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Starship     04-Sep-2020 00:50  
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These ppl are all trained by Trump the World' s Greatest Liar?

Bulgari refutes Bellagraph Nova Group' s claim that it is setting up ' luxurious anti-ageing' clinic at its Shanghai hotel
AUG 28, 2020, 4:53 PM SGT
UPDATED AUG 29, 2020, 12:47 AM

SINGAPORE - Italian luxury brand Bulgari is the latest entity to refute claims that it has any connection to the Bellagraph Nova (BN) Group,  the Singapore-based company behind a bid for English Premier League club Newcastle United.

The brand' s Bulgari Hotel Shanghai had been mentioned in marketing materials and interviews as the location of a " luxurious anti-ageing" clinic that is being set up by the group.

https://www.straitstimes.com/business/companies-markets/bulgari-refutes-bellagraph-nova-groups-claim-that-it-is-setting-up-a

 
 
 
Starship     04-Sep-2020 00:42  
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This must surely rank as one of, maybe even the Ugliest Clown Stock ever listed on SGX!!!!!!  nocheekydevil

Axington board says rights issue to proceed as planned
THU, SEP 03, 2020 - 9:28 PM

THE two-man board of Axington Inc said on Thursday that a planned rights issue announced on Aug 21 will proceed as planned, despite the recent controversy that resulted in five directors quitting the board.

Axington shares have been voluntarily suspended since Aug 31, " pending the release of announcements in relation to strategic changes to be made in the business direction of the company" .

Since then, Axington' s two remaining directors, both of whom are independent, have reached out to controlling shareholders and cousins Nelson Loh and Terence Loh to seek clarity on the company' s direction.

The two directors, Low Junrui and Roberto Dona, said on Thursday: " The board wishes to update that the controlling shareholders of the company have communicated to the board that they are still exploring and evaluating strategic options that have been presented to them."

Once they have more clarity, the board will assess the impact and changes, if any, on the proposed resolutions and the postponed extraordinary general meeting, the board added.

The Loh cousins co-founded the Bellagraph Nova Group (BN Group) with Evangeline Shen Che, who was appointed to Axington' s board in July after the Lohs bought it over. The trio came under the spotlight after BN Group admitted to doctoring images of them with former US president Barack Obama, on top of making claims about the size of their business dealings.

BN Group and its backers have also drawn intense scrutiny since news broke that the Singapore-registered group was bidding for English Premier League club Newcastle United.

https://www.businesstimes.com.sg/companies-markets/axington-board-says-rights-issue-to-proceed-as-planned


 
 
 
Joelton     02-Sep-2020 09:24  
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Bellagraph, Hin Leong sagas show weak spot in exempt private companies
THE recent debacle over Bellagraph Nova (BN) Group - and the rollover impact on Catalist-listed Axington - revives long standing calls for improved disclosure standards when it comes to Exempt Private Companies (EPCs).
 
Under the Companies Act, Singapore-incorporated firms that do not have more than 20 shareholders and do not have any corporations holding beneficial interest in their shares, whether directly or indirectly, count as EPCs.
 
Regardless of the size of their assets or turnover, solvent EPCs are not required to file financial statements with their annual returns. They are also allowed to undertake certain types of transactions that other companies cannot, such as extending loans to a director.
 
The exemptions can be beneficial to smaller businesses, helping them to save on compliance costs. But they also allow companies to obscure their financial health, to the detriment of other stakeholders.
 
There is scope for the EPC criteria to be reviewed to take into consideration a company' s size as well as its business dealings and systemic importance.
 
The entrepreneur-cousins behind BN Group, Nelson and Terence Loh, came under the spotlight when they made a mandatory cash offer for Axington in June, via a Singapore-incorporated firm, Dorr Global Healthcare International Pte Ltd (DGHI).
 
However, it would have been difficult for retail investors or business partners of Axington to conduct much due diligence on the Lohs based on publicly-available information. This is because DGHI, along with at least 12 other Singapore private firms linked to the cousins, are EPCs, and hence have no financial statements publicly filed.
 
BN Group made big claims about the size of its business dealings - some of which have since unravelled. Some, such as a press release about a luxury clinic in a Bulgari hotel in Shanghai, have been easy to check. Others, such as the assertion that BN Group made US$12 billion in revenue last year, cannot be verified because of the lack of financial filings.
 
Several other high-profile collapses among Singapore' s oil and gas companies this year add to the case for reviewing the EPC criteria.
 
In a May blog post, corporate governance watcher Mak Yuen Teen pointed out that oil trader Hin Leong Trading (HLT) is larger than many listed peers when it comes to the scale of its revenues. Yet the company was not required to file financial statements as an EPC, as it only had three individual shareholders - all from the founding Lim family.
 
Likewise, two other firms owned by the Lims, Ocean Tankers and Xihe Holdings, were also EPCs.This allowed the family to take on significant risks while enjoying the limited liability protection of the corporate structure, Prof Mak had said at the time.
 
When asked about the BN Group saga, Prof Mak says it reinforces his view that to qualify as an EPC, companies should not be subject to just a shareholding test, but also a " size test" . This means that companies that exceed a certain threshold in revenues, assets or number of employees should not count as EPCs.
 
" The EPC is a case of trying to have your cake and eating it too. Founders want the protection of limited liability on the one hand and at the same time want the lack of transparency of say, a partnership or sole proprietorship with unlimited liability," he said.
 
" That to me is a recipe for disaster. I am absolutely not surprised that we are seeing more scandals involving private companies, and in particular EPCs."
 
Significant number
 
This is not the first time that EPCs are facing scrutiny. In 2011, the steering committee for the review of the Companies Act had in fact proposed to abolish the current status of EPCs. At that point, solvent EPCs formed more than half of all companies in Singapore.
 
" This lack of transparency for a significant number of companies may prejudice persons dealing with solvent EPCs, given that they are not able to verify the financial position of an EPC declared as solvent. In particular, in the case of large EPCs, creditors and other interested persons may not have the bargaining power to ask for financial information from the EPC directly," the committee wrote in its report.
 
This recommendation was, however, rejected by the Ministry of Finance (MOF), on the basis that the abolition would affect Singapore' s competitiveness.
 
