Matex International’s Board Shake-Up, Leadership Settlement, and Strategic Overhaul: What Investors Must Know

Key Takeaways for Shareholders

• Major Board Restructuring: Multiple high-profile resignations and new appointments, including a new Executive Director, signal a pivot in corporate governance.
• Settlement Agreement with Former Executives: Substantial payments and benefits to outgoing leaders, but no material impact on financials due to prior budgeting.
• Termination of Subscription Agreements: No financial implications for the company.
• Immediate Focus on Trading Resumption: New management’s top priority is restoring trading on the SGX-ST.
• Strategic Overhaul Underway: Internal restructuring and new strategic direction being formulated.

In-Depth Report: What Happened at Matex International?

Matex International Limited has undergone significant changes at the top, culminating in a series of board resignations, appointments, and a settlement agreement with outgoing executives. These events, combined with immediate plans for business restructuring and share trading resumption, present a potentially pivotal moment for the company—and its shareholders.

Leadership Changes and Settlement Payments

On September 16, 2025, the company announced the resignation of its Non-Executive Chairman and Independent Director, Mr Wang Daofu, alongside two executive directors, Dr Tan Pang Kee (former CEO/Managing Director) and Mr Tan Guan Liang (former Executive Director). These departures are tied to a settlement agreement dated September 14, 2025, involving substantial payouts:

• Dr Tan: S\$462,000 (one year’s remuneration)
• Mr Tan: S\$216,000 (one year’s remuneration), with S\$107,000 offset through the sale of a company vehicle, netting a S\$109,000 cash payout
• Ms Lok Fong Meng (former Assistant GM): S\$198,000 (one year’s remuneration)

These payments total S\$876,000. Importantly, the board clarified that these costs were already budgeted as part of annual remuneration and will not materially impact net tangible assets or earnings per share for FY2025.

Termination of Subscription Agreements

The settlement also required the termination of certain subscription agreements with Ms Gan Peiling and Ms Lim Yan Peng. All parties mutually discharged each other from liabilities, with no resulting financial impact to the company.

Chronology and Disclosure of the Settlement

Negotiations for the settlement began in early September and were finalized on September 14, 2025, but only signed on September 15 due to changing or unfulfilled conditions precedent. The company delayed public disclosure until after legal advice confirmed the payouts were considered employment income, not compensation for loss of office. This clarification was needed to comply with Singapore’s legal and SGX regulatory requirements, and the settlement announcement was released only after all compliance checks and board approvals were completed on September 19, 2025.

Appointment of New Executive Director: Dr Danny Oh Beng Teck

The new Executive Director, Dr Danny Oh, was appointed to spearhead the company’s transition and strategic direction. Dr Oh has a PhD in Business Management and over 30 years of experience in managing companies in manufacturing, construction, laboratory, safety, and geotechnical industries. While he lacks direct experience in Matex’s core industry, the board is confident that with support from existing staff, his leadership will benefit the company’s strategic overhaul.

Regulatory Background of Dr Oh and Other Companies

Dr Oh currently serves as a director at ecoWise Holdings Limited and was previously a director at Imperium Crown Limited and China Powerplus Limited. The board is aware of past regulatory or internal investigations at ecoWise and Imperium Crown but clarified that Dr Oh was not involved in any wrongdoing nor was he on the board during the relevant periods. His role at ecoWise involved helping the company complete a Notice of Compliance and achieve trading resumption.

Implications of the Settlement on Board Appointments and Shareholder Resolutions

The settlement agreement did not affect the appointment of Dr Oh or Mr Tan Chong Huat as directors, nor did it impact the shareholder resolutions at the September 16 EGM. The resolutions focused solely on the appointment of these directors, and the settlement terms did not influence the voting outcome.

Immediate and Future Business Plans

The new board’s immediate priority is to secure the resumption of trading for Matex International’s shares on the SGX-ST. Management, led by Dr Oh, is also conducting an internal restructuring and reassessment of the company’s strategic direction. The board has committed to updating shareholders as more detailed plans are formulated.

Why This Matters for Shareholders

• Leadership Uncertainty Resolved: The settlement and board changes remove uncertainty about company leadership and direction.
• No Unplanned Financial Hits: Despite large payouts to outgoing executives, there is no material impact on the company’s financial health for FY2025.
• Trading Resumption in Focus: A successful resumption of trading could unlock value for shareholders and improve liquidity.
• Strategic Overhaul Could Drive Future Value: New leadership and restructuring may set the stage for future growth, but details are pending.

Investor Watchpoints

• The company’s ability to quickly complete trading resumption is likely to be a key share price catalyst.
• Details of the new strategic direction, when released, could materially affect investor sentiment and valuation.
• Any further board or management changes should be closely monitored for impact on stability and governance.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with professional advisors before making investment decisions. The author and publisher are not responsible for any losses arising from reliance on this report.

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