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Pine Capital's ACPAM board, legal counsel replaced at EGM

DIRECTORS and legal counsel of Pine Capital Group subsidiary Advance Capital Partners Asset Management (ACPAM) were replaced at an extraordinary general meeting (EGM) on Aug 12, Pine Capital announced in a Singapore Exchange filing on Tuesday.

Wang Meng was removed as ACPAM director and CEO. Directors Pan Ki Ro and Trina Ann Savage were also removed.

ACPAM's former interim chief executive officer and executive chairman Tan Choon Wee was appointed a director, as was Chan Wai Leung.

PRP Law LLC was terminated as ACPAM's counsel and ZICO Insights Law LLC appointed.

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The changes were made via resolutions tabled and unanimously passed by ACPAM's only two shareholders, Pine Capital and Mr Tan.

Mr Tan had earlier been removed as a director of ACPAM at an Apr 5, 2019 EGM. He is an ACPAM shareholder, owning 3,832 shares which represent 49 per cent of ACPAM's issued share capital.

Said Pine Capital: "As ACPAM is a registered fund management company regulated by the Monetary Authority of Singapore (MAS), the company understands that ACPAM will be filing the relevant notices of change of particulars to MAS for the change of Board composition in ACPAM."

Pine Capital said it would provide shareholders with further updates regarding the change of ACPAM's Board composition, ACPAM's licensing and business operations as and when material developments occur.

It added that it understands Mr Tan and Mr Chan are to take over the management and duties of ACPAM, subject to ACPAM obtaining the relevant approvals from MAS.

"For the avoidance of doubt, neither Mr Tan Choon Wee nor Mr Chan Wai Leung will be deemed as a key executive of the company," said Pine Capital.

As a result of the EGM, Mr Wang is also removed as a director of Advance Credit Fund SPC, the only fund currently being managed by ACPAM. Mr Wang was one of two directors of the fund, the other director being Alauddin Ahmed.