" Feedback was also received which indicated that financial information confidentiality was important to certain companies, (such as) family investment companies and companies where their financial statements contain commercially-sensitive information, which if disclosed to the public, would be detrimental to the interests of the company" , MOF had said.
 
In this year' s public consultation on amendments to the Companies Act, the Accounting and Corporate Regulatory Authority (Acra) once again sought feedback on EPCs. One key area is whether some or all solvent EPCs should be required to file and make financial statements available to the public.
 
The Companies Act Working Group (CAWG) involved in the review took the view that " there are no compelling reasons" for abolishing EPCs. It noted that while the UK has long abolished this company type, it is still used in Malaysia and " well-entrenched" in the local context.
 
Proponents of EPCs say that they are beneficial to entrepreneurship. The regime " presents a potentially more nimble corporate structure which may be attractive to startups and family-run companies" , said Grace Lai, head of capital markets at Drew & Napier.
 
For small business owners, EPCs also provide " more freedom to structure transactions" , said Stefanie Yuen Thio, joint managing partner of TSMP Law Corp.
 
But Ms Yuen Thio added: " That said, I agree that these can be used to mask certain transactions that would be prohibited in non-EPCs. Perhaps a good middle ground would be to designate that companies with a certain minimum turnover would no longer be considered EPCs."
 
A new proposal by the CAWG could also present a good alternative for promoting entrepreneurship.
 
In its report, the CAWG suggested that the concept of a " micro" company be introduced. This may be defined as a firm with total annual revenue and total assets each not exceeding S$500,000 for the previous two consecutive financial years.
 
Such companies which are non-publicly accountable could then prepare reduced or simplified financial statements.
 
This S$500,000 threshold may seem like a low bar. After all, it is possible these days for even a fledgling startup to raise over S$1 million in seed capital from individual angel investors.
 
But there is also value in getting young firms used to disclosing their financial statements from an early stage. In some cases, it may alert stakeholders to red flags.
 
Case in point: grocery delivery startup honestbee, which had not filed its financial statements with Acra from 2016, was later alleged to have deep-seated corporate governance problems, and subsequently collapsed.
 
As more private companies seek public funding, the benefits of increased disclosure will surely outweigh the downsides.
 

 
Joelton     02-Sep-2020 09:22  
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Four directors, including chairman Evangeline Shen, resign from Axington
AXINGTON said four directors, including non-independent and non-executive chairman Shen Che, have resigned from the company.
 
Ms Shen, 32, also known as Evangeline Shen, quit after one-and-a-half months in the role, due to " strategic changes expected to be made in the business direction of the company" , the firm said in a regulatory filing on on Tuesday.
 
She tendered her resignation on Aug 29. This was accepted by Axington' s board of directors on Aug 30 and effective from that date.
 
Ms Shen was appointed to Axington' s board on July 14 this year following the takeover of the firm by Singaporean cousins Nelson Loh and Terence Loh. The Loh cousins are Axington' s controlling shareholders through their company Dorr Global Healthcare International, though neither are directors of the Catalist-listed firm.
 
Ms Shen co-founded the scandal-hit Bellagraph Nova Group (BN Group) with the duo after a merger of the Lohs' private investment company Dorr Group and her Bellagraph Group in June this year.
 
The trio came under the spotlight after BN Group admitted to doctoring images of them with former US president Barack Obama. BN Group and its backers have also drawn intense scrutiny since news broke that the Singapore-registered group was bidding for English Premier League club Newcastle United.
 
Ms Shen' s resignation came after the Singapore Exchange' s regulatory arm, SGX RegCo, last week said it had " engaged" Axington' s sponsor, Novus Corporate Finance, over how it assessed her " experience, expertise, character and integrity" .
 
In addition, Wong Soon Yuh, 41, who was Axington' s non-independent, non-executive director and a member of the audit committee, tendered his resignation on Aug 28, which became effective that day. Likewise, Axington said Mr Wong resigned due to " impending changes" in its business strategy.
 
Separately, Marjory Loh, 37, resigned as executive director and a member of Axington' s nominating committee, with effect from Aug 28. Ms Loh, who is the sister of Mr Terence Loh, quit as a result of the " recent intense public scrutiny" on the company and is of the view that it is in the firm' s best interest for her to step down, Axington said on Tuesday.
 
Meanwhile, Chua Siong Kiat, 49, has resigned as lead independent director, chairman of the audit committee and member of the nominating committee and remuneration committee of Axington.
 
Mr Chua tendered his resignation on Aug 30, which became effective on the same day. According to Axington, Mr Chua left due to " health reasons" , and is acting upon medical advice to " reduce his workload and other principal commitments" .
 
The string of resignations announced on Tuesday come shortly after former US ambassador to Singapore, Kirk Wagar, quit as Axington' s independent director. Mr Wagar had " urged more transparency in view of the recent revelations and development" .
 
With the five resignations, Axington is left with just two members on its board, namely independent directors Low Junrui and Roberto Dona.
 
As the board comprises only independent directors, it is reaching out to its controlling shareholders to seek clarity on, among other things, details of the impending changes in business strategy which was mentioned in the resignation announcements of Ms Shen and Mr Wong.
 
Following a share placement, there are at least 200 public shareholders holding 22.1 per cent of Axington' s total issued share capital as at Aug 18.
 
Last Friday, Axington' s board also announced that its extraordinary general meeting, which was scheduled for Thursday, had been postponed. The company had proposed a name change to NETX, a change of its core business, the acquisition of Vesta Apex Trading, and the issue of new shares as part payment for the acquisition.
 
Axington shares last traded at S$0.19 on Aug 25. The company requested a voluntary suspension in the trading of its shares on Aug 31, pending the release of announcements.
 
 
Joelton     01-Sep-2020 09:32  
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Why Did Axington, Inc. Change to Novus Corporate Finance as Sponsor?
by Mak Yuen Teen
 
On August 15, Chew Yi Hong and I released our report on Catalist sponsors titled " Who' s Sponsoring Who? Challenges of the Catalist Board" . The study looked at non-sponsor fees and services, relationships between sponsors and companies they sponsored, and changes in sponsors, among other issues.
 
