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AGV

WBdisciple
Elite

19-Jan-2022 10:23

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Good to know that the 3 Proposed Directors are ALL from AUDIT and ACCOUNTING background

If they are voted in next week, look forward to the turnaround of AGV.

tedlim ( Date: 18-Jan-2022 09:35) Posted:

From Circular - Information on the Three Proposed Directors for AGV:

1. Hau Khee Wee (" Mr Hau" ) is a Professional Accountant with more than 20 years of senior finance leadership experience in manufacturing, healthcare, pharmaceutical and tech companies.

Mr Hau is presently Chief Financial Officer, and from October 2019 to February 2021 was the Group Financial Controller, for Yifan International and Scigen Pte. Ltd., which are respectively the international headquarters for the overseas businesses of, and global commercial arm of Yifan Pharmaceutical Company Limited, a public company listed on the Shenzhen Stock Exchange.

Mr Hau is also currently the Lead Independent Director, Chairman of Audit Committee, and a member of the Remuneration and Nominating Committees, for China Kunda Technology Holdings Limited, a China based plastic injection moulding company listed on Catalist. He is also presently an Independent Director, Chairman of Nominating and Remuneration Committees, and a member of the Audit Committee, for Imperium Crown Limited, a property investment and development group listed on Catalist. Additionally, Mr Hau is currently a Management Board member and Vice President of Audit Committee for Bioton S.A., a pharmaceutical company listed on the Warsaw Stock Exchange.

Prior to Yifan International and Scigen Pte. Ltd., between 2018 to 2019, Mr Hau was the Finance Director of Go Game Pte. Ltd., a mobile gaming startup with operations in Singapore.

Mr Hau started his career as an Auditor in Ernst & Young. From 2004 to 2007, Mr Hau was the Company Secretary and Finance Manager for Zhongguo Powerplus Industries Limited, a China based agricultural and gardening equipment manufacturer which was previously listed on the SGX-ST. Between 2007 to 2016, Mr Hau was Executive Director and Chief Financial Officer for China Kunda Technology Holdings Limited. From 2016 to 2018, Mr Hau was the Financial Controller, Greater China for Fullerton Healthcare Corporation Limited, a vertically integrated healthcare platform in Asia Pacific.

Mr Hau graduated from Nanyang Technological University in 2000 with a Bachelor of Accountancy. He is currently a Singapore Chartered Accountant, and was a Singapore Certified Public Accountant between 2004 to 2013.

2. Lim Theng Theam (" Mr Lim" ) has more than 20 years of senior management experience in the automotive, manufacturing, and audit sectors.

Mr Lim is presently the Chief Executive Officer, and from 2002 to 2009, was the Chief Financial Officer, of Aing Hing Group, an automotive company that designs and manufactures parts and accessories for Malaysian automotive manufacturers, importers, exporters, wholesalers, and retailers. During this period, Mr Lim was also involved in businesses outside of Aing Hing Group, which included international commodities trading, advisory on optometry chain structuring, real estate agency services, and business consultancy.

Mr Lim began his career in the accounting and finance industry in 1996 with Kassim Chan & Co. (currently known as Deloitte Malaysia) in the audit department. Between 1997 to 2002, Mr Lim was Head of Finance for DMS Group, and was responsible for financial and management reporting, budgeting, regulatory and financial controls, risk management, and process improvement. The DMS Group of companies manufactures moulding systems and peripheral equipment, designs and builds automated machines, manufactures precision tools, and provides components and engineering services for the semiconductor industry.
Mr Lim graduated from Deakin University, Australia in 1996 with a Bachelor of Commerce (Accounting and Finance, Economics and Management).

3. Danny Ong Soo Yong (" Mr Ong" ) has nine years of accounting and finance experience in audit firms and tech companies.

Mr Ong is presently Managing Partner, Singapore and Malaysia, for GDPS International, a professional services company that provides accounting, tax, company secretary and advisory matters in Singapore and Malaysia. He is also currently the Chief Executive Officer, Malaysia, for TactLink Sdn Bhd, a smart-directory mobile application.

From April 2020 to February 2021, Mr Ong was the Chief Operating Officer and Finance Director of Jagole Pte. Ltd.. His responsibilities included participating in product enhancement conversation and influencing the product roadmap to build a competitive product offering. Mr Ong also drove tender submissions and participated in business development strategy and meetings, formulating, and executing business strategy together with Jagole Pte. Ltd.&rsquo s Board of Directors and CEO. He also handled investment, fundraising, and due diligence matters from investors, and managed reporting to the Executive Committee and Board of Directors. Mr Ong provided advice on Jagole Pte. Ltd.&rsquo s finance management and led all audits, working closely with external auditors.

