SINGAPORE – Watch-listed bearings and seals supplier Raffles United said on Wednesday (Sept 25) that its chief financial officer (CFO) Ho Hui Min has relinquished her role to to take up the position of chief executive officer.

Ms Ho, 43, was appointed CFO in February 2018 to oversee group finance, human resource and corporate matters.

Meanwhile, Teh Geok Koon has stepped down as chief operating officer (COO) of Raffles United and as CEO of its wholly-owned principal subsidiary, Kian Ho Pte Ltd (KHPL). He was appointed to those roles in April 2013.

Mr Teh, 72, will continue to be an executive director of Raffles United and a director of KHPL to provide guidance and advice to the group.

Raffles United was the subject of a mandatory unconditonal offer this year. The offeror, a vehicle for executive director Amanda Marie Teo Xian-Hui, held about 95.07 per cent of all issued shares as at Sept 20, according to a company filing on the same day. Ms Teo is the daughter of Raffles United managing director Teo Teng Beng.

In July, Asian Corporate Advisors, as independent financial advisor (IFA), opined that the exit offer for Raffles United was “not fair and not reasonable”.

Raffles United had said in July that it will not restore its free float in the event that the Singapore Exchange (SGX) suspends trading in its shares, although it is not clear whether it will be allowed to delist. The company requested a suspension on Aug 14.

There is no word yet from SGX on whether the company’s delisting bid will be panned, but under the old SGX listing rules (the general offer for Raffles United’s shares was launched before new rules took effect on July 11), an issuer cannot delist unless shareholders are given a “reasonable” exit offer, in the opinion of an independent financial adviser.

If Raffles United is not allowed to delist, its shares will remain suspended.