IPCO to hold EGM next year following requisition notice

IPCO International Ltd announced on Tuesday that it is holding an extraordinary general meeting (EGM) on Jan 19 next year pursuant to a requisition notice it received in October.

The meeting will consist of three resolutions, the first being the appointment of Ng Fook San and Joseph Chen as independent directors of the company with immediate effect.

The other two resolutions are the removal of Carlson Clark Smith as executive director and chief financial officer, and the immediate removal of any directors and key office bearers appointed subsequent to the date of the requisition notice.

IPCO said last month that it is seeking legal advice on a requisition notice received by a shareholder holding over 10 per cent of the company's shares.

The notice came from a party named James Blythman, sole shareholder of Meridian Equities.

IPCO said on Tuesday that it will also propose a resolution for the appointment of new statutory auditors for the approval of shareholders at the EGM.