Mainboard-listed Q&M Dental Group (Singapore) holds some 32.78% of Catalist-listed Aoxin’s shares
AOXIN Q&M Dental Group’s largest shareholder on Monday (Feb 17) called for the Catalist-listed company to hold an extraordinary general meeting to remove its executive director, Ong Siew Hwa.
The company received a requisition notice from Ng Chin Siau, a non-executive and non-independent director of Aoxin, for and on behalf of mainboard-listed Q&M Dental Group (Singapore), of which Ng is also founder and group chief executive.
Q&M, which holds some 32.78 per cent of Aoxin’s shares, called the meeting to oust Dr Ong from her role with immediate effect from the day of the meeting – which must be held by Apr 16.
The resolution also called for Dr Ong to be removed from any and all appointments with Aoxin, its subsidiaries, its related and/or associated companies.
Dr Ong was the chief executive officer of Q&M Dental’s subsidiary, Acumen Diagnostics. Last June, she was placed on a leave of absence to facilitate a probe into her acquisition of an indirect interest in the assets of Acumen’s supplier, among other things.
Q&M cited two reasons for its proposed resolution: One was that there is no longer any requirement for Dr Ong to manage Acumen’s business; and, two, that she has not resigned from her position as Aoxin’s director, despite being obliged to do so under the terms of the service agreement.
The letter said: “Acumen’s clinical laboratory licence has expired, Acumen’s business and operations related to the laboratory licence have been suspended, the Joint Testing and Vaccination Centre located in Sengkang has been closed, and Acumen is without any contribution from its sole revenue and income stream thereafter.”
In response, Aoxin’s board said it is seeking legal advice, and will provide its response and updates in due course.
Shares of Aoxin closed flat at S$0.042 on Monday.
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