METECH International : V3M 0% on Monday (Nov 7) night announced the receipt of a second letter requesting the convening of an extraordinary general meeting (EGM) in as many days.

 

In a bourse filing, the investment holding company involved in electronic waste management solutions said it received a letter dated Nov 7 from Ang Poh Guan and Ng Cheng Huat (requisitioning members), who, the letter states, hold a combined stake of some 15.07 per cent in the Catalist-listed company.

 

Their letter referred to the company&rsquo s announcement on Nov 6 in relation to another requisition letter dated Nov 4 from Ng Eng Tiong, who is seeking an EGM to remove Samantha Hua Lei as the company&rsquo s chief executive officer and an executive director.

 

The requisitioning members stated they had &ldquo earlier expressed and continue to have grave doubts&rdquo as to the ability of Chay Yiowmin to properly act as an independent director of the company. 

 

The duo said that as Ng Eng Tiong has expressed his intention to requisite the removal of Metech&rsquo s sole executive director while keeping Chay on the company&rsquo s board as the sole director, they would like to protect their interests by exercising their rights under section 176 of the Companies Act 1967 to request an EGM be convened.

 

They want the EGM to consider and vote on having Chay removed as a board director, Ng Cheng Huat be appointed a non-executive and non-independent director, and for Ang to be appointed an executive director, with all three resolutions to take effect from the date of the EGM.

 

Their requisition letter also requests Metech to reply by 4 pm on Nov 11 as to whether it will convene an EGM and if so, that the company will issue the notice of EGM with, among other things, the date, time and venue of the EGM as required by the Companies Act and/or the Company&rsquo s Constitution by no later than Nov 27.

 

In the requisition letter from Ng Eng Tiong, it was stated that he has a 10.1920 per cent stake in Metech, and among other things, requested that the company reply by Nov 11 whether it will convene the EGM, and if it would issue the notice of EGM and details concerning the intended EGM by no later than Nov 25.

 

Besides the removal of the CEO, Ng is also seeking a resolution that the appointment of any director to the company&rsquo s board from the date of the requisition to the date of the EGM be invalidated and such directors (if any) to be removed from office with effect from the date of the EGM.

 

In response to both requisition letters, the company said its board is currently seeking legal advice, including but not limited to the timelines set out in the letters. 

 

Metech added that the board will provide further updates to shareholders when there are material developments on the matters.

 

https://www.ft.com/content/1e643208-8ef4-41e8-b8a4-1ea45111cd86

 

 

METECH International said it has received a letter dated Friday (Nov 4) from substantial shareholder Ng Eng Tiong requesting the company to reply by Nov 11 whether it will convene an extraordinary general meeting under Section 176 of the Companies Act 1967 to remove Samantha Hua Lei as the company&rsquo s chief executive officer and an executive director.

 

The requisition letter states that Ng has a 10.1920 per cent stake in the Catalist-listed company, Metech said in a regulatory filing with the Singapore Exchange on Sunday night.

 

Ng is seeking the removal of the CEO from the date of the EGM. In the requisition letter, Ng also asked the company if it would issue the notice of EGM with, among other things, the date, time and venue of the intended EGM as required as required by the Companies Act and/or the company&rsquo s constitution, by no later than Nov 25, 2022.

 

Besides the removal of the CEO, Ng is also seeking a resolution that the appointment of any director to the company&rsquo s board from the date of the requisition to the date of the EGM be invalidated and such directors (if any) to be removed from office with effect from the date of the EGM.

 

The company said that the board is currently seeking legal advice in relation to the requisition letter, including but not limited to the timelines set out in the letter.

 

It added that the board will provide further updates to the shareholders when there are material developments on this matter.

Singapore Exchange listed Metech International Limited has announced that its joint venture company, Asian Eco Technology Pte. Ltd. (AET) has established a unit for the production of lab-grown diamonds.
This project has been initiated by AET because continual discoveries are being made of greater uses for diamonds in industrial applications. Diamonds could herald future electronics with powerful new properties that will enable next-generation military, aerospace and telecommunications applications. Besides, the Lab-grown diamond is chemically, physically and optically identical to a mined diamond. Hence without the need for mining, lab-grown diamonds is a sustainable source of this important material.
Global lab-grown diamond production reached 6-7 mn cts produced in 2020 alone, with up to 60% of it manufactured in China. However, it is still a very small market segment as compared to diamond mining, which peaked at 152 mn carats in 2017 and currently stands at around 111 mn cts.
Ms. Samantha Hua, Deputy CEO and Executive Director of Metech, said: " The establishment of our specialised and high-tech production facility for lab-grown diamonds in Singapore is a pivotal part of our business strategy. Sustainability is a core focus for Singapore' s future development, and we believe that the sustainability features of lab-grown diamonds and its increasing applications are aligned with the growth trends of the future. Building on our current momentum, we look forward to expand our production capabilities in Singapore and grow our business presence globally."

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough& Polished 

https://www.rough-polished.com/en/news/123220.html

Artificial diamonds and natural diamonds are almost identical in appearance, texture and even manufacturing process. If you get married, will you buy a natural diamond worth tens of thousands of yuan or an artificial diamond worth a few thousand yuan?

Recently, artificially cultivated diamonds have become popular, which has aroused heated discussion among netizens, and Zhecheng, Henan, as the man-made " diamond capital" , has also frequently appeared on the topic list.

It is reported that cultivated diamonds  refer to crystals that are artificially produced and have the same appearance, chemical composition and crystal structure as natural diamonds.



According to the different end application fields, cultivated diamonds are mostly used in the consumer field, while those widely used in the industrial field are called industrial diamonds, both of which belong to the category of synthetic diamonds.

Data shows that  China' s annual production capacity of synthetic diamond accounts for more than 50% of the world' s total, while more than 90% of China' s synthetic diamond production capacity is in Henan.

According to Henan Daily, Zhecheng County, Henan Province, produces 1.5 billion carats of single crystal diamonds and 4.7 billion carats of fine diamond powder. The annual output and export volume of fine powder account for 70% and 50% of China' s market share, respectively.

In addition, in 2021, the global production of cultivated diamonds will be 9 million carats, and Zhecheng County alone will produce 4 million carats, making it the " capital of man-made diamonds" .

Moreover, man-made diamonds have higher purity and more beautiful color. The key is that the appearance cannot be distinguished at all, and the price is 90% cheaper. This also makes Chinese man-made diamonds continue to seize the share of natural diamonds in the international market.

As the world' s largest natural diamond manufacturer, De Beers is increasingly affected by man-made diamonds year by year. In the future, with the development and progress of man-made diamond cultivation technology, it is not impossible for diamonds to be directly hit the cabbage price.