SINGAPORE (May 17): Shareholders of YuuZoo have voted in favour of all four resolutions at the special general meeting held on Wednesday.

The resolutions consisted of Yuuzoo's deregister as a company in the Bermudas and register itself as a limited liability company in the British Virgin Islands, a name change to Yuuzoo Networks Group Corporation, the change in its capital structure from par value to non par value shares, and the adoption of new memorandum and articles of the company.

See: YuuZoo calls for May 16 Special General Meeting to approve changes in its capital structure; CFO Wang quits

All four resolutions were passed with 96.43% to 97.48% of votes in favour, the e-commerce company announced in an exchange filing on Wednesday night.

YuuZoo is currently being investigated by the Commercial Affairs Department (CAD) over possible breaches of the Securities and Futures Act.

See: SGX reports YuuZoo to 'relevant authorities' for possible breach of Securities and Futures Act after issuing notice of compliance

On Monday, the company released three of the four findings from the executive summary from the interim report completed by auditors EY.

See: SGX hits YuuZoo with another notice of compliance; asks auditors to release interim report as soon as finalised

This followed the April 2 notice of compliance issued by Singapore Exchange Regulation (SGX RegCo) regarding numerical errors and variances in its unaudited FY2017 income statement.

On Tuesday night, YuuZoo reported a net loss of $5.2 million for the 1Q18 ended March compared to a profit of $0.49 million a year ago on higher employee benefits and expenses and higher amortisation of assets.

Revenue fell 3% to $7.98 million from a year ago due to the decline of payment revenue, e-commerce and celebrity branded network sales.

Last month, chairman Thomas Zilliacus, who has not been accused of any wrongdoing, resigned from his appointment in view of the ongoing investigations although he has maintained his innocence.

See: YuuZoo chairman Thomas Zilliacus resigns amid CAD investigations

See: YuuZoo confirms CAD investigation into company and chairman Zilliacus

Zilliacus’ resignation comes days after that of YuuZoo’s chief financial officer Kevin Wang who cited “family emergency” as his reason for quitting.

YuuZoo's shares have been suspended from trading since March 19.