Zurich, 18 June 2020 – The first Annual General Meeting of Shareholders (“AGM”) of Achiko Limited (“Achiko” or the “Company”) was held today in Zurich. Due to the Covid-19 pandemic, this year’s AGM was held over a video conferencing platform.
Achiko is pleased to announce that all resolutions were duly passed with resolutions 16-18 passed as special resolutions. A total of 13,807,361 shareholder votes, equivalent to 15.4 percent of the share capital and shares entitled to vote, were represented by the independent proxy. The Board of Directors would like to thank all those who exercised their rights as shareholders in this way.
The shareholders approved the Consolidated Financial Statements, independent Auditors’ Report and the Annual Report for both years 2018 and 2019. Grant Thornton was approved as the auditor for the forthcoming financial year and the directors are authorized to fix their remuneration. The Chairman of the Board of Directors and all members of the Board of Directors were confirmed in office for a further term of one year with an aggregate annual renumeration of USD 319,503. The aggregate annual remuneration of the executive committee was approved for one year in an amount of approximately USD 890,000.
Shareholders voted to approve, ratify and confirm all and any acts of the directors on or before the date of the AGM. Both Steven Goh as sole member and chairman of the Nomination and Remuneration Committee and Buis Bürgi AG as independent proxy were approved upon the re-incorporation becoming effective. A de-listing of the shares from SIX Swiss Exchange before the re-incorporation becomes effective and a re-listing of the shares at the same venue upon the re-incorporation becoming effective was approved.
Special resolutions to redomicile the Company to Zurich, Switzerland, re-incorporation of the Company under Swiss law and adoption of the new Articles of Association on the date of the re-incorporation becoming effective, converting the current share capital structure of the Company and adoption of International Financial Reporting Standards (IFRS) in auditing the Company’s financial statements were approved. As a consequence of the redomiciliation to Switzerland, the ISIN of Achiko will change to CH0522213468, effective from 19 June 2020 onwards.
Shareholders also approved the change in the name of the Company to Achiko AG upon de-registration as a Cayman Islands exempted company and replacement with a new Memorandum and Articles of Association.
Allen Wu, Chairman of Achiko said, “We are particularly pleased that the special resolutions to approve redomiciliation to Switzerland were passed. The current Cayman Islands domicile has become a compliance red flag for most banks and trading intermediaries outside Switzerland which have prohibited outright or made it very difficult to trade shares in companies incorporated in the Cayman Islands. The Board of Directors believes the share price weakened as investors are not able to easily buy or sell shares in Achiko and a redomicile should create greater liquidity for Achiko’s shares. The redomicile also supports our strategic plans to build a bigger presence in Switzerland to increase our footprint in Europe.”
Established in 2018, Achiko (ISIN KGY0101M1024) is a platform company listed on the SIX Swiss Stock Exchange (ACHI:SWX) which owns and operates technologies that Enable consumers to Pay, offers consumers Things to Do, and provides Reasons to Stay through a range of engaging social features. Social and gaming features will be added to the platform beginning in Q3 and Q4 of 2020.
By refining its technology and operations stack in Indonesia first with subsequent expansion to other countries, the company then aims to deliver services across a range of industry verticals such as Game Payments, Buy Now / Pay Later, ECommerce Services and others directly and indirectly.
Achiko has significant shareholders such as MNC Group, the largest media company in Southeast Asia. Its shareholder base also includes MOX, China’s largest venture capital company focussing exclusively on the mobile sector and one of the three largest global VC companies in this field.
Further information can be found at investor.achiko.com.
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This communication expressly or implicitly contains certain forward-looking statements concerning Achiko Ltd. and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko Ltd. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko Ltd. is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.