We focused on the top 10 sponsors for most of the report, which did not include Novus Corporate Finance, the continuing sponsor for Axington, Inc. Axington is of course linked to the now infamous Bellagraph Nova Group.   Novus is the second most recently authorised sponsor, having only been authorised on June 21, 2018 and had only four clients when we completed our initial data collection in May 2019. The newest sponsor is W Capital Markets, authorised on April 5, 2019. W Capital Markets recently picked up its first continuing sponsorship job at Liongold Corp on August 12, when the latter dropped Stamford Corporate Services.
 
As we were finalising our report in July, we decided to look at recent changes in sponsor from January 2018 to July 2020, and Novus was prominent. Of the 42 changes in sponsor during this period, Novus was the most successful in picking up new clients, with nine out of the 42 that changed sponsor - or 21% - choosing Novus.   In fact, since Novus was only authorised in June 2018, if we exclude the period when it was not yet authorised, it picked up 29% of all companies that switched. Since there are 20 continuing sponsors on Catalist, we were somewhat intrigued by the popularity of Novus.
 
In our report, we raised the concern that competition amongst sponsors for business may   lead certain sponsors to lower their pricing and compromise quality of their work to gain more clients, or to pursue non-sponsor work with issuers under their supervision, thereby creating conflicts, This is because there are 20 continuing sponsors and 216 Catalist companies, so each continuing sponsoring will on average have fewer than 11 clients, and sponsors have to meet certain minimum requirements in terms of manpower and resources to be registered.
 
Our report mentioned that a change of sponsor is a possible red flag, especially where there are multiple changes. We noticed that a company which was among those with the most number of changes in sponsor since its listing - Sunrise Shares Holding - which had four different sponsors, switched to Novus as the fifth sponsor on October 1, 2019, after keeping its previous sponsor, ZICO Capital, for just over a year. Axington had switched from UOB Kay Hian to Novus on July 14, 2020 citing " commercial reasons" .
 
Occasionally, we find a company switching from one sponsor to another citing, for example, that the new sponsor has a stronger background in corporate finance. In the case of Sunrise Shares and Axington, both ZICO Capital and UOB Kay Hian are sponsors with corporate finance backgrounds. What could Novus as a relatively new sponsor offer that the others could not? Better expertise? Lower cost? Or something else?
 
It is a concern that a sponsor which is essentially the " frontline regulator" on Catalist can be changed without much good reason, and companies can keep doing this. It is almost akin to being able to choose your " regulator" . It seems important that such changes are closely scrutinised by SGX Regco - and we certainly recommend that investors be alert to changes in sponsor and possible problems ahead.
 
In Axington' s case, SGX Regco should look into what " commercial reasons" could have led to the change in sponsor, as part of its review into whether Novus discharged its responsibilities.
 
 
Starship     27-Aug-2020 09:30  
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Ex-US ambassador quits Axington board owners remove website
WED, AUG 26, 2020 - 11:11 AM
UPDATED THU, AUG 27, 2020 - 7:50 AM

FORMER US ambassador to Singapore, Kirk Wagar, has resigned as independent director of Catalist-listed Axington,  he told  The Straits Times  (ST) on Tuesday.

Axington is linked to Singapore-registered Bellagraph Nova Group (BN Group), which has admitted to  doctoring photos of former US president Barack Obama  in marketing materials used to publicise the group.

" Due to the recent revelations, I have resigned that position and asked for Axington to advise Singapore Exchange and any other relevant parties of that fact," Mr Wagar told ST.

On Wednesday morning before the market opened, Axington requested a trading halt, pending the release of an announcement. Shares in the professional advisory services firm tumbled 13.6 per cent or S$0.03 to close at S$0.19 on Tuesday.

BN Group has since  withdrawn a press statement issued last month  relating to a purported private meeting with Mr Obama.

Axington' s board includes Evangeline Shen Che of BN Group, which grabbed headlines last week when it announced that it held talks to  take over English football club Newcastle United.

BN Group is co-founded by Ms Shen, a Chinese jewellery merchant, as well as Terence Loh and Nelson Loh.

The Singaporean Loh cousins are Axington' s controlling shareholders via Dorr Global Healthcare, while Ms Shen is the non-independent chairman of Axington.

The Singapore Exchange Regulation (SGX RegCo) has  " engaged" Novus Corporate Finance, the continuing sponsor of Axington, over how it has assessed the " experience, expertise, character and integrity" of Ms Shen.

SGX RegCo said on Monday night that it expects a response from Novus soon.  The Business Times  has reached out to the sponsor for comment.

Separately, the Lohs have also taken down the website of a foundation  linked to them, saying that it was put up " prematurely" . The Loh Brothers Foundation at the Web address lohbrothersfoundation.org was removed on Tuesday evening, ST reported.

The website claimed SGX RegCo chief executive  Tan Boon Gin, as well as Senior Counsel Sreenivasan Narayanan as its board members among others.

ST understands that Mr Tan is not a board member of the foundation, though Mr Sreenivasan is a board member.

https://www.businesstimes.com.sg/companies-markets/ex-us-ambassador-quits-axington-board-owners-remove-website

 
 

 
Starship     25-Aug-2020 22:58  
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Crooks just love to list in SGX Circus Maximus.  nono
Wonder why.........

Company that wants to buy Newcastle United admits to photoshopping Obama
SAT, AUG 22, 2020 - 9:18 AM

SINGAPORE] The Singapore-registered company that says it is  close to buying English football club Newcastle United  admits it doctored photos of former US President Barack Obama in marketing materials used to publicise the newly formed group.

Bellagraph Nova Group (BN Group) also said some of the information in those materials was released prematurely or contained errors after Reuters found inconsistencies when speaking to firms and persons BN Group says it is involved with.

Speaking on behalf of BN Group' s principals, Nereides Antonio Giamundo de Bourbon, head of investor relations, acknowledged that the company had altered photos of Obama to make it look as though he had attended a meeting with its executives in Paris.

His admission came on Wednesday in response to questions from Reuters.

BN Group has now removed the photos from its website.

However, Mr Bourbon denied that the company had deliberately made any false claims about certain aspects of its business.

