Catalist-listed Metech International V3M has entered into a $3 million interest free loan agreement with Cao Shixuan, general manager of a subsidiary of the group. This marks the second loan agreement between Metech and Cao. 

 

On March 25, the group entered into an $1.0 million interest free loan agreement with Cao. 

 

According to an Oct 7 release, the group says the second loan is set to be utilised by Metech for business diversification related purposes and general corporate and working capital purposes. 

 

The loan is expected to mature 12 months from the date of the second loan agreement. 

 

In the event the group is unable to repay the Second Loan, the Metech and the Cao are expected to enter discussions and negotiations focused on extending the repayment date or the conversion of outstanding amounts into group shares. 

 

Catalist-listed Metech International V3M has appointed Ng Ooi Hooi as independent director of the group, with effect from Sept 18. 

 

Additionally, Ng will also be appointed as the Chairman of the remuneration committee, as well as a member of the audit committee and nominating committee, according to a release by the group dated Sept 18. 

 

Prior to his appointment, Ng served as president of regional investments from 2013 to 2017 at Keppel Land, now known as Keppel&rsquo s real estate division. Ng also served as president of Singapore and regional investments at Keppel Land from 2017 to 2022. 

 

Ng&rsquo s appointment comes on the back of the recommendation from the nominating committee, which was reviewed by the group&rsquo s board of directors. 

 

Following the review, the group says Ng was selected for his &ldquo requisite experience and capability&rdquo to assume the role of independent director. 

 

The group also announced that Lucy Yow Su Chin has been re-designated from chairwoman of the remuneration committee to a member, while concurrently being appointed as the chairwoman of the nominating committee.

 

The company will meet Setia Law in the coming week to seek an amicable solution. 

 

CATALIST-LISTED Metech International has received letters of demand from legal firm Setia Law for costs incurred over its dispute with another company, X Diamond Capital, and other parties, it disclosed in a bourse filing on Tuesday (Jan 23).

 

On Jan 18, Metech received letters from Setia Law demanding payment of S$88,932.06 from the company, and S$138,380.66 from its subsidiary, Asian Eco Technology (AET). Payment is due within seven days of the date of the letters.

 

In Tuesday&rsquo s filing, Metech said that prior to receiving the letters, it had already paid Setia S$133,690.16 for its legal services on the cases. AET paid S$158,786.75.

 

The company said it would meet Setia Law in the coming week to seek an amicable solution, and that it would not hesitate to take legal action to protect its interests, as may be necessary.

 

DENG Yiming, a former joint-venture (JV) partner with whom Metech International is working to expand its diamond business, has many years of entrepreneurial and management experience in the semiconductor retail industry.

 

The Catalist-listed company said this in a Monday (Dec 18) bourse filing.

 

This was in response to queries from the Singapore Exchange (SGX) on its choice to partner Deng despite previous issues over missing diamonds and inflated machine prices. Deng is one of the former directors of Asian Eco Technology (AET), a JV between Metech&rsquo s subsidiary Asian Green Tech and Deng&rsquo s X Diamond Capital (XDC) to manufacture and distribute lab-grown diamonds.

 

Through extensive discussions with Deng and his associates, as well as on-site inspections of X Diamond &ndash a wholly-owned subsidiary of XDC &ndash in China, Metech&rsquo s board learned that X Diamond&rsquo s facilities and expertise, as well as its patents and know-how, &ldquo can be complementary to the company&rsquo s current diamond business&rdquo , it said.

 

Metech flagged that the group had realised only S$3,000 in revenue in the lab-grown diamond business for the 12 months ended Jun 30, 2023, against S$2.78 million for the financial year ended Jun 30, 2022.

 

This was due to the company being unable to recruit suitable experienced personnel to operate its machines used for growing diamonds &ndash known as microwave plasma chemical vapour deposition machines &ndash to restore AET&rsquo s business and operations, it said.

 

Working together with Deng and his associates, Metech will be able to resume and further the business, it added.

 

XDC Group, of which Deng is the founder, specialises in the research and development (R& D) of microwave plasma application technology, as well as the production, manufacturing and commercialisation of related equipment and products, the company said. It has a strong core technical team and its own core technology advantages, Metech added.

