Epicentre Holdings cancels private placement after failure to contact CEO

The firm is also facing repayment demands from three creditors.

Investments holdings firm and former Apple reseller Epicentre Holdings has not been able to contact its executive chairman and acting CEO Lim Tiong Hian since 24 May, a filing with the Singapore Exchange revealed, shortly after the firm requested for a trading suspension.

As a result, Epicentre announced that it would not be proceeding with the proposed placement of up to 79.74 million new ordinary shares in the capital of the firm. That said, it noted that the company does not have any monies held in escrow.

In order to repay the existing liabilities of the company, Epicentre is currently trying to come up with a workout plan to facilitate repayment to creditors.

“The group has received statutory demands dated 21 May and 27 May from three creditors, and is seeking legal advice and assessing the potential impact on the group,” Lai Choong Hon, the firm’s independent director, explained. “This potentially raises issues in terms of the group's and the company's ability to continue as a going concern.”

In the absence of Lim, the company remains under the leadership of the independent directors, who are considering all possible options, he added.