The company, which says it had a turnover of US$12 billion last year and describes itself in marketing materials as the " world' s fastest growing conglomerate" , has said on its website and in press releases that it is headquartered in Paris.

No company called Bellagraph Nova Group is registered in France, according to official online records checked by Reuters on Friday. Reuters could not find any company by that name at the address it has given - 10 Place Vendome - when a reporter visited on Tuesday.

A receptionist at an office rental business operated by Regus in the building said BN Group has used its space but its staff were not always present. Mr Bourbon maintained to Reuters that BN Group had a permanent office in Place Vendome.

In addition, the group, which was incorporated in Singapore last month, has said financial technology firm - Hydra X - is one of the entities in its global empire and that it is implementing a trading system for the Singapore Exchange.

Hydra X has denied both those claims. The Singapore Exchange has also denied Hydra X is implementing a trading system.

' PHOTOSHOP PICTURE'

BN Group' s website and press releases in recent weeks have featured photos of Mr Obama with the firm' s owners, Singaporean businessmen Terence and Nelson Loh, and Evangeline Shen, a Chinese jewellery merchant and former Morgan Stanley banker.

While Ms Shen and the Lohs had photos taken with Mr Obama at a charity event they sponsored in Singapore on Dec 14, BN Group' s Bourbon said some of the photos published in press releases on its website and sent to media had been edited to make it look as though Obama was in a private meeting.

" We are serious people ... the only ambiguous thing has been the photoshop picture," he said. " There wasn' t any malicious aim behind it."

Ms Shen declined to be interviewed for this story. The Loh cousins did not respond to requests for comment.

The charity event where the photos of Mr Obama were taken was sponsored by Novena Global Lifecare, a Singapore healthcare company founded in 2010 by the Loh cousins.

The photographer who took the pictures confirmed to Reuters that they were taken at the gala event in Singapore.

Mr Obama' s office and the Obama Foundation did not respond to requests for comment about the photos or the BN Group.

The company grabbed global headlines on Aug 15 when it announced it had submitted a takeover bid for one of England' s most high-profile football clubs, adding that it had enlisted the help of Newcastle legend and former England Captain Alan Shearer as well as another former player, Michael Chopra, in its bid.

The surprise announcement adds to years of speculation over the future of Newcastle United, which has been the subject of several fruitless takeover bids, including a US$390 million Saudi-backed deal that collapsed last week.

If BN Group' s bid is accepted, the English Premier League would then carry out its owners and directors test which involves looking into the backgrounds of the people involved to assess their suitability to own a football club.

Newcastle United declined to comment on the bid or BN Group. The club' s owner, Mike Ashley, did not respond to requests for comment.

Shearer' s management told Reuters he was not involved in the takeover bid. Chopra, who on Aug 14 retweeted a picture of himself at the offices of BN Group, did not respond to a request for comment.

HYDRA X

A firm called Bellagraph Nova Pte Ltd - which lists the Lohs and Shen as its three directors and shareholders - was incorporated in Singapore on July 20 and is registered to an office above a row of shops in the city-state.

BN Group has said on its website and in marketing materials that it is a French company with an office in Paris at 10 Place Vendome, an exclusive square home to the Ritz Paris hotel and luxury stores such as Chanel and Louis Vuitton.

Reuters found no record of any company registered in France called Bellagraph Nova Group on the online database of the Registries of the Commercial Courts, the French state agency that holds company information.

Singapore-based Hydra X is one of the entities BN Group has said in marketing materials sent to Reuters on Monday is part of its global conglomerate of 23,000 employees.

It said in those materials that Hydra X was " designing and implementing" a trading system for the Singapore Exchange.

When contacted for comment, Hydra X and the exchange denied this. Bourbon said there had been a mistake in translating the company' s description in its marketing documents.

Hydra X said BN Group was not a shareholder. It said in an emailed statement to Reuters that it was privately owned, predominantly by individual investors, and that it shared no legal or beneficial owners with the BN Group, nor was part of, or a subsidiary, of the BN Group.

Hydra X said it had entered " into a joint venture with a related entity" of BN Group to build technology solutions unrelated to financial technology. It declined to name the entity.

Mr Bourbon maintained to Reuters that Hydra X was owned by BN Group and was in the process of merging into the group. He said sharing further details would break non-disclosure agreements.

" Sometimes the marketing moves faster than the process," he said.

NETX LISTING

BN Group' s official Instagram account also says one of its entities, a robotics company called NETX, is listed in Singapore and on New York' s Nasdaq exchange.

Reuters found no record of a company called NETX on those exchanges. Mr Bourbon said they had announced the listings " prematurely" but they were underway.

Without elaborating further, the Singapore exchange referred Reuters to a filing in which a company listed on its junior bourse, bought by the Loh' s investment company DORR Group last month, has proposed to change its name to NETX later in August.  The Business Times  reported in July that Catalist-listed Axington Inc, formerly known as Axcelasia Inc, had  proposed a second name change to NETX Inc.

Nasdaq did not respond to requests for comment.

BN Group' s modest Singapore office - on the top floor of a four-storey building above a pet shop and an Indian restaurant - is also the address of Novena Global Lifecare and other firms it owns such as a fine wine merchant and an investment manager.

When Reuters visited the office on Thursday, there was nobody at the reception desk. In the hallway stood a dormant, shoulder-height robot like the ones used in online marketing campaigns for NETX.

A woman, who came out of a glass-walled meeting room to speak to Reuters, said neither the Lohs nor Shen were present.

Mr Bourbon said the Singapore-registered Bellagraph Nova company at that address was the parent firm. " We started from Singapore but we are moving all our realty to Europe."  

https://www.businesstimes.com.sg/banking-finance/company-that-wants-to-buy-newcastle-united-admits-to-photoshopping-obama

 
 
 
Starship     25-Aug-2020 22:49  
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Unbelievably shameless.  nonononono
Avoid at all costs like the Plague!!!!!!

Bellagraph pulls statement after Obama photo scandal Axington shares fall again
TUE, AUG 25, 2020 - 3:24 PM
UPDATED TUE, AUG 25, 2020 - 6:27 PM

BELLAGRAPH Nova Group (BN Group), which is linked to Catalist-listed Axington, has withdrawn a press statement issued more than a month ago relating to a purported private meeting with former US president Barack Obama.

