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’ Dorr Group and Evangeline Shen’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.

As at 11.36am, shares in Axington Inc are still trading 4.5 cents lower, or 20% down, at 18 cents.