 

It noted that XDC Group, &ldquo one of the leading companies in the microwave plasma application technology industry domestically and internationally&rdquo , has been researching lab-grown diamonds since 2017. It has successfully produced, supplied and distributed such products, as well as obtained various industry certifications.

 

Metech noted that Deng said he and his technical team will cooperate with the company to support its business in the international markets outside of China.

 

Addressing SGX&rsquo s question about improvements and safeguards to protect the company&rsquo s interests, Metech said it has reviewed and updated its internal policies and standard operating procedures, including the approval matrix, and a policy for accounting for inventories. It is also seeking to implement and enhance policies which will track key performance indicators and deliverables.

 

Meanwhile, the company is in talks with &ldquo top-tier&rdquo experts in China to discuss the possibility of a multi-party partnership to train and boost the capabilities of its own R& D staff. It has also engaged industry experts, primarily from the US, Japan, Korea and Taiwan, to explore potential collaborations. 

 

Metech had previously filed two lawsuits against Deng, which were subsequently dropped in an out-of-court settlement deal. The first was over missing diamond seeds and loose diamonds which it previously said were last in his possession. The second lawsuit was filed as Metech believed that XDC sold five diamond-growing machines to it at a price higher than their fair-market value.

 

Deng will be repaying S$483,000 in damages to the company, as ordered by the High Court, in six instalments. He and his associates will also provide expertise and know-how to help the company resume its production.

 

AET and XDC also plan to jointly appoint an independent valuer to determine the current market value of the five machines to decide on further compensation schemes, if necessary.

 

CATALIST-LISTED Metech International : V3M 0% has reached an amicable out-of-court settlement with Deng Yiming over its lawsuit against the latter over missing diamonds and inflated machine prices.

 

Deng is one of the former directors of Asian Eco Technology, a joint venture (JV) to manufacture and distribute lab-grown diamonds between Metech&rsquo s subsidiary Asian Green Tech and X Diamond Capital (XDC), which is owned by Deng.

 

In filing its lawsuit, Metech had previously said that the missing pieces were last in Deng&rsquo s possession, and he had not satisfactorily addressed issues relating to them.

 

Metech filed a second lawsuit against Deng soon after, stating that it has reason to believe XDC sold five machines used for growing diamonds &ndash known as microwave plasma chemical vapour deposition machines &ndash to Asian Eco Technology at a price higher than their fair-market value on Oct 19, 2021.

 

Laying out the key terms of the settlement agreement in a bourse filing on Wednesday (Dec 13), Metech said that it will withdraw and terminate both legal suits, and work together with Deng to expand the diamond business.

 

On his part, Deng will provide his professional technical support, including resuming mass production of the diamonds by using the five chemical vapour deposition machines, as well as maximising their economic and commercial benefits.

 

He will also still have to pay the S$483,000 in damages to Metech, as ordered by the High Court in October.

Metech, on Oct 17, announced that the damages payable by Deng Yiming came up to around $483,000.

 

This is nearly 14 times higher than the initial $34,000 determined by the judge of the High Court. The initial judgement was made on Aug 10.

 

This time, the amount came about after the assistant registrar of the High Court assessed the damages to be paid by Deng.

 

The amount, which is to be paid to Asian Eco Technology, is for the missing diamond seeds, loose diamonds and interests payable at 5.33% per annum from March 13 till its payment.

 

Asian Eco Technology is the joint venture (JV) established by Metech and X Diamond Capital. The JV was for the business of manufacturing and distribution of lab-grown diamonds.

 

Deng is one of the directors of Asian Eco Technology, appointed by X Diamond Capital.

 

On Jan 17, Metech&rsquo s wholly-owned subsidiary, Asian Green Tech, issued a default notice in writing to X Diamond Capital on the ground that the latter caused an event of default under the joint venture agreement (JVA). X Diamond Capital was accused of being &ldquo materially and incurably&rdquo in breach of the JVA.

 

The directors of Asian Eco Technology made a police report on Feb 14 with issues relating to the missing diamond seeds and loose diamonds.

 

On March 13, Asian Eco Technology began legal action in the General Division of the High Court of the Republic of Singapore against Deng.