Nutryfarm announces changes to board

MAINBOARD-listed Nutryfarm International AZT announced on Tuesday (Jan 4) that its non-executive director, Xu Hai Min, has stepped down from the company since Dec 30, 2021 to focus on other business interests.

Xu was appointed the legal representative of Nutryfarm's indirect wholly-owned subsidiary WiVision Network Digital Video Technology and First Linkage's subsidiary Beijing Zhonglian Shengtong Internet Technology when the company acquired a 45 per cent stake in the latter in 2018.

He was also appointed the legal representative of Xinjiang Zhongtong Internet Science and Technology Development Co then.

Along with his resignation as non-executive director, Xu will also be stepping down from these positions as well, said Nutryfarm.

Since the proposed acquisition of First Linkage was terminated in 2019, the company will not be appointing someone new to take over from Xu's role as legal representatives of Beijing Zhonglian Shengtong Internet Technology and Xinjiang Zhongtong Internet Science and Technology Development Co.

It will however make arrangements to replace Xu's role as legal representative of WiVision Network Digital Video Technology.

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Separately, the durian and health food distributor has also appointed 2 new non-executive independent directors and redesignated 2 independent directors into new roles.

Low Chin Parn Eric and Lim Swee Hua David have been appointed as non-executive independent directors of the company with effect from Jan 2.

Low is currently an independent director of Catalist-listed OneAPEX, and has more than 20 years of experience in the finance and banking industry, including a stint as vice-president of product and advisory at CIMB Securities (Singapore).

With the new appointment, Low will be a member of Nutryfarm's audit committee, nominating committee, as well as act as the chairman of the remuneration committee.

Lim is a finance professional with his own accounting practice. He is also the chief financial officer of a privately-held cloud Internet network technology company.

Upon appointment, Lim will act as the chairman of the audit committee, and will be a member of the remuneration committee and nominating committee.

Independent directors Neo Chee Beng and Jimmy Ng Poh Khoon have been redesignated to non-executive non-independent directors of the company with effect from Jan 1.

Following the redesignations, Neo will also cease to be the chairman of the remuneration committee and member of the audit and nominating committees.

Similarly, Ng will step down from his post as chairman of the audit committee, as well as member of the nominating and remuneration committees.

Nutryfarm has requested for Neo and Ng to remain with the company until the completion of the independent review requested by Singapore Exchange into 2 key issues.

Thereafter, they are expected to retire at the next annual general meeting.

Shares of Nutryfarm were trading flat at S$0.29 as at 10.10am.