SINGAPORE (Dec 21): Innopac Holding CEO and chairman Wong Chin Yong will resign from the company effective Mar 31, 2019, as part of a deal that is likely to see a new group of shareholders taking control. With immediate effect, Wong will also step down as chairman of the board of directors.

In a filing to SGX on Oct 9, Innopac said it had found new investors willing to subscribe to 8.4 billion new shares at 0.1 cent each to raise gross proceeds of $8.4 million.

In conjunction with the new investments, Wong will also buy over a clutch of Innopac subsidiaries that owe money to creditor Saxo Bank for $100,000.

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