Between May 2019 to February 2020, Mr Ong was an Audit Senior with Ernst & Young Singapore, and was responsible for establishing audit planning, audit
strategy, and supervising the audit progress to ensure deadlines are met. He also advised clients on relevant accounting treatments and provided additional guidance on new accounting standards, as well as reviewed internal controls. Mr Ong worked with clients in the manufacturing, education, and medical sectors.
From November 2014 to March 2019, Mr Ong was an Audit Team Lead for RSM Chio Lim, an accounting and advisory firm. He led the statutory audits for clients listed on the SGX main board and performed audit procedures and issued audit opinions in the Annual Financial Reports of clients to comply with listing rules. Mr Ong also reviewed the annual announcements of clients that were to be published on the SGX and at group level consolidated accounts.

Mr Ong began his career at YM Kew & Co./CA Practice Pac, an audit and assurance company, in February 2013. Mr Ong graduated from Sheffield Hallam University in 2011 with a Bachelor of Arts (Honours) in Accounting and Finance. He also graduated from Tunku Abdul Rahman University College in 2010 with a Diploma and Advance Diploma in Business Studies majoring in Accounting.

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Joelton
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18-Jan-2022 15:04

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It seems that without the former Chairman Chua, the current board do not have the hands-on experience of managing the business. Let' s await the results on 26 Jan and see if the new directors are voted it.

Hopefully, things will turn around for the better and company can resume trading and be back to normal.

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WBdisciple
Elite

18-Jan-2022 10:47

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Seems that the former Chairman Chua Wei Kee has been key to the Company...

Since the cessation of the Executive Chairman Chua Wei Kee, the Board has been exploring potential candidates for the position of Executive Director on the Board, including considering internal promotions and other potential candidate(s) recommended by the Executive Chairman after his cessation. However, since the occurrence of Mr Chua Wei Kee withdrawal of financial support to the Company, leading to material uncertainty as to going concern, coupled with the recent letters of demand received, it has significantly increased the Board&rsquo s difficulties in finding good candidates willing to take on the role.

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tedlim
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18-Jan-2022 09:35

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tedlim
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17-Jan-2022 16:27

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Seems that AGV has pretty good prospects from a Jul 2021 UOB KH report: https://research.sginvestors.io/2021/07/agv-uob-kay-hian-research-2021-07-13.html

In one of the responses, even the current board acknowledge that Former Executive Chairman Chua' s track record: The Board was aware that the Controlling Shareholder is a successful business owner holding a controlling stake in the JD group of companies, which is also a zinc supplier of the Group. This had been verified through searches and declarations provided. In the course of the Group&rsquo s transactions with the JD group of companies, the JD group of companies has continuously delivered the purchased zinc for the Group&rsquo s use.

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tedlim
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17-Jan-2022 16:02

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AGV seems to rely much on Former Executive Chairman Chua, who is Controlling Shareholder.

1. Based on 28 NOv 2021 announcement, the current board responded with " As there is now a probable decline in revenue and net income and clear indication that the Controlling Shareholder will not provide financial support in full for the estimated 4-month Cash Gap, the Board is no longer of the opinion the present banking facilities and the working capital available to the Group is sufficient to meet its present requirements."

2. Where previously, the Board&rsquo s basis on there being sufficient funds to meet its present requirements was on the Group&rsquo s ability to generate sufficient cash flows from its operations and continued financial support from the Controlling Shareholder and the Group&rsquo s institutional lenders as at the date of the 7 Oct Placement announcement. However, as announced by the Company on 10 November 2021, in light of the updates set out therein, there will be a probable decline in revenue and net income. At such point in time, it had not been expected to affect the Group&rsquo s ability to continue as a going concern taking into account, amongst others, the proposed placement proceeds and continued financial support.

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WBdisciple
Elite

17-Jan-2022 11:25

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The former Executive Chairman of AGV, Chua Wei Kee, is probably the largest shareholder of the Company with a 20% stake in the Company.

Previously, he has been providing financial support to AGV. If AGV fails, he has most to lose...

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tedlim
Veteran

17-Jan-2022 11:11

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This AGV saga is like a drama serial....on 28 November 2021, the Company made an announcement and one of its responses was...

The AC appointed internal auditors, Nexia TS Risk Advisory Pte Ltd (&ldquo Nexia&rdquo ), to conduct further investigations into the complaint. Nexia has already conducted its preliminary round of interviews and fact-finding exercise. In the course of such fact-finding exercise, Nexia has uncovered more evidence which will require further verification. Nexia has also informed the AC that one of the whistle-blowers had, after the first round of interviews, been harassed and received threatening messages from a person claiming to be the mother of Mr Chua Wei Kee. The Board does not know if this person is indeed the mother of Mr Chua Wei Kee. The aforesaid whistle-blower also informed the AC that a police report had also been lodged by the same whistle-blower informing the police of red paint being splashed on the said whistle-blower&rsquo s house. The Board also does not know who is the person who have splashed the red paint on the said whistle-blower&rsquo s house.

