diligence on the deal because the new CEO was a former employee of the target company and familiar with the business.
The substantial shareholders have called on the company to remove all its existing directors as well, and replace them with Ms Ng, Ng Boon Yew, Loo Cheng Guan and Koh Wee Seng.
Datapulse said that the requisition EGM for change of board will be held separately from the business diversification EGM, given that special notice is required to be given for the removal of directors under the Companies Act.
This requires a notice period of 21 clear days, meaning that the dispatch dates for the circulars for the business diversification EGM and change of board EGM may differ, it said.