Michael Kum has taken charge at Singapore-listed Atlantic Navigation following a change of majority shareholder following a share subscription.
He has been installed as non-executive chairman of the company following the emergence of Saeed Investment as controlling shareholder.
The Singapore offshore veteran is the spouse of Ong Bee Yong, who has a 50% stake in Saeed Investment, which recently became Atlantic’s controlling shareholder.
Former executive chairman and company founder Wong Siew Cheong has become an executive director, but still remains Atlantic’s chief executive.
Kum and Ong also hold a 7.8% stake in Australia’s MMA Offshore via investment holding company Halom Investments.
However, Atlantic’s board said it was not of the view that Kum’s stake in MMA Offshore posed any conflict of interest for the company.
Earlier this month Saeed Investment assumed a 50.22% stake in Atlantic Navigation following the share subscription agreement, which was first announced earlier this year.
Last week shares in Atlantic Navigation were suspended after the share subscription caused the percentage of its publicly held shares to fall below 10%.
Singapore Exchange (SGX) rules state that the Catalist-listed company’s shares can be suspended for up to three months to allow the company to restore the free float.
The sponsor-supervised listing board Catalist is modeled on the London Stock Exchange's Alternative Investment Market (AIM).
