OneApex Limited 2026 AGM: Detailed Highlights, Key Resolutions, and Investor Takeaways

Date of Meeting: 30 January 2026
Location: NUSS Suntec City Guild House, Singapore
Time: 10:00 a.m. – 10:35 a.m.

Executive Summary

OneApex Limited convened its Annual General Meeting (AGM) to address a range of matters, including the adoption of financial statements, re-election of directors, approval of directors’ fees, auditor appointment, share issuance authority, share buy-back mandate, and renewal of the interested party transactions (IPT) general mandate. Several resolutions were passed unanimously or with overwhelming support, but the meeting also revealed critical information about the company’s business outlook, revenue composition, and strategic intentions that may be of interest to investors and could influence share price sentiment.

Key Points and Resolutions Passed

• Adoption of FY2025 Results: The company reported a dramatic decline in revenue to S\$49,000 in FY2025 after the completion of its Apex Foodworks project, which generated S\$76 million in FY2024. The 2025 revenue was primarily from property management services, reflecting the absence of new property development completions.
• Director Re-Election: Mr. See Chiau Hwa was re-elected as Director, remaining Chairman of the Nominating and Remuneration Committees and a member of the Audit and Risk Committee. He continues to be classified as independent under SGX Catalist rules.
• Directors’ Fees: Approval was given for S\$155,000 in directors’ fees for FY2026, to be paid half-yearly in arrears.
• Auditor Re-Appointment: Messrs Ernst & Young LLP was re-appointed as external auditor, with the Board authorized to fix their remuneration. The audit fee for FY2025 was negotiated to below S\$60,000, which management considers competitive for a listed company.
• Share Issuance Authority: Directors were granted authority to allot and issue shares up to 100% of issued share capital, with a maximum of 50% on a non pro-rata basis, in line with Catalist rules.
• Share Buy-Back Mandate: Authority was renewed for the company to purchase up to 10% of issued shares at specified price limits, either on-market (up to 5% above recent average closing price) or off-market (up to 15% above).
• IPT General Mandate: The company renewed its general mandate to enter into interested party transactions under Chapter 9 of the Catalist Rules, subject to normal commercial terms and Audit Committee oversight.

Potentially Price Sensitive Developments and Shareholder Alerts

1. Significant Revenue Decline & Business Model Risks

The company’s revenue fell from S\$76 million in FY2024 to just S\$49,000 in FY2025. This extreme volatility is attributed to the lumpy nature of property development income, where revenue is only recognized on project completion. With no major projects completed in FY2025, ongoing income was limited to property management services. Management acknowledged this risk and stated they are actively seeking new projects but have yet to secure any. This absence of a visible project pipeline could raise concerns over future earnings visibility and sustainability, which may negatively impact share valuations.

2. Strategic Direction and Expansion Plans

During the AGM, shareholders suggested diversification into town council management to mitigate revenue cyclicality. Management recognized the potential but stated that such expansion would require significant preparation, research, and potentially new expertise. While the company is open to exploring this growth area, it will proceed cautiously and focus on its existing core competencies for the time being. There is no immediate revenue boost expected from new business lines.

3. Share Buy-Back Mandate

The renewal of the authority to buy back up to 10% of the company’s shares could provide downside support to the share price if executed, particularly given the current low trading volumes and the lack of new project revenue. However, no specific buy-back program details or intentions were disclosed.

4. Audit Costs and Assurance

Despite the company’s small size (equity of S\$8.9 million), management defended the engagement of a Big Four auditor, citing the reputational assurance and minimal cost savings with smaller firms, given the company’s listed status. The audit fee was reduced to below S\$60,000, considered competitive for a listed company.

5. Unanimous or Overwhelming Shareholder Support

All resolutions were passed with either 100% or near-100% approval, indicating strong shareholder alignment with the current management and strategy. There is no indication of dissent or activist shareholder activity.

Investor Considerations

• Revenue and Earnings Risk: The lack of new development projects and reliance on a single revenue stream (property management services) present a major risk to earnings in FY2026 and beyond. Investors should closely monitor announcements regarding new project acquisitions, as such news could be highly price-moving.
• Share Buy-Back Potential: If the share buy-back mandate is exercised, it could provide share price support. However, no timetable or commitment was given for actual purchases.
• Strategic Expansion: While the company is considering diversification, there is no immediate plan to enter new business areas. Any concrete steps towards expansion into town council management or other sectors could be a catalyst for future re-rating.
• Audit Quality: Continued engagement of a Big Four auditor may provide additional comfort to institutional and retail investors regarding financial reporting integrity.

Conclusion

The 2026 AGM of OneApex Limited highlighted both the opportunities and significant risks facing the company. The absence of project completions in FY2025 led to a collapse in revenue, exposing the fragility of the current business model. Management’s cautious approach to expansion and focus on cost containment (as seen in auditor negotiations) is prudent, but the lack of a visible pipeline may weigh on investor confidence until new projects are secured. Any future announcements on new development projects, business diversification, or share buy-backs could materially affect the share price.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own due diligence or consult a qualified financial advisor before making investment decisions. The information is based on the official minutes of the OneApex Limited AGM and is subject to change without notice.

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