Shareholders approved the Proposed Diversification and Proposed Change of Name.
Announced proposed acquisition of 40% and 100% equity interest in N&T and N&T Smart Engineering Pte Ltd, respectively to venture into the highly specialised M&E projects in an integrated manner (from system designs, materials procurement, upgrade and installation to system maintenance for for mission critical facilities and infrastructures and mission critical system).
Proposed to diversify into the New Businesses of M&E and infrastructure engineering, which could potentially provide technical solutions in supporting smart facilities management and smart city applications (the “Proposed Diversification”).
Proposed change of the Company name from “Advance SCT Limited” to “CITICODE Ltd.” to more accurately reflect the Company’s strategic direction and potential new business activities moving forward (the “Proposed Change of Name”).
Entered into a non-binding letter of collaboration (the “LOC”) with the Tokyo-Stock Exchange listed Dai-Dan Co., Ltd and N&T Engineering Enterprises Pte Limited (“N&T”), to jointly explore and evaluate business opportunities in relation to M&E engineering works specifically for mission critical facilities and infrastructures.
Appointment of Mr. Teh as Executive Chairman and Chief Executive Officer, with the key role to initiate corporate strategic reviews, set new business directions, leads in implementation of growth initiatives and execute new investment strategies.
Appointment of new Independent Directors – Mr. Fong Heng Boo and Mr. Chan Yu Meng.
Appointment of Mr. Teh Wing Kwan (“Mr. Teh”) as non-executive Chairman after he acquired some 28.7% equity interest in the Company.