Pavillon Responds to SGX Query on Control Over Fengchi IOT and Daju

MT Newswires08-27

Pavillon (SGX:596) addressed a query from the Singapore Exchange Securities Trading regarding its half-year results for the period ended June 30, according to a Monday filing on the Singapore Exchange.

The query pertained to the company's assertion that it had gained control over Fengchi IOT and Daju.

In response, Pavillon Holdings detailed that the control change followed the retirement of the previous executive chairman on April 26 and the subsequent appointment of a new executive chairman.

The restructured board now includes representatives linked to a major shareholder, including a non-executive director who is also the sole director and shareholder of this major shareholder.

Despite holding only a 49% equity interest in Fengchi IOT and Daju, the company explained that the new board composition allows it to direct the relevant activities of these entities, thus effectively controlling their financial and operating policies

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