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Swee Hong rejigs board ahead of delisting

WATCH-LISTED construction company Swee Hong, which has been ordered to delist on Wednesday, has ended the employment of its general manager.

Moorthy Varadhan, 53, was terminated on Tuesday and will be redesignated a non-executive director of the six-man board, said a bourse filing late on Tuesday.

In his role as general manager since Sept 2017, Mr Varadhan had been in charge of handling the company's projects, contracts and general administration.

The board disclosed on Sunday night that the Singapore Exchange had turned down both its appeal against delisting and its request for six more months to submit a trading resumption proposal.

It added at the time that Swee Hong's financial position and status left it unable to make any exit offer to its shareholders.

Trading in Swee Hong shares has been suspended since May 2019. They last changed hands at 0.3 Singapore cent.

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