SINGAPORE (THE BUSINESS TIMES) – MC Payment will hold the extraordinary general meeting (EGM) deciding on the removal of all its board directors save for one on July 30.
Controlling shareholder Ching Chiat Kwong is seeking the removal of Mr Albert Cheok, Mr Anthony Koh, Mr Kim Moon Soo, Dr Lillian Koh and Mr Ong Kim Huat from the digital payment service company’s board.
Mr Ching sent a second requisition notice, dated May 31, for the removal of the directors, following his first requisition notice asking to add five directors to the board, including himself. The resolutions for the first requisition notice will be put to a vote at a separate EGM on June 30.
In a bourse filing on Tuesday (June 22), MC Payment’s board announced amendments to the ordinary resolutions to be put to vote in the second EGM.
It said that chief executive Anthony Koh and chief operating officer Kim cannot be removed as directors of any of MC Payment’s subsidiaries as its shareholders “are not empowered” to do so. These subsidiaries are separate legal entities with different shareholders, the board added.
MC Payment last week said it “cannot agree” with Mr Ching’s assertion that the company’s poor financial performance has made it necessary for Mr Ching to safeguard his investment by asking for a board revamp.
Shares of MC Payment were trading 4.3 per cent, or 2.5 cents lower, at 56 cents as at the midday trading break on Tuesday.