IEV Holdings calls for Oct 15 shareholder vote on planned change of core business

CATALIST-LISTED oilfield services company IEV Holdings has set a shareholder vote for Oct 15 on its plan to sell off its main operating unit for S$200,000.

Shareholders must pre-register for the electronic extraordinary general meeting and submit proxy voting forms by 10.30 am on Oct 13, said a circular on Tuesday.

The sale, which is expected to yield net proceeds of S$95,000, is up for a vote as it constitutes an interested-person transaction under Catalist rules.

One of the three companies involved in the transaction is owned by chief executive Christopher Do and his brother, while another is owned by relatives of chairman Hari Narayanan Govindasamy. The final buyer is a third party.

IEV, which would be left with its healthcare, post-partum care and wellness-services businesses after the planned disposal, is also asking shareholders to approve a name change to Medi Lifestyle Ltd.

Shares closed at 3.9 Singapore cents on Tuesday, up by 0.6 Singapore cent or 18.18 per cent.