Minority shareholders of TOTM Technologies, Khoo Thomas Clive, Wong Hong Eng, Ang Siew Joo, Teo Teo Lee and Tan Ah Ee, have sent the company requisition notices on Jan 20 to convene an extraordinary general meeting (EGM) to change the company’s directors.
Khoo, Wong, Ang, Teo and Tan collectively hold at least 10% of the total shares in TOTM. Khoo is a substantial shareholder of the company with a 7.35% stake per TOTM's Jan 21 filing.
In its Jan 20 filing, TOTM says the shareholders are seeking to remove Aw Eng Hai as independent director and Dhanie Tri Indrasto as the company’s non-executive director. The shareholders have also proposed to remove Aw and Dhanie from all other appointments with the company.
Aw was appointed as TOTM’s independent director on Oct 29, 2020, while Dhanie was appointed as its non-executive director on June 5, 2023. Dhanie has a 1.47% stake in the company per the same filing dated Jan 21.
In addition to the proposed removals, the minority shareholders are requesting for Ryan Siek Wei Ting, Tan Ser Ko and Tan San-Ju to be appointed as independent directors of the company.
They have also asked for the removal of any directors who were appointed between the date of the requisition notices and the date of the EGM. The removal will be tabled at the same EGM and voted on individually by TOTM’s shareholders.
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TOTM said it will be seeking legal advice and will be reaching out to the minority shareholders to discuss their request.
Shares in TOTM closed 0.1 cent lower or 3.7% down at 2.6 cents on Jan 20.
