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Shanghai Turbo proposes independent adviser and independent reviewer

SHANGHAI Turbo Enterprises has proposed WongPartnership as its independent adviser and Nexia TS Risk Advisory as its independent reviewer, it said in a Thursday evening filing with the Singapore Exchange (SGX).

These are in line with conditions imposed by SGX for granting its clearance for the circular to shareholders dated July 6 relating to a proposed extraordinary general meeting (EGM) on July 24.

WongPartnership is to oversee the progress of various legal proceedings and report directly to SGX without the need to seek any prior consent from the company and its board, while Nexia TS Risk Advisory is to conduct independent review and make recommendations on the group's key internal controls and processes. SGX has said that it has no objections, and Shanghai Turbo Enterprises is seeking SGX's approval on the specific terms of reference for the engagements and scopes of engagement and review.

Securities Investors Association (Singapore) on Wednesday urged Shanghai Turbo shareholders to vote against the proposed resolution to remove the incumbent board of directors at the EGM.

Shanghai Turbo shares closed unchanged at S$2.40 on Thursday.

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