Q&M Dental Group, on March 22, announced that it entered into a settlement agreement with Dr Ong Siew Hwa, the CEO of Acumen Diagnostics. Acumen is a subsidiary of Mainboard-listed Q&M Dental Group and an associated company of Catalist-listed Aoxin Q&M Dental Group.
While the terms of the agreement remain confidential, the parties have “agreed to a full and final settlement of all disputes, with no admission as to liability by any party”, says Q&M in its March 22 statement.
The update comes after Q&M placed Dr Ong on a leave of absence in June 2024 after the latter acquired an indirect interest in the assets of a supplier of Acumen.
At the time, Dr Ong objected to being placed on a leave of absence by the Acumen board as she did not see any cause for investigation into her acquisition.
Ong has also voluntarily agreed to resign from her position as executive director of Aoxin with effect from March 22. As such, the company has withdrawn its requisition notice to convene an extraordinary general meeting of Aoxin.
EM2AI signs definitive agreement
On March 24, Q&M also announced that its 49%-owned associate, EM2AI, has signed a binding written agreement with a dental solutions provider.
The agreement, which was signed on March 21, comes after EM2AI signed a memorandum of understanding (MOU) with the same customer.
Under the MOU, EM2AI agreed to grant the provider a license to integrate its dental artificial intelligence (AI) solutions into the provider’s platform. At the same time, EM2AI will get to deploy its dental AI solutions across the provider’s network of dental clinics in Singapore, Malaysia, Thailand and Vietnam.
As at 3.21pm, shares in Q&M are trading 1 cent higher or 3.45% up at 30 cents. Shares in Aoxin are trading flat at 4.4 cents.
