H2G Green Limited has appointed a new CEO, following the resignation of its existing CEO due to personal reasons. Pek Hak Bin will step up as CEO of H2G Greenfollowing Lim Shao-Lin&rsquo s departure on May 31.

 

Following Lim&rsquo s resignation as CEO, he will still remain as director Green Energy Investment Holdings and advisor to Gashubunited Utility.

 

Lim holds 163,699,808 ordinary shares in the company, and has been executive director and CEO since July 2019.

 

Pek, the incoming CEO, is presently an executive director of United Petroleum International Holdings. He was previously a non-executive director of Energy Market Authority of Singapore, and CEO and director of Cronus Resources.

H2G Green is proposing to undertake a renounceable non-underwritten rights issue of up to 1.42 billion warrants. This is the same amount of shares in the company&rsquo s issued and paid-up share capital as at Sept 4. At an issue price of 0.1 cents, H2G Green 5AI is estimated to raise gross proceeds of up to $1.42 million.

 

Each warrant carries the right to subscribe to one new share in H2G Green at an exercise price of 0.4 cents per new share. This is based on one warrant for every existing share held by the company&rsquo s shareholders as at a date and time to be determined.

 

The exercise price represents a discount of 63.64% to H2G Green&rsquo s closing price of 1.1 cents per share on Sept 4. The issue price of 0.1 cents and 0.4 cents represent a collective discount of 54.55% to H2G Green&rsquo s last-traded price.

 

The proposed issue will be subject to shareholders&rsquo approval via an extraordinary general meeting (EGM). A circular will be issued in due course.

 

The warrants cannot be withdrawn after the commencement of ex-rights trading.

 

Assuming that all the warrants are issued and all of them are fully exercised, H2G Green will have 2.83 billion shares in total.

 

H2G shareholders, Lim Shao-Lin and Gashubunited Holding Private Limited, have indicated their intentions to subscribe for all their respective direct entitlement of the warrants. Lim owns 163.7 million shares &ndash or 11.57% - in H2G Green while Gashubunited Holding holds 409.7 million shares representing a 28.95% stake in H2G Green.

 

According to H2G Green, the warrants will allow its existing shareholders to further participate in the group&rsquo s future growth. The warrants will also enable the company to boost its financial position and capital base among other things.

Lim Shao-Lin is charged with making false statements to the Controller of Work Passes

 

H2G Green chief executive officer Lim Shao-Lin will be facing trial at the State Courts on Aug 5, 2024, after being charged on Oct 31, 2023.

 

The Catalist-listed investment holding company said on Thursday (May 2) that it was informed of the developments on Apr 26, and that Lim did not notify its board of the matter earlier due to &ldquo inadvertent omission&rdquo .

 

The charges that Lim faces under the Employment of Foreign Manpower Act (EFMA) are for making false statements to the Controller of Work Passes from around November 2018 to November 2020, regarding the employment of three individuals.

 

One of the charges in Lim&rsquo s case pertains to H2G Green&rsquo s former chief investment officer, Wei Hua, who was employed by the company from October 2019 to October 2022.

 

Other charges are regarding two other individuals employed by Gashubin Engineering at the relevant time: Yu Huajie, who was a regional marketing manager and Lu Linjin, a sales and marketing manager.

 

Gashubin is a wholly owned subsidiary of Gashubunited Holding, which is a controlling shareholder of H2G Green, with an estimated 31.79 per cent interest. However, Gashubin Engineering is not a subsidiary or entity within control of H2G Green.

 

Lim is a director of Gashubunited, and also holds about 60.25 per cent of shares in the company.

 

In September 2023, H2G Green announced that Lim had been arrested for an offence under the EFMA, and had surrendered his passport to the Ministry of Manpower (MOM).

 

H2G Green said in its latest announcement that other than Lim, none of its directors or key management personnel have been ordered or requested to assist in MOM&rsquo s investigations.

 

It clarified that the company itself was not charged regarding the matter concerning Wei, nor was it involved in matters concerning the former Gashubin employees.

 

H2G Green said that having considered Lim&rsquo s character and integrity, its nominating committee deemed him suitable to continue carrying out his duties as a director of the board, and as the executive director and CEO of the company.

 

&ldquo Mr Lim&rsquo s trial has not commenced, and the court has not delivered any verdict on this matter. In the circumstances, the nominating committee will continually assess Mr Lim&rsquo s character and integrity as the matter develops,&rdquo it said.

 

The group also highlighted that Lim is the founder and a key management executive of its renewable and sustainable energy business segment, which is in its growth stage.

 

Lim was also considered &ldquo instrumental&rdquo in establishing and maintaining the group&rsquo s relations with investors, business partners, customers and other stakeholders.

H2G Green said its chief executive officer has been arrested for an offence under the Employment of Foreign Manpower Act, and has surrendered his passport to the Ministry of Manpower (MOM).

 

In a bourse filing on Tuesday (Sep 26), the Catalist-listed company said Lim Shao-Lin, who is out on bail, has not been formally charged or convicted in court. He has been requested to attend court on Oct 5.

 

Lim was arrested for an offence under section 22(1)(d) of the Act, which relates to offences where a person makes any statement or provides any information, which the person knows, or ought reasonably to know, is false or misleading.

 

Last November, H2G Green said that Lim faced legal proceedings commenced by Yu Huajie, who was convicted and sentenced to imprisonment for providing false information in his declaration to MOM in his employment pass application.

 

Yu was claiming damages against Lim and other defendants for &ndash among other things &ndash inducing him into entering a series of agreements and submitting declaration forms to the MOM, and as a result, being charged by the ministry and sentenced to imprisonment.

 

The Straits Times reported last October that Yu had invested S$1 million in a company in Singapore, as he had hoped to eventually become a permanent resident here.

 

According to the report, Yu knew his employment pass would be applied under a company called Gashubin Engineering and his million-dollar investment would be for that company. He also knew that he would be paid S$10,000 a month as salary, on top of any future potential investment returns, and that he would not need to work for or on behalf of Gashubin.

 

Lim is a director of Gashubin Engineering, which is a wholly-owned subsidiary of Gashubunited Holding. He holds a 60.3 per cent stake in the latter and is a director there.

 

Gashubunited Holding is a controlling shareholder of H2G Green, with a 31.8 per cent stake. However, Gashubin Engineering is not a subsidiary or entity within control of H2G Green.

 

H2G Green said it is not involved in the matter regarding Yu and the investigations. It added its nominating committee and board have assessed that Lim is suitable to continue carrying out his duties as CEO and executive director of H2G Green.

 

Shares of H2G Green last traded at S$0.018 on Monday. The company called for a trading halt on Tuesday morning, and has requested for it to be lifted on Wednesday.