Singapore Institute of Advanced Medicine Holdings: CFO Resignation Raises Corporate Governance Questions

Key Points from Official Responses to SGX Regulator Queries

• Chief Financial Officer (CFO) Resignation: Mr. Poh Khee Pow tendered his resignation as CFO on 26 May 2025, citing personal commitments and geographical constraints requiring his presence in another country.
• Delayed Announcement: The company only announced the resignation on 17 September 2025, after the Board and Mr. Poh mutually agreed on the effective cessation date.
• Regulatory Compliance: The company asserts it has complied with Catalist Rule 704(6), which requires prompt disclosure of key management changes, by announcing only after confirming the effective cessation date.
• SGX RegCo Query: The Singapore Exchange Regulation questioned the timing and adequacy of the company’s disclosure, highlighting transparency and corporate governance concerns.
• Board and Sponsor’s Position: Both the Board and the Sponsor, PrimePartners Corporate Finance Pte. Ltd., maintain that the company acted in good faith to ensure clarity and operational continuity, stating that an earlier announcement would have been incomplete without a confirmed cessation date.
• IPO and Listing: The company was listed on Catalist of SGX-ST on 16 February 2024, making this one of its first major tests of post-listing disclosure practices.

Why This Matters for Shareholders

Investors should pay close attention to the timing and transparency of senior management changes.
A delayed announcement of the CFO’s resignation could raise red flags about internal controls, succession planning, and adherence to best practices in corporate governance.

The CFO is critical for financial oversight, compliance, and investor confidence. Uncertainty or perceived lack of transparency in such a key role can be highly price sensitive, affecting market sentiment and potentially the company’s share price.

The company’s rationale for the delay—that the effective date of cessation was only confirmed months after the original tender—signals possible internal deliberations or challenges in management continuity. This could indicate either a careful and managed transition, or possible indecision at the Board level.

Furthermore, the company’s interpretation of disclosure rules is now on public record. Shareholders and potential investors should monitor whether SGX RegCo takes any further action or issues clarifications, as this could affect perceptions of the company’s governance standards.

Details for Investors

• The resignation was not immediately made public; instead, months elapsed as the Board and outgoing CFO negotiated the terms and timing of the departure.
• The company believes it followed Catalist Rule 704(6) by waiting until all details (including the effective cessation date) were confirmed before making the announcement.
• The Sponsor, PrimePartners Corporate Finance, concurs with the Board’s approach, citing a desire to avoid incomplete or potentially misleading disclosures.
• Practice Note 7A of the Catalist Rules is cited as supporting the need for complete and material information for investors to make informed decisions.
• The company is newly listed (since February 2024), making transparency in management changes especially critical for establishing trust with the market.

What to Watch Next

Investors should watch for any follow-up actions from SGX RegCo regarding disclosure practices, as well as announcements regarding the appointment of a new CFO or interim arrangements. Any evidence of instability or lack of transparency in management could impact investor confidence and share price volatility.

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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisers before making any investment decisions. The author and publisher accept no liability for any losses incurred by readers relying on this report.

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