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join the rally for Ecowise(bullish close)
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PhillipTan
Supreme |
31-Jul-2021 00:19
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ecoWise and listing sponsor Zico Capital to part ways ' for commercial reasons'Catalist-listed waste management company ecoWise Holdings is parting ways with listing sponsor Zico Capital " after deliberations and for commercial reasons" .ecoWise issued a written termination notice to Zico Capital on July 29, the board disclosed in a bourse filing the next day. As such, Zico Capital will cease to be the company' s sponsor either in a month' s time, on Aug 29, or when a new listing sponsor takes over - whichever date is earlier. Under Catalist rules, ecoWise will be suspended until a new sponsor is appointed - although it is not affected by this rule, as trading has already been suspended since June 18. But, if ecoWise does not have a sponsor for more than three straight months, it risks delisting. The board said that the company is " finalising the appointment of a new continuing sponsor" and will update shareholders when this new sponsor is appointed. |
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happyharvest
Elite |
29-Jul-2021 22:53
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Murphy' s law
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PhillipTan
Supreme |
27-Jul-2021 21:20
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ecoWise unable to resume Malaysia operations after Covid-19 infections at unitecoWise' s Malaysia operations will not be able to resume, after 61 out of 69 employees at its Malaysia subsidiary tested positive for Covid-19.The company said it is currently unable to quantify the financial impact of the infections to the group' s operations. Operations can only resume after the employees have tested negative for Covid-19 following the quarantine period. The Malaysian government on July 7 announced that areas, including Negeri Sembilan, will be placed under the Enhanced Movement Control Order from July 9 to July 22 to curb the spread of community infections. Employees of ecoWise' s wholly owned subsidiary Sunrich Integrated underwent a routine swab test, as did third party security services and vendors located on-site. Personnel from the third party provider also tested positive for the virus. Trading in the shares of the Catalist-listed environmental solutions provider has been suspended since June 18. |
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RuniMan
Member |
27-Jul-2021 20:40
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Any update when we can trade this counter again... It is suspended for quite a while | ||||
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xKaiseRx
Veteran |
19-Jul-2021 14:56
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Puppets
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PhillipTan
Supreme |
18-Jul-2021 03:05
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ecoWise shareholders to convene extraordinary general meeting after company flip-flopped on earlier decision to do soThree shareholders of Catalist-listed environmental solutions provider ecoWise Holdings said they intend to convene an extraordinary general meeting (EGM) that the company had at first said it would hold but later decided against.In a letter seen by The Business Times, dated July 16 and prepared by lawyers from Breakpoint who are representing the three shareholders, ecoWise has been provided with a notice of EGM and a proxy form for the intended EGM. Citing their rights to do so under Section 176(3) of the Companies Act, the three shareholders - Tan Swee Boon, Tan Jin Beng Winston and Sunny Ong Keng Hua - notified the company that they will be convening the EGM. They have asked ecoWise to confirm by close of business on July 20 that it will release the notice and proxy form in a bourse announcement and on the company' s website. The three shareholders had sent a requisition for an EGM in May. They had asked that Cao Shixuan be removed as a director and that three new directors - Damien Seah Yang Hwee Yeo Lai Hock, Nichol and Tan Siok Sing Calvin - be appointed. They also wanted any directors appointed between the date of the requisition notice and the date of the EGM to be removed. On June 1, the ecoWise board said it would convene the EGM pursuant to the requisition notice. But on July 2, the board announced a reversal of this position. Among other things, the board said the proposed resolutions " would not be meaningful for the company" as no explanation was provided for why only Mr Cao - who is also deputy chief executive - was being removed instead of all the company' s executive directors. The board also said the removal of Mr Cao " would result in unnecessary disruptions to the company" . And it said that the proposed directors are not recommended by an " independent, reputable professional association or body" . But the three ecoWise shareholders have complained about this change in decision. In the letter, Breakpoint said its clients are entitled to convene an EGM on their own if the company does not do so after 21 days. Now that ecoWise' s board will not be convening the EGM, the three shareholders can do so but have lost a month' s time to prepare for the meeting. Regulations require the EGM to be convened within three months from the date that the requisitioning shareholders are entitled to do so. In the letter, the three shareholders also wanted to " further remind" that Mr Cao should not participate in deliberations concerning the EGM as he is a subject of the requisition notice and is therefore " clearly conflicted" . BT has reached out to ecoWise for comment. |
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xKaiseRx
Veteran |
14-Jul-2021 16:31
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who cares... lift the halt is all i care | ||||
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Blackcitron
Member |
08-Jul-2021 10:22
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Maybe it's good that everything will be very clean and clear.
