Press Statement – ecoWise shareholders should allow time for company to address SGXRegCo’s directives

Date: July 7, 2021

SIAS is seriously concerned with the developments at ecoWise and is aware of shareholders’ concerns regarding the issues and the disagreements between Mr Lee Thiam Seng (“Mr Lee”), who is the Chief Executive Officer, and Mr Cao Shixuan (“Mr Cao”), who is the Deputy Chief Executive Officer. It is regrettable that matters have been allowed to deteriorate to this level, resulting in failure of internal controls and effective communication within the company. This situation should not have been allowed to arise in the first place.

However, SIAS notes that Mr Lee, Mr Cao together with the lead independent director, Mr Er Kwong Wah have stated that they would fully cooperate and work with each other to address the SGX RegCo Directives in a timely manner. In the circumstance, SIAS urges shareholders to allow time for the company to fully address SGX Regco’s directives.

SIAS also urges ecoWise to keep its shareholders updated and to address their concerns upon satisfying the SGX Regco Notice of Compliance.

David Gerald
Founder, President & CEO