Judicial managers appointed for Alpha DX Group

Wong Pei Ting

Published Thu, Mar 16, 2023 · 04:57 PM

THE High Court on Wednesday (Mar 15) granted an order to place Catalist-listed Alpha DX Group under judicial management.

Tan Wei Cheong and Lim Loo Khoon of Deloitte & Touche were appointed as the joint and several judicial managers of the company, it noted in a bourse filing on Thursday.

Tan and Lim will thus be empowered and authorised to exercise all powers and entitlements of directors of the company conferred by the Companies Act and the company’s constitution.

Trading of Alpha DX’s shares continues to be suspended for now. The counter last closed at S$0.112 before the suspension kicked in on Mar 11. “Further announcements on the above will be made in due course as and when there are material developments,” the disclosure stated.

Alpha DX flagged uncertainty over its ability to continue as a going concern in March last year, given that negotiations with its creditors have either deteriorated or not yielded desired outcomes.

This was related to a letter of statutory demand sent by Kydon Holdings for S$1.9 million in payments relating to the remaining amount and interest charges for the acquisition of Kydon Learning Systems Institute, now known as Zionext.