Back 03 Jul 2025

Charisma Energy shareholders approve all resolutions at EGM, clearing path for capital injection, convertible loan and share consolidation

Link: https://links.sgx.com/1.0.0/corporate-announcements/YNCWSMV96D9CH59S/7ad2cd16d82480a086fdb6fa5503621047d01bad6b6cb310591a481030dee3fb


Summary:

  • The EGM was held on 4 June 2025 at Cuppage Road, Singapore, chaired by Mr. Chew Thiam Keng.

  • All 10 resolutions tabled were approved by shareholders via poll voting, with overwhelming majorities exceeding 99% for most items.

  • Key approvals included:

    • Subscription of new shares to Yin Khing Investments Limited at a significant discount, to raise funds.

    • Grant of options and authority to issue up to 193 billion option shares.

    • Convertible loan agreement of up to S$10.26 million, with provision to issue up to 121 billion conversion shares.

    • Issuance of settlement shares to resolve claims under the scheme of arrangement, including:

      • ~82 billion shares to creditors generally,

      • ~38 billion shares to Ezion Holdings Limited,

      • ~75 million shares to Chairman Chew Thiam Keng, and

      • ~14 billion shares to Mr. Patrick Tan Choon Hock.

    • Transfer of controlling interest to the subscriber following the issue of new shares.

    • A whitewash resolution, waiving shareholders’ rights to a mandatory takeover offer.

    • A 1,000-to-1 share consolidation to rationalize the share capital base.

  • The Board assured that proper governance measures were in place, including abstentions and independent shareholder approvals for related party transactions.