The retraction came shortly after BN Group  admitted to doctoring photos of Mr Obama  in marketing materials used to publicise the newly formed group.

Singapore-registered BN Group said in a note published on PR Newswire on Tuesday morning that " journalists and other readers should disregard" its statement issued on July 10.

In the statement, which has since been removed from PR Newswire' s website, BN Group had announced the launch of its NETX division, which would focus on artificial intelligence (AI), robotics and healthcare.

It claimed then that NETX " was born" as a result of a " historic" closed-door meeting that BN Group' s founders - Terence Loh, Nelson Loh and Evangeline Shen Che - had with Mr Obama last December to discuss how technology will bring about the next industrial revolution.

The Singaporean Loh cousins are Axington' s controlling shareholders via Dorr Global Healthcare. Ms Shen, a Chinese jewellery merchant, is the non-independent, non-executive chairman of professional advisory services firm Axington.

On July 28, Axington, formerly known as Axcelasia,  proposed a second name change to NETX. It was also looking to change its core business to provide medical and consumer wellness services as well as to invest in medical technology, robotics and AI in that space. This came after Dorr' s offer to buy out Axington closed on July 13 with the Lohs' private vehicle owning 92.5 per cent of the Catalist-listed firm.

In BN Group' s retracted July 10 statement, the three founders were said to be " greatly inspired" by Mr Obama' s vision after their meeting.

The statement also featured a photo purporting to portray the Lohs, Ms Shen and Mr Obama together, with the caption stating that the four of them were " having an engaging discussion on how BN Group wants to harness technology to benefit mankind" .

In addition, the statement attributed a quote to the former president, without specifying when he said it: " What we' re seeing here is the way that technology is changing not just how you do business, not just how you buy products, but also how you interact, how you organise politically, how you get involved in the community and how you solve problems. And all of that can support millions of new jobs."

Over the weekend, Reuters reported that BN Group' s head of investor relations, Nereides Antonio Giamundo de Bourbon,  acknowledged the company had altered photos  of Mr Obama to make it look as though he attended a meeting with its executives in Paris.

Mr Bourbon also told Reuters that some of the information in the company' s marketing materials was released prematurely or contained errors, after Reuters found inconsistencies when speaking to firms and persons BN Group said it was involved with.

BN Group grabbed headlines last week when it announced it held talks to  take over English football club Newcastle United. Some of the doubts raised over the group' s claims were also related to this takeover bid, Reuters reported.

The Singapore Exchange Regulation (SGX RegCo)  has " engaged" Novus Corporate Finance, the continuing sponsor of Axington, over how it has assessed the " experience, expertise, character and integrity" of chairman Ms Shen.

SGX RegCo said on Monday night that it expects a response from Novus soon.  The Business Times  has reached out to the sponsor for comment.

https://www.businesstimes.com.sg/companies-markets/bellagraph-pulls-statement-after-obama-photo-scandal-axington-shares-fall-again
 
 
Joelton     25-Aug-2020 09:09  
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Axington shares drop 20% following admission of doctored Obama photos by company in Newcastle United takeover bid
 
Shares in management consulting company Axington Inc fell 20% to 18 cents as at 9.40am.
 
The Catalist-listed company was bought over by former investment bankers and cousins Nelson Loh and Terence Loh in June 2020.
 
The Loh cousins were in the news on August 16 for attempting to take over English football club, Newcastle United, through the Bellagraph Nova (BN) Group.
 
The BN Group came about through the merger between the Lohs&rsquo Dorr Group and Evangeline Shen&rsquo s Bellagraph Group in June.
 
On August 22, the cousins made headlines again after the BN Group admitted to altering photos of former US President Barack Obama to make them look as if they met in a meeting in Paris, France.
 
According to Reuters, there was no company by the name of Bellagraph Nova Group that has been registered in France, according to official online records. The company was not at its given address at 10 Place Vendome either.
 
The BN Group also said that Hydra X -- a financial technology firm -- is one of its entities and is implementing a trading system for the Singapore Exchange (SGX). When contacted, Hydra X denied both claims. The SGX has also denied the claims.
 
Axington Inc, which was formerly known as Axcelasia till April this year, announced a proposed renounceable non-underwritten rights issue to raise some $9.4 million through 95.2 million new ordinary shares at an issue price of 10 cents for each rights share on July 28.
 
Axington Inc also intends to change its name to NETX Inc, as well as its core business to the provision of medical and consumer wellness services, as well as making investments in medical technology, robotics, and artificial intelligence (AI) in the medical and consumer wellness space.
 
An EGM will be held on Thursday for shareholders to vote on these proposals.
 
Shares in Axington Inc rose by 21.05% to 23 cents on August 20.
 
Previously, prices grew by 11.76% to 19 cents from July 8 to August 19 following a-month-long trading suspension, as the company undertakes a compliance placement to meet listing requirements.
 
The shares last traded at 17 cents.
 
Nelson and Terence Loh are also owners of the Singapore-based Novena Global Lifecare group, which provides medical and aesthetic services.
 
The cousins chose not to go ahead with their plans for a Taiwan IPO for the group, and instead, sought investors from China instead.
 
Since then, Novena Global Lifecare has attracted notable Chinese investors including Shunwei Capital, Sinovation Ventures, and the state-owned Sinopharm Group.
 
Shunwei Capital and Sinovation Ventures are co-founded by Xiaomi co-founder Lei Jun and former Google China president Kai-Fu Lee respectively.
 
 
Joelton     25-Aug-2020 09:09  
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SGX RegCo asks Axington Inc to assess suitability of individuals appointed to its board
 
SGX RegCo is reminding Novus Corporate Finance that it is obliged as a continuing sponsor to Catalist-listed Axington Inc, to assess the suitability of individuals appointed to the company&rsquo s boards. 
 
The checklist is to include their experience, expertise, character and integrity. 
&ldquo Where necessary, appropriate investigations should be undertaken to evaluate suitability in light of recent developments,&rdquo said SGX RegCo on Aug 24.
 
&ldquo SGX RegCo has engaged Novus Corporate Finance Pte Ltd, Axington Inc&rsquo s continuing sponsor, on its obligations under the Catalist Rules and we expect a response from Novus soon,&rdquo said SGX RegCo.
 
