Matex International’s Upcoming EGM: Cessation Payments to Key Ex-Management May Impact Shareholders

Key Points from the Report

• Extraordinary General Meeting (EGM) Scheduled: Matex International Limited will be convening an EGM, expected to take place in January 2026.
• Cessation Payments Under Scrutiny: The EGM will seek shareholder approval for cessation payments to Dr Tan Pang Kee and Mr Tan Guan Liang, pursuant to a Settlement Agreement dated 14 September 2025.
• Regulatory and Legal Oversight: The payments are classified as an “interested person transaction” under Chapter 9 of the Catalist Rules, requiring enhanced transparency and shareholder consent.
• Shareholder Circular Forthcoming: The Board is preparing a detailed circular, pending additional information and documents from Dr Tan and Mr Tan.
• Legal Correspondence: Solicitors for Dr Tan and Mr Tan have queried the Company regarding the status of the EGM and the payments, indicating heightened attention from the parties involved.
• Compliance Process: The Board, with the advice of its Sponsor, ZICO Capital Pte. Ltd., is managing the process to ensure all regulatory requirements are met.

What Shareholders Must Know

• Potential Share Price Impact: The approval or rejection of the cessation payments could affect the Company’s financial position and market sentiment. Investors should closely monitor announcements leading up to the EGM.
• Interested Person Transaction: These payments are not routine—they are subject to Singapore Exchange Catalist Rules, which means shareholder scrutiny is high and there could be implications for governance and transparency standards.
• EGM Timing and Notice: The Notice for the Intended EGM will be published by 19 December 2025, with the meeting expected in January 2026 after statutory notice is fulfilled.
• Ongoing Information Disclosure: The Board has committed to providing further updates, and shareholders should watch for additional disclosures, especially with legal advisors involved in correspondence.

Detailed Analysis of the Announcement

Matex International Limited has entered a critical phase regarding cessation payments to its former key executives, Dr Tan Pang Kee and Mr Tan Guan Liang. These payments are governed by a Settlement Agreement dated 14 September 2025. The Board has determined that these payments constitute an “interested person transaction” under Singapore Exchange Catalist Rules, which triggers a mandatory shareholder vote at an EGM.

The Company has received legal queries from the solicitors acting for Dr Tan and Mr Tan, underscoring the contentious nature and importance of the payments. In response, Matex’s Board, through its legal advisors, is engaging with the former executives to obtain all necessary information and documents. This is to ensure that shareholders receive a comprehensive circular detailing the circumstances and rationale behind the payments ahead of the EGM.

Significantly, the Board plans to issue the official Notice of EGM and supporting documents by 19 December 2025, positioning the EGM in January 2026. This timing allows for the statutory notice period and ensures compliance with regulatory protocols. The process is being closely managed in consultation with the Company’s Sponsor, ZICO Capital Pte. Ltd., to safeguard the interests of shareholders and maintain regulatory transparency.

With the payments coming under regulatory scrutiny and legal correspondence ongoing, the outcome of the EGM will be closely watched. Approval or rejection of the cessation payments could influence Matex’s future governance standards, financial health, and ultimately, share price. Investors should remain vigilant, as further updates from the Board may carry significant implications.

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Disclaimer

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors should conduct their own due diligence and consult with professional advisers before making any investment decisions. The information provided is based on the latest company disclosures and may be subject to change.

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