ecoWise seeks 4-week extension to fill audit committee vacancies

ECOWISE Holdings said on Monday that it has applied to Singapore Exchange Regulation (SGX RegCo) on Saturday for a four-week time extension to appoint independent directors to fill the vacancies in its audit committee.

The Catalist-listed company originally had an Aug 4 deadline to fill the vacancies, and it is now seeking for the deadline to be extended to Sept 3.

In May, two independent directors of ecoWise, who had been part of its audit committee, resigned from the company. Since May 7, the company has only one member in its audit committee.

Under Catalist rules, companies are required to have a minimum of three members on the audit committee, and in the event of a resignation, have the vacancy filled within three months.

ecoWise noted that it had also been issued a notice of compliance from SGX RegCo in June to appoint at least two new independent directors, based on recommendations from independent reputable professional associations, to constitute its new audit committee. These appointments would also need to be approved by SGX RegCo.

ecoWise said it had commissioned the Singapore Institute of Directors to search for suitable applicants, and it is currently conducting due diligence and assessing the suitability of a list of shortlisted candidates.

The company said it would need more time to complete its assessment as well as to submit the nominated candidates to SGX RegCo for pre-clearance. It expects to be able to complete the appointment process by Sept 3.

Shares of ecoWise have been suspended from trading since June 18.