Earlier in the day, shares of Axington Inc dropped by 20%, in the wake of news that cousins Terence and Nelson Loh were part of the Bellanova Group (BN Group) that recently admitted to doctoring photos of former US President Barack Obama in the company' s publicity photos.
 
SGX RegCo wishes to point out that Nelson Loh and Terence Loh are controlling shareholders of Catalist-listed Axington Inc following the completion of the general offer for the company on 13 July 2020 via Dorr Global Healthcare International Pte Ltd which both individuals control.
 
Neither of the two individuals is a director of Axington Inc. Shen Che is the non-independent non-executive chairman of Axington Inc.
 

 
Joelton     30-Jul-2020 09:26  
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Axington proposes to change core business to medical, consumer wellness services
 
CATALIST-LISTED professional advisory services group Axington Inc on Wednesday proposed to change its name and core business, and acquire a Malaysian medical products distributor for S$12 million.
 
It also proposed a S$6 million share placement, a compliance placement, and a S$9.4 million two-for-one rights issue.
 
The company is looking to change its core business to the provision of medical and consumer wellness services, and investments in medical technology, robotics and artificial intelligence technology applications in the medical and consumer wellness space.
 
It currently provides advisory services, such as internal audit and quality assurance review, as well as strategy and risk advisory. Formerly known as Axcelasia Inc, it is now proposing a second name change to NETX Inc.
 
Earlier in June, Dorr Global Healthcare made a mandatory unconditional cash offer for all of Axington' s shares, which closed on July 13 with Dorr holding a 92.5 per cent stake in Axington.
 
Dorr is owned by Nelson and Terence Loh, the founders of Novena Global Lifecare. Mr Nelson Loh told The Business Times last month that the pair had " plans" for Axington, and it was " a natural extension to list one of our businesses here" .    
 
In connection with its proposed change of core business, Axington on Wednesday also proposed to acquire Malaysian medical equipment and medical aesthetics products distributor Vesta Apex Trading for a consideration of S$12 million. This comprises a cash consideration of S$6 million and the issuance of around 33.3 million Axington shares at 18 Singapore cents per share.
 
The issue price represents a discount of 14.9 per cent to the volume-weighted average price (VWAP) of 21.1 cents for trades done on the Singapore Exchange (SGX) on July 13. This is the last traded closing price on the market day preceding the date of a conditional sale-and-purchase agreement signed with seller Ng Shing Lay.
 
The consideration was arrived at after arm' s length negotiations, Axington said. The acquisition will be funded using the company' s internal resources.
 
Axington added that the proposed acquisition will kickstart its proposed core business change and pave the way for its expansion into the medical and consumer wellness sector.
 
The company said it selected Vesta Apex Trading as its initial foray into the medical and consumer wellness sector on Vesta' s " attractive" business model in the medical technology sector in South-east Asia, and " strong" order book in its medical equipment distribution business.
 
Axington on Wednesday also proposed a S$6 million share placement of 30 million new ordinary shares at 20 cents per share, and a compliance placement of 150,000 new shares at the same price to restore its free float.
 
The placement share price is equivalent to a discount of 5.39 per cent to the VWAP of 21.1 cents for SGX trades on July 13. Axington on July 28 signed conditional subscription agreements with nine placees for the subscription shares.
 
Axington also proposed a renounceable non-underwritten rights issue of up to around 95.2 million new ordinary shares at 10 cents per share, on a one-for-two basis, to raise an estimated S$9.4 million.
 
The rights issue price represents a 52.7 per cent discount to the VWAP of 21.1 cents for SGX trades on July 13. 
 
Axington added that Dorr had given an irrevocable undertaking to subscribe and pay in full for its entitlement of 74.2 million rights shares, and subscribe and pay in full for all remaining rights shares not taken up by other shareholders.
 
Axington intends to use 60 per cent of the gross proceeds from the placement and rights issue for business investments and " opportunistic" acquisitions, and 40 per cent for general working capital.
 
In the event it is not able to identify and acquire suitable acquisition targets, the proceeds shall be redeployed for potential future acquisitions and/or for working capital, it said.
 
Axington said the placement, compliance placement and rights issue will increase the number of its shares in issue by about 125.4 million shares, or about 78.2 per cent of its existing issued share capital.
 
This increase is expected to improve the trading liquidity of the shares on the Catalist board and provide the company with increased visibility within the investment community, it added.
 
The company will seek shareholders' approval in relation to four proposed resolutions (its name change, change in core business, proposed acquisition, and allotment of new shares to the seller) at an extraordinary general meeting to be convened.
 
It said the four proposed resolutions are inter-conditional, and that if any of the proposed resolutions are not approved by shareholders, the other proposed resolutions will not be duly approved.
 
 
Joelton     03-Jun-2020 09:43  
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Axington tops offer price in intra-day trade



WED, JUN 03, 2020 - 5:50 AM
Its shares hit 21.5 Singapore cents briefly before closing at 20.5 cents, close to Dorr' s offer price of 20.8 cents
 
SHARES in Catalist-listed Axington, formerly known as Axcelasia, rose as high as 21.5 Singapore cents on Tuesday, above Dorr Global Healthcare International' s offer price of 20.8 Singapore cents.
 
This comes after Dorr, which provides management consultancy services for healthcare organisations, said on Monday that it plans to make a mandatory unconditional cash offer for Axington in a deal that values the company at S$33.3 million.
 
The offer price of 20.8 Singapore cents represents a premium of 43.45 per cent to Axington' s last traded price of 14.5 cents on May 26 before the deal was announced.
 
Dorr is required to make an offer for all the remaining shares of Axington after it acquired 107.2 million shares in Axington from Axington' s deputy executive chairman Tang Swee Guan, his wife Chai Seow Lin, non-independent non-executive director Ranjit Singh, non-independent non-executive chairman Veerinderjeet Singh, and his wife Rajinderpal Kaur. Dorr now has a 66.9 per cent stake in Axington.
 
Married trades for the sale of these shares were executed on Tuesday, making Axington one of the most active stocks on the Singapore bourse for the day.
 
