Midas Holdings chair resigns after SGX RegCo callout

This follows the regulator’s recommendation to axe his appointment over illegal bonds.

Aluminium alloy manufacturer Midas Holdings’ Chen Wei Ping has stepped down as executive director and executive chairman of the company. Chen filed a letter of resignation saying he has no disagreement with the board, the company said.

According to an announcement, it is now looking for a suitable candidate to be appointed to the role of executive director and chairman of the company.

“Save for the matters as disclosed in the announcements, there is no other matter in connection with the resignation of Mr. Chen that needs to be brought to the attention of the shareholders of the company or The Stock Exchange of Hong Kong Limited,” Midas said.

Yesterday, the Singapore Exchange Regulation (SGX RegCo) called to axe the appointment of Chen and executive officer Ma Ming Zhang over undisclosed lawsuits and illegal bonds and guarantees.

The regulator said it has "concerns about the suitability" of the two continue in their positions.