A group of SHS Holdings shareholders who claim to control 21.36% of the shares are calling for an EGM to remove independent director Chua San Lye and replace with their nominee Kong Chee Keong.
As listed in its annual report, there are two other IDs, Lee Gee Aik and Ron Oong Wei Yuan. The board consists too of executive chairman Teng Choon Kiat, who controls 26.37% of the company and group CEO Henry Ng Han Kok, who holds 18.95%.
The shareholders are Stone Robert Alexander, Thomas Clive Khoo, Lee Oon Gim, Tan Siew San, Lawrence Chia Boon Hoe, Esther Lee Siew Neo, Chia Soon Joo and Toh Boon Leong.
In their requisition letter to SHS, they state that Kong is a "better fit for the company given his many years of experience in key finance roles and management, including as CEO at a listed company."
Up till 2022, Kong was CEO of Darco Water Technologies.
The shareholders did not specify in their requisition notice why they only want to remove Chua but not the other two IDs.
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If Chua quits the board and Kong is appointed in his place, these shareholders will drop their EGM call.
SHS Holdings shares closed at 12 cents on Feb 2, up 3.33%.
