SINGAPORE (Sept 30): Ching Chiat Kwong, executive chairman of developer Oxley Holdings, has resigned from the board of Artivision Technologies “to pursue other interests”.

With nearly 150 million shares, or a 16% stake, he is the second largest shareholder in Artivision, which is in the business of selling online video advertising.

The company also announced the resignation of independent director Tan Khee Giap. The company explains that Tan resigned to comply with guidelines from the National University of Singapore, where he teaches, to hold not more than four independent directorships.

On July 31, the company shareholders voted against a motion to allow the company to appoint a co-chairman.

Ching was first appointed to Artivision’s board back in September 2013. According to Bloomberg data, his shares cost him an average of 9 cents each.

Artivision shares closed at 2.3 cents, up 4.55%.