Lim wants to remove chairman Christopher Huang Junlin and another independent director Royston Tan Tong Loong, but not the other two directors, CEO David Seow Jun Hao and Daniel Poh Kai Ren.
The largest shareholder of manufacturer Fu Yu Corp is calling for an EGM to remove two out of the four company directors, citing its deteriorating performance.
Victor Lim Wei De, who holds 29.45% of Fu Yu shares, states in his requisition letter that the company's earnings had dropped from $17.58 million in FY2021 to a loss of $10.11 million in FY2023. The share price has dropped from 33 cents in 2021 to 13 cents as of Jan 9.
