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Alset Inc. elects board members, affirms auditor

Published 05/12/2024, 22:06
AEI
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In an announcement today, Alset Inc. (NASDAQ:AEI), a company specializing in real estate with a market capitalization of $11.82 million, reported the results of its 2024 Annual Meeting of Stockholders held on Thursday. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 16.94, despite facing revenue challenges with a 39.9% decline in the last twelve months.

The stockholders re-elected seven members to the board, with Chan Heng Fai, Joanne Wong Hiu Pan, and Chan Tung Moe receiving the most votes. The votes were cast as follows: Chan Heng Fai received 6,414,931 for and 10,211 withheld; Joanne Wong Hiu Pan had 6,414,938 for and 10,204 withheld; and Chan Tung Moe totaled 6,414,910 for and 10,232 withheld. Other members elected were Wong Tat Keung, William Wu, Wong Shui Yeung, and Lim Sheng Hon Danny. Each director will serve until the next annual meeting or until their successors are duly elected.

Additionally, shareholders ratified the appointment of Grassi & Co., CPAs, P.C. as the company's independent auditor for the year ending December 31, 2024. The decision to continue with Grassi & Co. was nearly unanimous, with 7,376,430 votes for, 4,628 against, and 4,491 abstaining.

The company, formerly known as Alset EHome International Inc. and HF Enterprises Inc., is incorporated in Texas with its principal executive offices located in Bethesda, Maryland. The stockholders' meeting had a quorum with 7,385,549 shares represented, out of the 9,235,119 shares issued and outstanding as of the record date, October 8, 2024.

InvestingPro analysis suggests the stock is currently trading below its Fair Value, with a notably low Price/Book ratio of 0.14. Subscribers can access 13 additional ProTips and comprehensive financial metrics to better understand the company's investment potential.

In other recent news, Alset Inc. has been active in both real estate and investment sectors. The Texas-based company has increased its majority stake in HWH International Inc. to 88.8% through a stock purchase agreement.

This strategic move indicates an intent to further influence the direction and growth of HWH International. Alset Inc. also recently completed a significant land sale in Texas, selling 72 single-family residential lots for approximately $3.9 million.

In addition, Alset Inc. has finalized the purchase of 6.5 million shares of HWH International Inc. from its subsidiary, Alset International Limited. This transaction involved issuing a secured promissory note valued at $4.095 million with a 5% annual interest rate, maturing on September 26, 2026.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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