So it will give better trust for investors
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Joelton
Supreme |
08-Jul-2021 09:36
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Give ecoWise time to comply with SGX RegCo directives, Sias tells shareholders
SECURITIES Investors Association (Singapore), or Sias, urges ecoWise shareholders to allow time for the company to comply with the frontline market regulator' s directives.
David Gerald, Sias' CEO, said in a media statement on Wednesday that the investor watchdog is " seriously concerned" with the developments at ecoWise, and is aware of shareholders' concerns regarding the issues and the disagreements among the senior management.
Mr Gerald stated the disagreements between ecoWise' s CEO and deputy CEO had led to possible failure of internal controls and effective communication within the company. " This situation should not have been allowed to arise in the first place."
He, however, noted the management and the lead independent director Er Kwong Wah had said they would fully cooperate to comply with the notice of compliance from the Singapore Exchange Regulation (SGX RegCo) in a timely manner.
Thus, Sias urges shareholders to give the company time to resolve the issues. Also, it urges ecoWise to inform shareholders about the status of the matter and address their concerns upon satisfying the SGX RegCo' s directive.
The market regulator had directed ecoWise to appoint two new independent directors, commission an internal audit and an audit of its first-half 2021 results, as well as to form a new auditing committee.
The compliance notice came after ecoWise reported that its CEO Lee Thiam Seng had changed the locks of its server room while Mr Lee had flagged concerns about the day-to-day management by deputy CEO Cao Shi Xuan.
The Catalist-listed waste management company closed at 7.8 Singapore cents on June 14, before trading was halted on June 15 and eventually turned into a suspension on June 18.
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PhillipTan
Supreme |
07-Jul-2021 22:10
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Give ecoWise time to comply with SGX RegCo directives, Sias tells shareholdersSecurities Investors Association (Singapore), or Sias, urges ecoWise shareholders to allow time for the company to comply with the frontline market regulator' s directives.David Gerald, Sias' CEO, said in a media statement on Wednesday that the investor watchdog is " seriously concerned" with the developments at ecoWise, and is aware of shareholders' concerns regarding the issues and the disagreements among the senior management. Mr Gerald stated the disagreements between ecoWise' s CEO and deputy CEO had led to possible failure of internal controls and effective communication within the company. " This situation should not have been allowed to arise in the first place." He, however, noted the management and the lead independent director Er Kwong Wah had said they would fully cooperate to comply with the notice of compliance from the Singapore Exchange Regulation (SGX RegCo) in a timely manner. Thus, Sias urges shareholders to give the company time to resolve the issues. Also, it urges ecoWise to inform shareholders about the status of the matter and address their concerns upon satisfying the SGX RegCo' s directive. The market regulator had directed ecoWise to appoint two new independent directors, commission an internal audit and an audit of its first-half 2021 results, as well as to form a new auditing committee. The compliance notice came after ecoWise reported that its CEO Lee Thiam Seng had changed the locks of its server room while Mr Lee had flagged concerns about the day-to-day management by deputy CEO Cao Shi Xuan. The Catalist-listed waste management company closed at 7.8 Singapore cents on June 14, before trading was halted on June 15 and eventually turned into a suspension on June 18. |
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Joelton
Supreme |
07-Jul-2021 09:35
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ecoWise lead ID resigns from other commitments to focus on compliance notice
ECOWISE lead independent director (ID) Er Kwong Wah has resigned as lead ID of CFM Holdings and lead independent non-executive director of Chaswood Resources Holdings, effective Monday.
This to focus on a Singapore Exchange compliance notice issued to " another troubled listed company" , both companies said in separate bourse filings on Monday.
