18th Nov 2019 17:58
(Alliance News) - Sweeteners producer PureCircle Ltd said Monday it has hired four new non-executive directors.
Tan Boon Seng, a representative of Wang Tak Co Ltd, which has a total interest of 28% in the company, has been hired alongside Tan Sri Wan Azmi Wan Hamzah, who is a representative of Halfmoon Bay Capital Ltd and Alwaha Fund Ltd, which has a total combined interest of 11%.
Boon Seng's and Tan Sri Wan Azmi's appointments became effective last Monday.
The other two appointments to the board are Datuk Ali bin Abdul Kadir and Dato Robert Cheim Dau Meng, as independent non-executive directors, effective immediately.
Chair & Interim Chief Executive John Slosar said: "These four new board appointees will bring a range of fresh insight and expertise to the board, especially in the areas of finance, accounting, governance and strategy development.
"It is also important that significant shareholders of PureCircle are supporting the company by joining the board and I welcome this development."
Last week, the company said an ongoing accounting review has identified potentially improper transactions and, as a result, Chief Executive Magomet Malsagov has voluntarily agreed to stand down on a temporary basis, pending further investigation of the transactions.
Slosar assumed the interim chief executive role with immediate effect and will be assisted by Malsagov acting as an adviser to the chair, the company added.
On Tuesday, PureCircle had reported the resignation of Chief Financial Officer Rakesh Sinha, effective January 31. The departure had been attributed to Sinha's intention to return to the UK and continue his career there.
The Kuala Lumpur, Malaysia-based stevia sweetener producer also said on Thursday that its inventory value could reduce by USD23 million following a provisional assessment of the company's classification and valuation of inventory by KPMG LLP.
The company appointed KPMG in September to investigate issues with the way inventory was classified and valued with an aggregate value of up to USD30 million
It added that the inventory issue will have no impact on its debt or cash generation.
PureCircle said it is in talks with banks and is seeking waivers with regards to certain loan covenants.
Shares in the company have been suspended from trading in London since late October due to delay in publication of its annual results as a result of the ongoing KPMG probe.
By Paul McGowan; [email protected]
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