MC Payment’s CEO Anthony Koh has, on the evening of June 14, issued a letter to the shareholders of MC Payment.
Koh’s letter comes after a statement released by the company’s major shareholder and executive chairman of Oxley Holdings, Ching Chiat Kwong, on June 10.
Referring to Ching’s requisitions to appoint five directors onto the board and remove all but one of the board’s current members, Koh says that the board “deeply regrets” the current state of affairs.
See: Is there a boardroom tusssle at Catalist-listed MC Payment?, Tussle at MC Payment continues as Oxley's Ching steps into fray and Oxley's Ching seeks to appoint more directors to MC Payment's board
He also noted that it was “unfortunate” that the company and its shareholders had to be drawn into the tussle, with extraordinary general meetings (EGM) being called to take place soon after the company’s recently-held annual general meeting (AGM).
“At the outset, the board wishes to state that its belief is that focus should be placed on developing MC Payment’s growth strategies and creating shareholder value. The board believes that the MC Payment’s limited time and resources are best spent on advancing the interests of the shareholders. The spotlight should be on creating growth and economic value for the shareholders,” stresses Koh.
On this, Koh says that the board wishes for the company to remain “above the fray” and to return to business as usual, with a focus on creating “growth and economic value” for all shareholders and stakeholders.
See also: MC Payment's board tussle pits its chairman and CEO against Oxley's Ching and The MC Payment saga continues with CEO riposte to major shareholder
He adds that the company will continue its commitment to transform MC Payment into a “full spectrum digital data and digital financial ecosystem company” from its current business.
“Moving forward, the Board hopes to focus on the development of MC Payment’s planned growth trajectory and strategies and to help MC Payment capitalise on the full spectrum of digital opportunities, including digital data platforms, cloud services, data analytics, AI-assisted predictive analysis for companies and blockchain technology,” writes Koh.
Further to his letter, Koh drove home the point with an attachment of the current board of directors’ credentials.
On Ching’s allegations in his previous statement, Koh says the board will address those “in due course”.
Shares in MC Payment closed 0.5 cent lower or 1.5% down at 33 cents on June 14.
Photo: The Edge Singapore