Question...if one is to send threatening messages....why use his/her Mother' s name to do so...defy common sense???..

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tedlim
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15-Jan-2022 18:12

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In regards to the Second Shareholders&rsquo Requisition Notice dated 13 December 2021 (the &ldquo 13 December 2021 Requisition Notice&rdquo ), the Company has verified and ascertained that the shareholdings of the Requisitioning Persons are more than 10% of the total number of issued shares of the Company.

The Second Shareholders&rsquo Requisition Notice therefore meets the 10% threshold requirement under Section 177 of the Act.

The Board has been advised by its legal advisers that on the basis of the above, the Second Shareholders&rsquo Requisition Notice is valid for the purposes of Section 177 of the Act. The Company will update shareholders as and when there may be any material developments on the same.

No reason for the current board to NOT hold the EGM since the requisition notice is valid.

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WBdisciple
Elite

15-Jan-2022 18:02

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Saw the latest announcement from AGV that talks about the whistle- blower(s) (the &ldquo Complaint&rdquo )...

Wonder what the current Board is doing all this while??? Now then say they will look into further strengthening the internal controls of the Group and will be engaging internal auditors to review the internal controls policies and processes of the Group. The Board will also be reiterating the importance of adhering to the internal controls policies and processes to all management and staff members of the Group.

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tedlim
Veteran

15-Jan-2022 16:55

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Now I see there is a EGM to remove directors and appoint new ones on 26 Jan 2022.

Hopefully the Company can resume trading very soon with the new directors appointed.

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Joelton
Supreme

18-Dec-2021 11:14

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AGV Group unit receives RM1.6m letter of demand from RHB Bank

CATALIST-LISTED AGV Group' s indirect subsidiary AGV Galvanizing has received a letter of demand for a sum of RM1.6 million (S$517,900) from RHB Bank, AGV Group announced in a bourse filing on Friday (Dec 17).

The letter of demand claimed that AGV Galvanizing had breached the terms and conditions of a contract and that it had failed to pay RHB Bank the sum due under the hire purchase facilities granted by the bank. Because of the default and breach in contract, the facilities were recalled and terminated.

AGV Group disclosed that the bank had demanded the sum, together with interest and legal fees, to be paid within 21 days from Dec 13. AGV Galvanizing also has to immediately return to the bank equipment including a galvanising furnace system and rectangular mild steel water tanks.

If the company fails to do so, RHB Bank will commence legal proceedings against AGV Galvanizing.

AGV Group is currently seeking legal advice on its position, it said in the Singapore Exchange filing.

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tccroy
Elite

25-Nov-2021 12:26

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Normally I do not take risk entering those companies with negative equity or almost zero equity no matter how the price shoot up. We have to face the fact when the liabilities exceeded the assets

Thi654321ABCDEF ( Date: 25-Nov-2021 11:53) Posted:

now days many many companies calling suspension , big issue , if you buy , you must sell on the same day otherwise they will call suspension on the net day without adavance notice. Now this is the big issue facing every one.

Joelton ( Date: 25-Nov-2021 09:43) Posted:

AGV flags going concern uncertainty requests voluntary trading suspension

AGV Group $ AGV: 1A4 0% warns that the lack of financial support amid Covid-19' s impact on its business has resulted in a material uncertainty over its ability to continue as a going concern.

This comes amid the termination of its October share placement, and notice from its controlling shareholder who said he would not provide financial support for the company' s cash gap in full.

As such, AGV does not intend to lift the trading halt on its shares, which has been in effect since Nov 19, 2021, and will request a voluntary trading suspension until the issues can be addressed.

On Nov 10, the provider of hot dip galvanising services had said that 53 per cent of its production workers at its galvanising plant in Tuas have tested positive for Covid-19.

As the number of workers able to work are significantly reduced, AGV expected a material reduction to the production tonnage of its Singapore operations.

Then, AGV had said the probable decline in revenue and net income will likely not affect its ability to continue as a going concern and its ability to fulfil its near-term obligations, as it still had the share placement and it was making arrangements to allow for materials to be galvanised at the group' s Malaysia plant instead.

But placees of AGV' s share placement have since requested the termination of the share placement as they were not agreeable to a direct allotment and issue of shares. AGV had proposed the direct placement as its lender did not agree to effect the share lending agreement.

Furthermore, the company' s controlling shareholder Chua Wei Kee said he would not provide for the company' s cash gap up to March 2022, despite his earlier undertaking to provide financial support.

AGV said its board had reiterated that this would result in AGV becoming insolvent, but Chua said he would only be willing to directly provide less than 25 per cent of the estimated 4-month cash gap, and was firm in the amount of financial support that he is willing and able to provide.

AGV said it was working with its creditors, suppliers and customers " to endeavour to continue its business operations with minimal disruption while it sorts out this state of affairs" .

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Thi654321ABCDEF
Master

25-Nov-2021 11:53

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