Allan Yap, executive chairman of Hanwell Holdings and Tat Seng Packaging Group, has resigned from both SGX-listed companies with effect from Sept 23, following a belated declaration that he has been made a bankrupt in Hong Kong.
Yap, who was also chairman of Master Glory Group, “vacated” from this Hong Kong listed company’s board on Aug 3 - the day he was ruled a bankrupt.
The resignation was announced in Hong Kong on Aug 24, but not in Singapore, where under similar laws, bankrupted individuals are among those not to hold directorships.
Earlier, on Aug 7, Yap resigned as chairman from yet another Hong Kong listed company, hotel operator Greater Bay Area Dynamic Growth Holding, citing “other personal commitments”.
In a Sept 24 SGX announcement by Hanwell, Yap “expressed his apology” to the company for the oversight, as “he has been extremely busy engaged on his other personal commitments.”
“The board is of the view that the development of Dr Allan Yap being adjudged a bankrupt has no material impact as there is minimum implications on the Company’s business, financials and operations,” said Hanwell on Sept 24.
“The company has strong fundamentals in terms of its management team, sound balance sheet and would like to assure its customers, shareholders and investors that despite this unfortunate incident, the company remains committed to its business mission and will stay united at all times,” the company added.
Yap’s wife, Tang Cheuk Chee, executive director of Hanwell, has been actively buying shares from the market since the start of September. Starting Sept 8 onwards, she has bought more than 7.1 million Hanwell shares.
Tang now holds just over 10% of the company, and combined with Yap’s stake, she has a total direct and deemed interest of nearly 20%.
On Aug 13, Hanwell reported earnings for 1HFY20 that more than doubled to $9.92 million, as it enjoyed better margins even though revenue dipped slightly.
Hanwell last traded at 29 cents, up nearly a third, year to date.
