Allied Tech adjourns EGM till completion of special audit.
CATALIST-LISTED precision engineering firm Allied Technologies, which recently made headlines over its missing S$33 million escrow funds, will not be holding its extraordinary general meeting on June 4 as scheduled.
The EGM was supposed to ratify the July 2018 acquisition by Allied Tech of 59,415 ordinary shares in Activpass Holdings - representing 51 per cent of the entire issued and fully paid-up share capital of Activpass - from Seow See Keong and Leow Ai Li Amy for S$25.2 million in cash. Allied Tech has to finalise by June 14 the appointment of the special auditor, who is to report solely to the regulator on the scope and all findings of the special audit.
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