Singapore Exchange Regulation on June 25 served ecoWise a notice of compliance to appoint two new IDs, commission an internal audit and an audit of its first-half 2021 results, as well as to form a new auditing committee (AC).
Chaswood Resources and CFM said that Mr Er has decided to focus on his other obligations and commitments by virtue of his directorships in other companies.
They noted he will be " devoting a substantial amount of his working hours" to comply with the notice of compliance of the " troubled listed company" , which was not named.
CFM appointed Mr Er as its lead ID in July 2016. He was also its AC chairman and a member of the nominating committee (NC). With his stepping down, the company, which distributes and sells pharmaceutical products, will no longer be in compliance with Catalist rules which requires the AC to have at least three members.
He took on the role of Chaswood Resource' s lead independent non-executive director in September 2018. He was also the food and beverage operator' s AC chairman as well as a member of the NC and remuneration committee (RC).
Similarly with his resignation from Chaswood Resource' s board, the company will not be in compliance with Catalist rules. Its AC must have a minimum of three members, while the board must have at least two non-executive independent directors.
Both CFM and Chaswood Resources said they will also not be in compliance with various provisions under the Singapore Code of Corporate Governance 2018, regarding the compositions of the board, AC, NC and RC.
They will endeavour to fill the vacancies left by Mr Er within two months and not later than three months.
Chaswood Resources' shares have been suspended from trading since June 18, 2018. The group is undergoing a corporate restructuring exercise and operates restaurants under a home-grown brand, Italiannies in Malaysia.
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PhillipTan
Supreme |
06-Jul-2021 09:37
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ecoWise lead ID resigns from other commitments to focus on compliance noticeecoWise lead independent director (ID) Er Kwong Wah has resigned as lead ID of CFM Holdings and lead independent non-executive director of Chaswood Resources Holdings, effective Monday.This to focus on a Singapore Exchange compliance notice issued to " another troubled listed company" , both companies said in separate bourse filings on Monday. Singapore Exchange Regulation on June 25 served ecoWise a notice of compliance to appoint two new IDs, commission an internal audit and an audit of its first-half 2021 results, as well as to form a new auditing committee (AC). Chaswood Resources and CFM said that Mr Er has decided to focus on his other obligations and commitments by virtue of his directorships in other companies. They noted he will be " devoting a substantial amount of his working hours" to comply with the notice of compliance of the " troubled listed company" , which was not named. CFM appointed Mr Er as its lead ID in July 2016. He was also its AC chairman and a member of the nominating committee (NC). With his stepping down, the company, which distributes and sells pharmaceutical products, will no longer be in compliance with Catalist rules which requires the AC to have at least three members. He took on the role of Chaswood Resource' s lead independent non-executive director in September 2018. He was also the food and beverage operator' s AC chairman as well as a member of the NC and remuneration committee (RC). Similarly with his resignation from Chaswood Resource' s board, the company will not be in compliance with Catalist rules. Its AC must have a minimum of three members, while the board must have at least two non-executive independent directors. Both CFM and Chaswood Resources said they will also not comply with various provisions under the Singapore Code of Corporate Governance 2018, regarding the compositions of the board, AC, NC and RC. They will endeavour to fill the vacancies left by Mr Er within two months and not later than three months. Chaswood Resources' shares have been suspended from trading since June 18, 2018. The group is undergoing a corporate restructuring exercise and operates restaurants under a home-grown brand, Italiannies in Malaysia. Meanwhile, shares of CFM Holdings closed 10.2 per cent or three Singapore cents lower at 26.5 cents on Monday. |
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xKaiseRx
Veteran |
05-Jul-2021 14:10
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very disappointed with this company | ||||
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Joelton
Supreme |
05-Jul-2021 09:14
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Environmental solutions firm ecoWise will not convene EGM to vote on requisition notice resolutions
ecoWise says it considered the proposed resolutions in the light of SGX RegCo' s notice of compliance.