But Bloomberg data showed that there was also more trading than usual, with some trades done above the offer price.
 
Excluding the married trades, total volume for the day was four million shares. Before Tuesday, just one million Axington shares had been traded for the whole of 2020.
 
Axington was previously known as Axcelasia and provided professional services such as tax advisory and business process outsourcing, mainly to companies in Malaysia. In April, Axington sold this business to the Tricor Group in Hong Kong. The sale included the Axcelasia trademark, and the listed entity was subsequently renamed Axington. According to the offer announcement, Axington' s operations currently consist primarily of the listed company and " certain subsidiaries in Singapore, Vietnam and Laos" .
 
But according to minutes from Axington' s annual general meeting held on April 17, the group generated no revenue from its overseas markets of Singapore, Vietnam and Laos.
 
The offer announcement dated June 1 states that the offeror Dorr " intends for the company to continue with its existing activities and has no current intention to introduce any major changes to the existing business of the company redeploy the fixed assets of the Axington Group or discontinue the employment of the employees of the Axington Group, other than in the ordinary course of business" .
 
At the same time, it states that Dorr intends to " undertake a comprehensive review of the businesses of the company to determine the optimal strategy for the company" . Dorr also intends to maintain the listing status of the company.
 
Dorr is owned by entrepreneurs Terence Loh and Nelson Loh, who are cousins and former investment bankers.
 
Among other things, Dorr owns a healthcare and aesthetics group called Novena Global Lifecare. Mr Nelson Loh is Novena Global Lifecare' s executive chairman, while Mr Terence Loh is its chief executive.
 
Lim Cheok Peng, a former managing director at Malaysian hospital operator IHH and former chief executive of Parkway Holdings, is the senior medical adviser of Novena Global Healthcare group.
 
Shares in Axington closed at 20.5 Singapore cents on Tuesday, up 41.4 per cent or six Singapore cents. The counter on Tuesday surpassed its previous 52-week high of 19 Singapore cents.

https://www.businesstimes.com.sg/companies-markets/axington-tops-offer-price-in-intra-day-trade
 
 
Joelton     02-Jun-2020 14:13  
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Axcelasia gets S$0.208 per share cash offer from Dorr Global Healthcare Intl



MON, JUN 01, 2020 - 10:03 PM
DORR Global Healthcare International, a provider of management consultancy services for healthcare organisations, plans to make an unconditional cash offer for Catalist-listed Axington Inc, formerly known as Axcelasia.
 
Dorr is offering S$0.208 in cash for each share, in a deal that values the company at S$33.3 million. The offer price is final and Dorr does not intend to revise the offer price, it said.
 
The offer price represents a premium of 43.45 per cent to Axington' s last traded price of S$0.145 on May 26.
 
Dorr Global Healthcare International is owned by entrepreneurs Terence Loh Ne-Wei and Nelson Loh Ne-Loon.
 
Dorr is required to make the offer after agreeing to acquire a 66.9 per cent stake in Axington from various directors and shareholders for S$22.3 million, or S$0.208 per share by way of married deals.
The sellers are Axington deputy executive chairman Tang Swee Guan, his wife Chai Seow Lin, non-independent non-executive director Ranjit Singh, non-independent non-executive chairman Veerinderjeet Singh, and his wife Rajinderpal Kaur.
 
Dorr intends to maintain the listing status of the company, said DBS Bank, which is advising Dorr on the offer.
 


 
Axington had historically provided integrated professional services, mainly to companies in Malaysia. In April, Axington completed the sale of its core business in Malaysia to the Tricor Group in Hong Kong. As such, the Axington Group currently consists primarily of the company and subsidiaries in Singapore, Laos and Vietnam.

https://www.businesstimes.com.sg/companies-markets/axcelasia-gets-s0208-per-share-cash-offer-from-dorr-global-healthcare-intl
 
 
BBBulll     12-Feb-2020 17:39  
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This one should continue to rocket tomorrow. Selling one of their subsidiary for 55sen ~ 17.5 singapore cents per share equivalent. Current price only 12cents. Mentioned that it will pay out dividend, even if it pays 1/3 of sale, it is a 6cent dividend (50%) and rest of business is still profitable. HUAT AH!
 
 
waters     12-Mar-2017 19:23  
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SG Dealbook: Axcelasia acquires Audex CoAssets invests in HK fintech firm Subscribe to our newsletter Shiwen Yap March 10, 2017:    Axcelasia has acquired Audex for RM2.88 million and CoAssets has invested in a Hong Kong fintech firm. Axcelasia acquires Audex for RM2.8 Tax advisory and business consultancy company Axcelasia is acquiring Malaysian corporate governance advisory firm, Kuala Lumpur-based Audex, for a purchase  consideration  of RM2.88 million (S$0.9 million).  Audex&rsquo s operations are mainly in Malaysia and the Asia Pacific. The deal will see Axcelasia acquire 100,

Read more at: http://www.dealstreetasia.com/stories/sg-dealbook-88-67097/?utm_source=DealStreetAsia%3A+The+Daily+Brief& utm_campaign=84a8c53da0-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A& utm_medium=email& utm_term=0_0fa50e40c1-84a8c53da0-246556321& mc_cid=84a8c53da0& mc_eid=036882a104
 

 
waters     10-May-2016 14:00  
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As disclosed in the Company&rsquo s offer document dated 18 November 2015, the Company intends to recommend and distribute dividends of not less than 50.0% of our profit after tax for FY2016 and financial year ending 31 December 2017 to reward shareholders of the Company for participating in the Group&rsquo s growth.
 
 
waters     10-May-2016 13:45  
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Chairman' s Statement

Dear Shareholders,

On behalf of the Board of Directors (the &ldquo Board&rdquo ), I
am pleased to present the inaugural annual report
of Axcelasia Inc. (&ldquo Axcelasia&rdquo or the &ldquo Group&rdquo ) since
its November 2015 public listing on the Catalist of
the SGX-ST, which was the most significant highlight
in our financial year ended 31 December 2015
(&ldquo FY2015&rdquo ).

