Aoxin Q&M Dental CEO resigns as whistle-blower report lodged
This comes after the company's audit committee (AC) received a whistle-blower report against Dr Shao on Monday (21 Jul). The committee has launched an investigation into the matter, it said.
'The board, on the recommendation of the AC, will update shareholders as soon as (the) investigation is complete,' said Aoxin.
Aoxin cited 'differences in views and opinions' with its parent, mainboard-listed Q&M Dental, regarding the strategic direction of the dental business as the reason for Dr Shao's resignation.
Aoxin's general manager Dr Bai Yi and deputy general manager Huang Zhenxing will subsume the role and scope of the CEO.
Dr Shao held his positions since 2017, and will now work together with his successors to hand over his duties.
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The Chinese spin-off of Singapore's Q&M Dental Group had requested a trading halt on Tuesday morning, pending the release of an announcement. Aoxin operates dental hospitals and polyclinics in four different cities in Liaoning province in Northern China. It also distributes dental equipment and supplies.
Q&M Dental had issued a letter of demand to Dr Shao in April for about 72.3 million yuan (S$12.9 million). It had cited an October 2016 circular, where it said Dr Shao 'had provided certain profit guarantees' in relation to an acquisition made by its subsidiary. This followed Shanghai Q&M Investment Management & Consulting's acquisition of Shenyang Xinao Hospital Management from Dr Shao.
In May, Q&M Dental had made a mandatory unconditional cash offer for all the shares in Aoxin Q&M it did not already own.
Shares of Aoxin Q&M Dental were 8 per cent or S$0.004 lower at S$0.046 on Monday, before it called for a trading halt in the morning. The company requested to lift the trading halt in the afternoon, following Dr Shao's resignation.
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