Ant Group’s designee to Zomato’s board, Douglas Feagin, has abnegated as a non-executive, non-independent director of the company, a couple of months after Chinese fintech major vended shares in the food tech platform. Ant is a chapter company of Chinese E-commerce giant Alibaba, which vended$ 200 million of shares in Zomato in November.
It still holds around 10 percent stake in Zomato. “In recognition of the company’s growth as a intimately-listed company and the maturity of the business, at the request of the nominating shareholder, I hereby abdicate from my position as a director on the Board of Directors of Zomato,” Feagin said in his abdication letter. A week after stepping down from the board at listed fintech giant Paytm, Alibaba- backed Ant Group elderly vice chairman Douglas Feagin has abdicated from the board of listed food tech giant Zomato, the foodtech’s forms with the Bombay Stock Exchange( BSE) showed. “Zomato’s accomplishments in the pursuit of developing the food delivery business in India and creating happier everyday lives for people have been emotional. In recognition of the company’s growth as a intimately listed company and the maturity of the business, at the request of the nominating shareholder, I hereby abdicate from my position as a director on the Board of Directors of Zomato,” the nonsupervisory form quoted Feagin as saying.
“I remain confident in Zomato’s operation team and want for their uninterrupted success,” Feagin added. Before this month, Feagin also abdicated from Paytm’s Board of Directors as a non-executive,non-independent director, a month after dealing shares worth $125 million via block deal. Ant Group, via its attachment Antfin Singapore Holding Pte Ltd, holds 55.02 Lakh shares of Zomato, amounting to a 6.43 stake in the listed food tech mammoth. Alibaba Group, in total, holds a 9.89 stake in the food tech mammoth, with the remaining 29.61 Lakh shares coming via its attachment Alipay Singapore Holding Pte. Ltd.