Datapulse gets shareholders' nod to move into hotel investments

DATAPULSE Technology's board led by its chairman of seven months Aw Cheok Huat mostly got its way at Thursday's extraordinary general meeting that cemented the course for the cash-rich company's shift into hospitality.

During Thursday's meeting, vacant seats were visible at the EGM venue in YMCA Singapore, in contrast to a packed room at the EGM a year ago amid bitter a shareholder tussle. Under a new board since the emergence of Mr Aw as a substantial shareholder last July, the business is being sold back at a loss as it no longer fits in with the group's property agenda.

Ms Bie Tjin, a substantial shareholder, had last year launched a challenge to oust several newly-appointed directors who had backed the Wayco buyout shortly after the surprise entry of Ng Siew Hong as the company's controlling owner. Her bid failed but the long drawn saga hurt Datapulse's stock price.

Corporate governance advocate Mak Yuen Teen, who has over the past year scrutinised the company's every business move, including its latest hotel investments, asked a number of questions. On why Datapulse is forking out some S$6.2 million to refurbish the South Korean hotel considering the last refurbishment was done only in 2016, Mr Aw said it was necessary as part of the group's repositioning of the hotel as an international midscale brand.

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