This came after Datapulse’s admission of lack of probe.
The Singapore Exchange (SGX) demanded Datapulse Technology (Datapulse) to inform them ahead of any possible acquisition involving Ang Kong Meng.
Datapulse last December agreed to buy the personal care product firm Wayco Manufacturing (Wayco) sold by Ang at $3.5m.
However, the deal was plagued with issues after Datapulse’s board admitted in a letter to SGX last December that it did not conduct “extensive due diligence” before acquiring Wayco since their former chief executive, Kee Swee Ann, used to work for them as a general manager and “is familiar with the business and operations” of the company.
In an opinion article published by Singapore Law Watch on Wednesday, it was also revealed that Wayco’s vendor, Ang Kong Weng, and Datapulse’s new controlling shareholder, Ng Siew Hong, are joint shareholders of Anone Investment Pte. Ltd.
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