CATALIST-listed medical support services provider Medinex on Friday (Sep 16) corrected the record on its non-executive chairman Tan Lee Meng’s interest in an acquisition deal more than 3 years after the deal completed.

When it announced the proposed acquisition of a 55 per cent stake in Sen Med Holdings for S$1.7 million on Jan 23, 2019, the company said none of its directors has any interest, direct or indirect in the deal. 

But on Friday, Medinex issued a correction stating that Shine International Group, in which Tan is a director, had on May 9, 2018 signed an engagement letter with the Sen group of companies to act as a consultant for the proposed strategic investment in Sen Group by potential investors to be identified for a S$200,000 fee.

It was due to this engagement that Medinex came to be identified as one of the potential investors, which culminated in the proposed acquisition. 

The deal concluded in March 2019.

Along with the correction on Friday, Medinex said the omission was the result of an “administrative error”, adding that it was noted during the company’s routine internal review of its corporate actions.

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It clarified that Tan had disclosed his interests to the board before the company entered into the proposed acquisition and had abstained from approving the deal at that time.

Meanwhile, Medinex has implemented additional processes to strengthen its internal processes to prevent similar omissions in the future. 

Shares of the company closed flat at S$0.225 before the announcement on Friday.