Michael Chai resigns, Blackwell Global rebrands to RTO

Michael Chai has resigned as a director of Blackwell Global Holdings, effective immediately, at the request of the independent directors.

As a result, Steve Chua, who served as Chai's alternate director, has also ceased to hold office.

The company's board has decided to change its name to "RTO" and ticker code from "BGI" to "RTO", effective from May 1 2024.

The name change and ticker code change were prompted by Chai's departure and the independent directors' aim to separate his activities, as he is also a director of the company's major shareholder.