Matex International Faces Legal Roadblocks and Boardroom Tensions: EGMs, Injunctions, and Data Disclosure in the Spotlight

Key Developments and Investor Takeaways

• Extraordinary General Meetings (EGMs) in legal limbo: Multiple requisitioned EGMs—some cancelled, some proceeding—amidst shareholder activism and court intervention.
• Interim injunction issued by Singapore High Court: Nanyang Commercial Management Pte. Ltd. is barred from holding its scheduled EGM, raising questions about shareholder influence and board control.
• Ongoing legal proceedings: The Company is embroiled in HC/OA 790/2025 and related matters, impacting governance and future direction.
• Board and data disclosure disputes: Tensions within the Board about personal data redactions and lack of transparency in management’s legal dealings could signal deeper governance issues.
• Trading suspension remains in effect: Trading in Matex International’s securities has been suspended since 23 July 2025, heightening uncertainty for shareholders and potential investors.

Detailed Analysis for Investors

Legal and Corporate Governance Turmoil

Matex International Limited is currently navigating a high-stakes series of shareholder actions, legal challenges, and internal board disputes that could have significant implications for the company’s future and its share value.

Following a flurry of requisitioned extraordinary general meetings (EGMs), the Singapore Exchange Regulation (SGX RegCo) raised queries concerning the Company’s compliance with disclosure and data privacy requirements. The Board has responded publicly, detailing recent legal and procedural developments.

Extraordinary General Meetings: Cancellations and Proceedings

Shareholder activism is at the forefront: Nanyang Commercial Management Pte. Ltd. and a group known as the “New Requisitionists” (including CSF Fund I Pte. Ltd. and DBS Nominees Pte. Ltd., as instructed by Mr. Khua Khian Keong) have each sought to convene EGMs, likely with the intent of influencing the board’s composition and the company’s strategic direction.

However, a pivotal interim injunction granted by the Honourable Justice Hoo Sheau Peng on 5 September 2025 has blocked Nanyang Commercial from holding its EGM scheduled for 11 September 2025. The company has confirmed this EGM has been cancelled. The injunction is in place pending final resolution of the ongoing legal proceedings (OA 790), including any potential appeals or further court orders.

Notably, the EGM requisitioned by the New Requisitionists is still scheduled to proceed on 16 September 2025, as the court orders do not affect their meeting.

Legal Proceedings: OA 790 and Boardroom Power Struggles

The dispute centers around OA 790, in which two executive directors—Dr Tan Pang Kee and Mr Dro Tan Guan Liang—are claimants. The court is still determining the outcome, and a case conference has set further legal steps, including a conversion of OA 790 into an originating claim and another conference set for 23 September 2025.

The interim injunction aims to “preserve the status quo”, highlighting the seriousness of the legal contest for control and direction at Matex International.

Disclosure and Data Privacy Controversy

A significant point of contention has been the provision of the company’s register of members and CDP shareholding lists to requisitioning shareholders. The Company insists that disclosures are subject to Singapore’s Companies Act and the Personal Data Protection Act (PDPA), meaning only names, addresses, number of shares, and amounts paid are provided, with other personal data redacted.

Board divisions have surfaced: Independent Director Mr Chng Hee Kok publicly objected to the redactions, stating he has not been shown legal advice justifying these measures. Alongside Mr James Kho, another Independent Director, he raised concerns about being excluded from key legal and strategic discussions, including the handling of the company’s compliance with the PDPA and court submissions.

The Executive Directors countered that these concerns should be viewed in the context of the Independent Directors’ nomination by Nanyang Commercial, hinting at possible conflicts of interest or factional board politics.

Trading Suspension Heightens Risk

Since 23 July 2025, trading in Matex International securities has been suspended, further elevating the risk profile for current and prospective shareholders. The Company advises investors to monitor future disclosures closely and to consult professional advisers as the situation evolves.

Critical Investor Takeaways

• The inability of Nanyang Commercial to proceed with its EGM may limit immediate board changes but does not resolve underlying governance conflicts.
• The proceeding EGM by the New Requisitionists could still trigger major changes in board composition and strategic direction, depending on the outcome.
• Legal and procedural uncertainty, especially over data privacy and board transparency, may weigh on investor confidence and affect future share value once trading resumes.
• Continued trading suspension adds to the uncertainty and potential volatility when (or if) the shares are re-listed.

What Investors Should Do

Shareholders and potential investors should pay close attention to further company announcements, court decisions, and the outcome of the upcoming EGM. The ongoing legal and boardroom disputes underscore the need for caution, as the eventual resolution could significantly reshape Matex International’s governance and prospects.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should do their own due diligence or consult professional advisers before making investment decisions. The information herein is based on publicly available disclosures as of 12 September 2025 and may be subject to further updates or changes.

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