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Straits Times
23-07-2025
- Business
- Straits Times
Aoxin Q&M Dental CEO resigns after whistleblower report is lodged
Find out what's new on ST website and app. SINGAPORE - Catalist-listed Aoxin Q&M Dental announced the resignation of its executive director and chief executive officer Shao Yongxin in a bourse filing on July 22. This comes after the company's audit committee (AC) received a whistleblower report against Dr Shao on July 21. 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 has held his positions since 2017, and will now work together with his successors to hand over his duties. The Chinese spin-off of Singapore's Q&M Dental Group had requested a trading halt on the morning of July 22, pending the release of an announcement. Top stories Swipe. Select. Stay informed. Business Singapore's digital banks finding their niche in areas like SMEs as they narrow losses in 2024 World Trump says US will charge 19% tariff on goods from Philippines, down from 20% Singapore Two found dead after fire in Toa Payoh flat Singapore 2 foreigners arrested for shop theft at Changi Airport Opinion Most companies onboard wrong – here's how to get it right Life Ozzy Osbourne, Black Sabbath's bat-biting frontman turned reality TV star, dies aged 76 Singapore Singaporeans continue to hold world's most powerful passport in latest ranking Singapore Ports and planes: The 2 Singapore firms helping to keep the world moving 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 made a mandatory unconditional cash offer for all the shares in Aoxin Q&M it did not already own.
Business Times
01-05-2025
- Business
- Business Times
Q&M Dental makes cash offer for remaining Aoxin Q&M shares at S$0.0321 each
[SINGAPORE] Mainboard-listed Q&M Dental Group (Singapore) has made a mandatory unconditional cash offer to acquire all the shares it does not already own in its subsidiary Aoxin Q&M at S$0.0321 per share. In a bourse filing on Thursday (May 1), Aoxin Q&M's board informed shareholders that Q&M had released the offer document on Wednesday. The board also announced plans to appoint an independent financial adviser to guide its independent directors on the offer. The offer will close at 5.30 pm on May 28. If fully accepted, Q&M will pay around S$8.1 million for the offer shares. The development follows Q&M's recent increase in its stake in Catalist-listed Aoxin Q&M from 33.33 per cent to 50.53 per cent. In line with Rule 14.1 of the Singapore Code on Take-overs and Mergers, Q&M is required to make a cash offer for all remaining shares not already owned, controlled, or agreed to be acquired by the group. The increase in stake comes after Q&M acquired 87,973,480 shares from Health Field Enterprises Limited (HFEL) under a share security agreement dated Oct 12, 2016, which HFEL had entered into in favour of Q&M. The transaction was completed at a volume-weighted average price (VWAP) of S$0.0321 per share, based on trades conducted on Apr 22, 2025, the last full market day on which Aoxin's shares were traded before a trading halt was imposed on Apr 28. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This acquisition represents a partial settlement of profit guarantee obligations owed by Dr Shao Yongxin, executive director and group CEO of Aoxin, and HFEL under a master agreement dated Nov 13, 2013. This follows Q&M's issuance of a letter of demand on Apr 18 to Dr Shao for 72.3 million yuan (S$13 million), arising from shortfalls in profit guarantees. Despite repeated reminders, Dr Shao and HFEL have failed to meet their obligations or propose a reasonable alternative, Q&M said. Under the share security arrangement, Q&M was entitled to transfer the relevant number of Aoxin shares held by HFEL to an independent third party for sale. Proceeds, after deducting transaction costs, would then be used to cover the shortfall. However, Q&M said 'no suitable third-party buyers were found by the independent third-party despite using its reasonable endeavours'. As a result, the group has opted to acquire the 87,973,480 Aoxin shares from HFEL directly on Apr 30, at S$0.0321 per share, as partial settlement of the outstanding amount. 'Aoxin's businesses are complementary to the group's business, and the acquisition of Aoxin shares via the security enforcement is aligned with the group's strategy to expand its assets and earnings base,' added Q&M. The group also stated it does not intend to make any material changes to Aoxin's business operations following the acquisition, and plans to maintain the company's listing status on the Singapore Exchange. Shares of Q&M last traded flat at S$0.29 on Apr 30, while shares of Aoxin Q&M last traded at S$0.03 before its trading halt on the morning of Apr 28. On Thursday evening, Aoxin requested to lift its trading halt.
