Success Dragon International Holdings Limited, a service provider of outsourced management solutions to the gaming industry, has announced it is abandoning its right to acquire further shares in Primus Power Corporation and giving up on the potential acquisition of companies engaging in energy related business in Mainland China, according to a filing by the company with the Hong Kong Stock Exchange yesterday.
The company noted that the decision follows the resignation of its Chief Executive Officer (CEO), Mr. Jiang Dan.
Through Success Dragon Asset Holdings Limited, a directly wholly-owned subsidiary of the company, Success Dragon had invested in 20.82 per cent of the issued share capital of Primus, according to previous company filings.
Potential investments of the company included the signing of a renewable energy management framework agreement related to the development of photovoltaic energy generation and storage projects.
In addition to the resignation of its CEO, company Chairperson Ms. Li Xuehua, and an independent non-executive Director, Dr. Jia Limin, have also tendered their resignations, effective last Wednesday.
Upon his resignation, Jiang also quit his functions as a member of Success Dragons’ executive committee, investment committee, nomination committee, and remuneration committee.
Jiang had been in the position since March 24, replacing Carlos Luis Salas Porras, who left the company citing the same reasons as the recent resigning individuals; namely, ‘to focus time and effort on other business.’
Mr. Tan Teng Hong has been appointed as the new Chairman, CEO, and Executive Director of the company.
Mr. Tan, aged 41, is a member of the board of directors of Banque de Développement de Guinée of the Republic of Guinea, and has worked in a number of reputable global financial institutions engaging in securities research and private banking in Singapore and Hong Kong, according to the filing.