Environmental solutions firm ecoWise will not convene an extraordinary general meeting (EGM) to vote on resolutions in a requisition notice received from three members of the company in May, the company said on Friday (July 2) night.
ecoWise said that it had considered the proposed resolutions in the light of the notice of compliance issued by the Singapore Exchange Regulation (SGX RegCo) on June 25 and determined that the resolutions would not be meaningful for the company.
One resolution called for the removal of deputy chief executive Cao Shixuan, who is also one of the two executive directors, from his office as a director.
The board said it would not change the composition of the board, except for appointing at least two new independent directors (IDs) as directed by SGX RegCo, as Mr Cao' s removal would result in unnecessary disruptions and could impede the company in addressing the SGX RegCo directives satisfactorily.
In addition, the nominating committee of the company currently has only one member and cannot constitute a quorum to consider and provide a suitable recommendation on the appointments of directors as proposed in the requisition notice. The proposed directors also do not meet the requirements of being recommended by an independent, reputable professional association or body.
Their appointments would cause the board to become large and unwieldy, comprising at least seven directors after ecoWise appoints the additional IDs to its audit committee as required by SGX RegCo.
" This not only increases costs but may disallow the board to effectively address or comply with the SGX RegCo directives," the company' s board said. It added that appointing the additional IDs will address the concerns of the requisition members regarding the refreshing and reconstituting of the board for proper governance and enhancing of accountability to shareholders.
Finally, the board concluded that the resolution proposing the removal of any directors of the company appointed between the date of the requisition notice and the date of the EGM lacks the necessary specificity and contradicts the SGX RegCo directive to appoint at least two IDs.
As a result, ecoWise decided not to convene an EGM to vote on the proposed resolutions.
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PhillipTan
Supreme |
04-Jul-2021 19:18
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ecoWise will not convene EGM to vote on requisition notice resolutionsecoWise will not convene an extraordinary general meeting (EGM) to vote on resolutions in a requisition notice received from three members of the company in May, the company said on Friday night.ecoWise said that it had considered the proposed resolutions in light of the notice of compliance issued by the Singapore Exchange Regulation (SGX RegCo) on June 25 and determined that the resolutions would not be meaningful for the company. One resolution called for the removal of deputy chief executive officer Cao Shixuan, who is also one of the two executive directors, from his office as a director. The board said it would not change the composition of the board, except for appointing at least two new independent directors (IDs) as directed by SGX RegCo, as Mr Cao' s removal would result in unnecessary disruptions and could impede the company in addressing the SGX RegCo' s directives satisfactorily. In addition, the nominating committee of the company currently has only one member and cannot constitute a quorum to consider and provide a suitable recommendation on the appointments of directors as proposed in the requisition notice. The proposed directors also do not meet the requirements of being recommended by an independent, reputable professional association or body. Their appointments would cause the board to become large and unwieldy, comprising at least seven directors after ecoWise appoints the additional IDs to its audit committee as required by SGX RegCo. " This not only increases costs but may disallow the board to effectively address or comply with the SGX RegCo directives," the company' s board said. It added that appointing the additional IDs will address the concerns of the requisition members regarding the refreshing and reconstituting of the board for proper governance and enhancing of accountability to shareholders. Finally, the board concluded that the resolution proposing the removal of any directors of the company appointed between the date of the requisition notice and the date of the EGM lacks the necessary specificity and contradicts the SGX RegCo directive to appoint at least two IDs. As a result, ecoWise decided not to convene an EGM to vote on the proposed resolutions. ecoWise shares last traded at 7.8 Singapore cents on June 14. |
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xKaiseRx
Veteran |
02-Jul-2021 10:15
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Please refer 1 June 2021 statement. They already call for EGM to appoint 3 Director. Hope they do it soon since they already plan to do it.
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vju2827
Member |
02-Jul-2021 09:23
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company need to hire two independant directors, one statutory audior and audit the h1 result, the process may take three months.
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xKaiseRx
Veteran |
01-Jul-2021 22:25
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When will they request for lifting of suspension??? Talk so much | ||||
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Joelton
Supreme |
30-Jun-2021 09:21
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ecoWise CEO welcomes SGX RegCo compliance notice and directives
ECOWISE Holdings chief executive Lee Thiam Seng has said that he welcomes the SGX RegCo' s compliance notice served to the Catalist-listed company last Friday, and will extend his fullest support to the company auditor and continuing sponsor to comply with the requirements.