In the lead-up to our initial public offering (&ldquo IPO&rdquo ),
which raised net proceeds of approximately S$7.58
million, we carried out a restructuring exercise that
combined four business segments under Axcelasia,
which now offers tax advisory, business consultancy,
enterprise management system applications and
business support services. The listing is a major
catalyst for the Group to raise its profile, regionalise
its operations and expand its range of services.
We are working hard to build the Axcelasia brand
and are proud to be one of only two Singaporelisted
integrated professional services entities with
our roots in Malaysia. The major distinction is that
Axcelasia has a strong focus on corporate tax advisory
and business consultancy services. We are confident
that the addition of the other business segments
&ndash enterprise management system applications and
business support services &ndash will yield positive results
for the Group and enhance value for shareholders.
Allow me to now share with you the Group&rsquo s financial
performance in FY2015.

FY2015 Business Review

The Group&rsquo s FY2015 net profit grew five-fold to RM7.9

million compared to RM1.6 million the previous year
(&ldquo FY2014&rdquo ). Net profit margin rose to 31.1% from
19.2% in FY2014. The improvement was mainly driven
by the commencement of revenue contribution from
our various non-tax advisory services. Overall revenue
more than tripled to RM25.3 million from RM8.3
million a year ago.

Earnings per share for FY2015 amounted to
RM10.22 cents while net asset value per share came to
RM21.24 cents as at 31 December 2015.
We have a healthy balance sheet with cash and bank
balances at RM29.0 million as at 31 December 2015,
compared to RM2.9 million at the end of FY2014. The
increase was mainly due to Axcelasia&rsquo s IPO proceeds.

Executing Forward Strategy

Subsequent to the year-end, the management identified
three core strategies to sharpen Axcelasia&rsquo s strategic
focus in a Corporate and Business Update in March
2016. These entail geographical expansion in Malaysia
and other ASEAN markets, enlarging our portfolio
of services to develop new revenue streams, and
harnessing economies of scale.

Asset-light strategy for expansion in Malaysia and
ASEAN
We are seeing many more opportunities for growth
in the region with companies increasingly seeking
business consultancy services and outsourcing more
of their business functions. The establishment of the
ASEAN Economic Community, which will enable free
flow of skilled labour and harmonise financial rules
within the region, will also open up opportunities for
Axcelasia.
Against this backdrop, the Group will adopt an assetlight
strategy to expand into other cities in Malaysia
and the ASEAN region where it does not already have
a presence. To avoid substantial investment outlays,
Axcelasia will expand regionally through strategic
alliances and joint ventures by leveraging on its existing
clientele and business relationships.
We intend to have a presence in at least three more
ASEAN cities within the next 18 months. Our newly
opened office in Singapore will serve as a springboard
for Axcelasia to set up office in the region.
Accordingly, we expect non-Malaysian revenue to
commence contributions from FY2016 as our network
of operations across ASEAN increases.

Enlarging portfolio of services
Having built up a suite of professional services offered
under a single platform and management structure,
our next step is to expand our offerings to include  other complementary services &ndash such as share registrar
and corporate finance advisory services. We will
progressively scale up our capacity to extend our
offerings to leverage on the demand for such services.
This will allow the Group to reach a wider range of
clients and cross-sell our services more effectively.

Harnessing economies of scale
The Group expects to achieve even greater economies
of scale as it builds up a presence in the region. Our
intention is to centralise various management and
operational functions. With our expertise in business
consultancy and the employment of technological
tools, we expect to significantly streamline the Group&rsquo s
internal and operational efficiencies, which should
translate into cost improvements.

With these three strategies, we are confident
of achieving more sustainable growth in the years
ahead. We believe this will deliver greater value to all
shareholders.

Appreciation
On behalf of the Board, I would like to express my
gratitude to all shareholders, business associates and
staff for their continued support and commitment to
Axcelasia.

I would also like to thank my fellow Executive Directors,
Dato&rsquo Peter Tang and Ranjit Singh, as well as other
Board members, for their wise counsel and collective
efforts towards our listing. I look forward to working
closely with them in 2016.

Dr. Veerinderjeet Singh
Executive Chairman
 
 
waters     09-May-2016 14:42  
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Axcelasia is hiring... haha

 

http://www.axcelasia.com/web/images/career_sg.pdf

 

Axcelasia Inc. formed its first subsidiary within ASEAN in late January. Axcelasia Singapore Pte Ltd (Axcelasia Singapore) commenced operations in March to focus initially on business consulting, with subsequent extension into tax advisory and business support services. Axcelasia Singapore is now seeking highly motivated and dynamic individuals for its business consulting client service team at the various levels set out below, as well as the administrative team. Position Experience Managing Consultants At least 5 years Senior Consultants 2-3 years Consultants At least 1.5 years Assistant Consultants Recent graduates with strong academic qualification and interpersonal skills Administrator At least 5 years Responsibilities: Consultants will be part of our dynamic business consulting client service team, responsible for the delivery of consulting engagements. These include risk-based internal audit, risk management, corporate governance advisory, fraud investigation, and key controls review. The Administrator is responsible for office management and provides administrative support to the client service team. This individual is expected to build and lead an administrative team as the operations grow. Requirements: &bull A degree preferably in Business, Accounting, Commerce, Economics, Risk Management or professional qualification such as CIA, CPA, ACCA (except for the Administrator). &bull Excellent command of English, both report writing and verbal communication. &bull Strong research and analytical skills. &bull Detail-oriented in documents and records verification. &bull Ability to work with clients and internal professional staff of different seniority levels and different functions. &bull Willing to travel frequently for assignments (except for the Administrator). &bull Adaptive in challenging situations and able to take on diversified tasks and assignments. &bull The successful candidate (including the Administrator) is required to sign a 36-month bond in return for training and sponsored professional programme (covering registration fee, study materials and examination fees). Fifteen (15) working days paid study leave will be granted as part of the examination preparations. &bull Preference given to Singapore citizens and permanent residents. Interested candidates please email application to [email protected] with comprehensive resume stating work experiences, salary expectation, recent photograph and contact details.
 
 
waters     09-May-2016 13:07  
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The new kid on the block for the professional services firms.   An alternative to Boardroom

 

 

http://www.axcelasia.com/web/images/Axcelasia%20Inc%20_2015%20Annual%20Report.pdf
 
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