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Metech chairman quits amid 'new business direction'
METECH International's Simon Eng has resigned as chairman and chief executive officer (CEO) of the company, in view of its "new business direction and investment parameters", the Catalist-listed firm said in a bourse filing on Tuesday.
This comes after the group disposed of its electronic waste management business.
Mr Eng will step down as chairman and CEO from March 3, but will remain as an executive director during the notice period to assist the company in its transition to a new management.
Metech is now in the process of searching for a suitable candidate for the CEO position and hopes to appoint one "as soon as possible".
Separately, Liu Changsheng, who is currently a non-executive, non-independent director of the company, has been appointed as non-executive chairman from March 3. He has also been appointed as director of Nolash Tech, Metech's wholly-owned Chinese subsidiary.
Mr Liu's key roles and responsibilities include helping the group identify a CEO, and spearheading the new business of the company under Nolash. Mr Liu will be assisted by Metech's deputy CEO, Samantha Hua.
Last December, the Singapore Exchange Regulation served notice to Metech, requiring the company to reconvene an extraordinary general meeting to vote on the resolution to re-elect chairman, group CEO and controlling shareholder Simon Eng as director.
This was because in the re-election of Mr Eng then, the company had failed to disclose that he had previously been reprimanded or issued a warning by the regulatory authorities, a move which was required under listing rules.