In a statement released on Tuesday, Mr Lee said the compliance notice validates his concerns over the company' s internal controls and the release of its H1 2021 results despite his reservations as to their accuracy.
SGX RegCo has required ecoWise to appoint at least two new independent directors have the company auditor RSM Chio Lim audit the H1 2021 results and conduct an internal audit of the adequacy and effectiveness of internal control.
Mr Lee said he has written to the board to emphasise the importance of complying with the SGX RegCo' s directives in a timely and responsible fashion. He proposed steps to this end, such as convening an urgent meeting to discuss the way forward and instituting weekly management meetings involving key management personnel, all directors and the sponsor to discuss and update operational, business and financial affairs.
In addition, he recommended reviewing all existing approval matrices as they may need to be adjusted to align with the controls required by the compliance notice and directive.
Mr Lee added that he welcomes a new law firm to replace ecoWise' s current legal advisers for a fresh perspective.
ECOWISE Holdings on Tuesday said it has reinstated the duties of all suspended staff including deputy chief executive Cao Shixuan, who was put on a leave of absence after a June 15 dispute led the company' s chief executive Lee Thiam Seng to change the locks of its server rooms.
The move is " necessary to ensure continued operations of the group' s business" , ecoWise said in a bourse filing before the market opened, and in line with the requirements in SGX RegCo' s compliance notice served last Friday.
The group said it will comply with SGX RegCo' s directive to appoint at least two new independent directors (IDs), commission an internal audit and an audit of its H1 2021 results, as well as form a new auditing committee (AC).
ecoWise said that in accordance with requirements of the notice, Mr Lee and Mr Cao will remain in their executive positions as both are familiar with the operational issues of the group. Their duties will be directly overseen by the company' s AC, including in the interim period pending formation of the new committee.
ecoWise also said it intends to implement additional safeguards to ensure the continuance of its ongoing operations and to avoid breaching its payment obligations.
All payments made by the group must now be reviewed and approved by the entire board, which comprises Mr Lee, Mr Cao and lead ID Er Kwong Wah. In the event of disagreements, the payments must be reviewed by the group' s sponsor Zico Capital, with Mr Er as the final arbiter in his capacity as lead ID, and thereafter together with members of the new AC after it is formed.
After the formation of the new AC, all payments by ecoWise will be validated by the company' s statutory auditors RSM Chio Lim LLP to ensure that such payments are made in the normal course of the group' s business and for their intended purposes.
These safeguards will remain until all directives in SGX RegCo' s notice of compliance have been satisfactorily completed and until all material findings, if any, have been addressed, said ecoWise.
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PhillipTan
Supreme |
29-Jun-2021 20:39
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ecoWise CEO welcomes SGX RegCo compliance notice and directivesecoWise Holdings chief executive Lee Thiam Seng has said that he welcomes the SGX RegCo' s compliance notice served to the Catalist-listed company last Friday, and will extend his fullest support to the company auditor and continuing sponsor to comply with the requirements.In a statement released on Tuesday, Mr Lee said the compliance notice validates his concerns over the company' s internal controls and the release of its H1 2021 results despite his reservations as to their accuracy. SGX RegCo has required ecoWise to appoint at least two new independent directors have the company auditor RSM Chio Lim audit the H1 2021 results and conduct an internal audit of the adequacy and effectiveness of internal control. Mr Lee said he has written to the board to emphasise the importance of complying with the SGX RegCo' s directives in a timely and responsible fashion. He proposed steps to this end, such as convening an urgent meeting to discuss the way forward and instituting weekly management meetings involving key management personnel, all directors and the sponsor to discuss and update operational, business and financial affairs. In addition, he recommended reviewing all existing approval matrices as they may need to be adjusted to align with the controls required by the compliance notice and directive. Mr Lee added that he welcomes a new law firm to replace ecoWise' s current legal advisers for a fresh perspective. ecoWise shares have been suspended since June 18, following a trading halt called on June 15. The shares last traded at 7.8 Singapore cents on June 14. |
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