Metrocon's Chairman Steps Down After Being Charged Over Unlicensed Dormitory; Shares Plunge 15%
MT Newswires11-02
Metrocon's (SGX:WYO) non-executive chairman, Alvin Lim Yee Hong, stepped down from the post effective Oct. 29, after he was charged under Singapore's Foreign Employee Dormitories Act, according to a Monday filing.
The Ministry of Manpower charged Lim, who is also the general manager of LBD Engineering, the company's controlling shareholder.
Lim faces one charge of knowingly allowing LBD to operate a foreign employee dormitory without a valid license.
The company is not a party to the case. Lim intends to contest the charge and is looking to be reconsidered for reappointment once proceedings conclude.
Shares of the construction company plunged nearly 15% in Monday morning trading.
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