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SGX requires Datapulse to inform possible acquisitions involving Ang Kong Meng in advance
THE Singapore Exchange (SGX) has required Datapulse Technology to notify it in advance of any possible acquisitions involving Ang Kong Meng, the company said on Thursday.
Mr Ang is the vendor of Wayco Manufacturing, a Malaysian company that Datapulse had agreed to acquire.
But the acquisition was proposed without any due diligence done, and used the valuation provided by the vendor - which also happened to be essentially Wayco's sole customer. Mr Ang has also known Ng Siew Hong, the new controlling shareholder of Datapulse, for a long time.
A group led by Ng Bie Tjin and Uniseraya Holdings, which holds a combined 16 per cent stake, has requisitioned two extraordinary general meetings (EGMs) in December to replace the new directors and to deter any diversification plan by the new team until it has been closely reviewed and given the green light by shareholders.
Ms Ng Bie Tjin, who quit her finance director post at Datapulse three years ago, is the daughter of Datapulse's co-founder and former chairman, Ng Khim Guan.
But on Thursday, Datapulse directors continued to maintain that the requisition notice was "technically not validly issued", citing irregularities between the persons signing the requisition notice and the number of shares which they hold.
On that basis, the group said, it is not obliged to convene either of the two EGMs by Feb 26 as originally contemplated, and it is not certain that the EGMs can be convened by such date.
This is despite a letter from Ms Ng and Uniseraya dated Jan 29 to Datapulse directors, which attached letters from Bank of Singapore and Hong Leong Finance confirming the number of shares that they hold as nominees for their clients.