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Hwa Hong to appoint independent reviewer to review internal processes

Goola Warden
·1-min read

Hwa Hong's directors says independent reviewer to be appointed to review issues

Hwa Hong Corp's non-independent directors have issued a statement. It points out that Dr Ong Eng Hui, David was appointed to the board in June 2021, while Ong Eng Keong and Ong Eng Loke were appointed in April 2022, having served as alternate directors for the past year. The statement says concerns were raised by the Ong directors about the strategic direction and past performance of Hwa Hong.

The Ong directors have also said that the Notice of Compliance issued by the SGX on May 6, 2022 was a result of the resignation of the last independent director and a previous independent non-executive chairman Mak Lye Mun. He resigned due to disagreement with certain board members on the selection and appointment process of two new independent directors. As the appointment of independent directors was an urgent priority for the board, the Ongs felt they had to proceed speedily in the interests of the company to reconstitute the board so as to comply with SGX rules.

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The Notice of Compliance matter is expected to be addressed in the coming weeks when the company appoints the Independent Reviewer, who will be responsible for reviewing the Company’s internal controls, processes and practices relating to the board nomination process, and for approving new appointments to the board.

A consortium formed by Hwa Hong's substantial shareholders are offering minority shareholders $0.37 per share, a 29.8% premium to the company's net asset value as at Dec 31, 2021.

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