Axington's board engaging Loh cousins on strategic changes to business direction

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Axington's board engaging Loh cousins on strategic changes to business direction
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THE two-man board of Axington Inc is engaging with controlling shareholders Nelson Loh and Terence Loh to obtain clarity on strategic changes to be made in the business direction of the company, the Catalist-listed firm said in a bourse filing late on Thursday. Read more at The Business Times.

Following controversy surrounding a bid for English football club Newcastle United by the Lohs and Axington's former non-independent, non-executive chairman Evangeline Shen, Axington on Sept 6 requested a voluntary suspension of its shares, pending the release of an announcement in relation to strategic changes in its business direction.

In its response to SGX on Thursday, the company said its shares will continue to remain suspended pending the release of the announcement. Axington Singapore remains the company's sole operating subsidiary. Axington ceased operations in Malaysia following the divestment of subsidiary Axcelasia Taxand on April 15, and is in the process of striking off three more dormant subsidiaries, namely Axington Lao, Audex Governance and Axcelasia Vietnam.

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