Datapulse Technology has clarified that it has not divested its 5% stake in Travelodge Harbourfront, in contrast to what was suggested by a news agency in a May 23 article. 

 

In the article, The Business Times reported that the Harbourfront hotel was being offered for sale for a guide price of $320 million, with Datapulse having sold its minority stake. 

 

In their announcement, Datapulse says that no transaction or agreement to sell the stake has taken place. The group has since written to The Business Times to clarify this statement.  

 

The group also clarifies that Datapulse will provide timely updates concerning any future material developments. 

 

This comes weeks after the requisition for an EGM by board director Ang Kong Meng

 

AFTER ongoing internal disagreements, three Datapulse Technology : BKW 0% directors have tendered their resignations from the company&rsquo s board of directors, triggering a reconstitution, based on multiple bourse filings on Wednesday (Jul 12) night.

 

Aw Cheok Huat, who served as non-independent non-executive director, stepped down due to &ldquo ongoing disagreements with another controlling shareholder on the strategic direction of the company&rdquo .

 

The disagreements will severely affect the operations and interests of the company, &ldquo to the detriment of all shareholders&rdquo , said the cessation announcement. &ldquo In Mr Aw&rsquo s opinion, the company is best served by not having a polarised board.&rdquo

 

Likewise, independent non-executive director Choong Chee Peng Bert resigned due to these &ldquo difficulties encountered&rdquo . Yeung Koon Sang, lead independent director, stepped down &ldquo to facilitate the renewal and restructuring of the board requested by a substantial shareholder&rdquo .

 

Aw, who was the board&rsquo s chairman, will be replaced by board director Ang Kong Meng as both non-independent non-executive director and chairman.

 

In June, Ang had requisitioned an extraordinary general meeting (EGM) to pass eight resolutions. The requisition was withdrawn on Jul 12, following the board changes.

 

He had sought to remove five fellow board members &ndash including Aw, Choong and Yeung, as well as Lau Yan Wai. He also requested for Yee Chia Hsing to be removed as the company&rsquo s director, but to remain as its chief executive.

 

After the reconstitution, Yee, Lau and Yap Ming Choo remain members of the board of directors.

 

Ang also wanted to appoint two new board directors &ndash Hor Siew Fu, independent director and chairman of the audit committee at water-treatment company Memiontec and Perry Yuen, mergers and acquisitions partner at law firm Shook Lin & Bok.

 

Following the board shake-up, Datapulse will need to appoint one additional independent director, to ensure that it comprises a majority of independent directors, in compliance with corporate governance rules. The company will provide updates &ldquo in due course&rdquo .

 

Ang holds 23.7 per cent direct and deemed interest in Datapulse. He has also requisitioned an EGM for ICP, to make changes to its board. He holds a direct interest of 10.99 per cent and indirect interest of 10.35 per cent in ICP.

 

Aw, previously a substantial shareholder of the company, on Tuesday acquired 773.2 million shares in ICP, raising his stake in the company to 42.63 per cent and making him the controlling shareholder. He has made a mandatory conditional cash offer for the remaining shares of ICP.

 

Datapulse is currently watch-listed. The counter closed flat at S$0.095 on Wednesday, before the announcements.

 

Datapulse accumulated losses in its last three financial years and was placed on SGX' s watch-list on June 6. 

SINGAPORE - Mainboard-listed Datapulse Technology has received a requisition notice from shareholder and board director Ang Kong Meng to convene an extraordinary general meeting (EGM) to pass eight resolutions, it said on Thursday.

 

The resolutions seek to remove five fellow board members and appoint two others to the board.

 

The first resolution is to remove board chairman Aw Cheok Huat as the company&rsquo s director, with effect from the date of the EGM.

 

The second, third and fourth resolutions seek to remove Datapulse directors Choong Chee Peng Bert, Yeung Koon Sang and Lau Yan Wai from their posts, with effect from the date of the EGM as well.

 

Mr Ang also requested that Mr Yee Chia Hsing be removed as the company&rsquo s director, but to remain as its chief executive.

 

Additionally, he wants the board to appoint Mr Hor Siew Fu, independent director and chairman of the audit committee at water treatment company Memiontec and Mr Perry Yuen, mergers and acquisitions partner at law firm Shook Lin & Bok, as directors of the company, with effect from the date of the EGM.

 

Another resolution includes removing directors who may have been appointed between the date of the requisition notice and the date of the EGM.

 

In his letter, Mr Ang said he was &ldquo concerned about the management&rdquo of the company and &ldquo the direction the leadership is taking&rdquo .

 

This comes as Datapulse accumulated losses in its last three financial years and was placed on the Singapore Exchange Regulation watch list on June 6.

 

In its response to the notice, Datapulse&rsquo s board noted that the company&rsquo s losses and entrance to the watch list were mainly due to the Covid-19 pandemic, which &ldquo greatly affected&rdquo the global hospitality industry.

 

It added that the company&rsquo s management had started a review of current operations in May 2023.

 

Datapulse on June 14 said it will be appointing a financial adviser to carry out a strategic review.

 

Mr Ang flagged concerns about the appropriateness of Datapulse&rsquo s current board size as another reason for the requisition notice.

 

Addressing the matter, the board said it consisted of only five members before appointing Mr Ang as the company&rsquo s non-independent non-executive director.

 

Mr Ang, who holds 23.7 per cent direct and deemed interest in Datapulse, had made a request for a board seat.

 

To ensure that the board comprises a majority of independent directors, Datapulse had to appoint an additional independent non-executive director following Mr Ang&rsquo s inclusion in the board.

 

Resulting from this, the board size of the company increased from five to seven.

 

Datapulse&rsquo s board has noted that Mr Ang has not explained how he and his proposed new board members would address the concerns he raised.

 

Separately, on June 16, Mr Ang requisitioned Catalist-listed ICP to convene an EGM to remove three board directors and appoint Mr Hor as a director.

 

Mr Ang had also alleged related-party transactions between ICP and Datapulse, noting that ICP executive director Marcus Aw Ming-Yao is the son of Datapulse chairman Mr Aw &ndash a substantial shareholder of ICP.

 

Despite its views, Datapulse&rsquo s board said it will convene an EGM in due course to explain the company&rsquo s strategy and direction, and allow shareholders to vote on the requisitioned resolutions.