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Epicentre seeking legal advice on debt, chairman Lim Tiong Hian 'uncontactable'

Epicentre seeking legal advice on debt, chairman Lim Tiong Hian 'uncontactable'

Epicentre's executive chairman and acting chief executive officer Lim Tiong Hian. (Photo: Epicentre)

SINGAPORE: The chairman and acting CEO of Epicentre Holdings Lim Tiong Hian has been uncontactable since last Friday (May 24), the company said in a Singapore Exchange (SGX) filing on Thursday.

The electronics retailer also announced that it will not proceed with a proposed placement of up to 79.7 million new ordinary shares.

"Mr Lim Tiong Hian, Executive Chairman and acting Chief Executive Officer of the company, who has been key and instrumental to the proposed placement, has been uncontactable since May 24, 2019," it said in an update following a trading halt. 

"The company does not have any monies held in escrow."

The firm remains under the leadership of its independent directors, who are "considering all possible options in the best interests of the company", it added.

It also revealed in the statement that it received statutory demands on May 21 and May 27 from three creditors to settle its debts. The firm said it was seeking legal advice and "assessing the potential impact" on the group.

The company is trying to come up with a "workout plan to facilitate repayment to creditors", it said.

"This potentially raises issues in terms of the group's and the company's ability to continue as a going concern," it added.

The Catalist-listed company called for a trading halt on Thursday morning before the market opened.

The company was queried by the Singapore Exchange on May 24 for unusual price movements after its shares dived from 10.4 cents to 3.8 cents that day. They are now at 1.8 cents.

It said then that the company was not aware of any information which might explain the trading.

Mr Lim, who is in his 40s, has headed Epicentre since 2016.

Source: CNA/hm

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