Ching Chiat Kwong, the controlling shareholder of MC Payments, is now seeking to remove MC Payments’ current board of directors through an EGM, with the exception of Kesavan Nair.
On May 31, Ching, who is also the executive chairman and major shareholder of Oxley Holdings, issued a second requisition notice to hold an extraordinary general meeting (EGM) to approve the resolution to remove the present board of directors.
In a filing dated June 1, the five directors Ching has proposed to remove are Albert Cheok Saychuan, Anthony Koh Beng Kiok, Kim Moon Soo, Lilian Koh and Ong Kim Huat.
The move comes after Ching’s letter to the company on May 10 to hold an EGM to appoint five of his nominees – Shawn Ching, Harry Ng, Rothschild Chee Kheng Hock, Tan Chee Keong and Ching himself – as directors of the company.
See: Oxley's Ching seeks to appoint more directors to MC Payment's board
Of Ching’s nominees, Shawn Ching and Harry Ng were formerly directors in MC Payment, but were not re-appointed at the company’s annual general meeting (AGM) held on April 28.
See also: Tussle at MC Payment continues as Oxley's Ching steps into fray
As the EGM was originally slated to take place on June 30 with Ching’s initial requisitions, he has proposed that the second set of resolutions proposed on May 31 should be moved at the same meeting.
As at 10.54am, shares in MC Payment are trading flat at 36 cents.
