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Natural Cool board, except for CEO, ousted at second EGM
No second time luck for the board of air-conditioning company, Natural Cool Holdings.
Its entire board, save chief executive officer, Tsng Joo Peng, has been ousted at the second extraordinary general meeting (EGM) held on Wednesday.
At the EGM, disgruntled shareholders voted for the immediate removal of executive chairman Joseph Ang, 52, along with his brother and fellow director Eric Ang, 53. It also saw the removal of other directors, namely chairman of the audit committee, Lim Siang Kai, 60; Wu Chiaw Ching, 61, and William da Silva.
Lau Lee Hua, Tan Siew Bin Ronnie, Goh Teck Sia and Wong Leon Keat were appointed as new directors.
This is the second attempt in two months to remove Mr Ang and most of the board members. Mr Ang had survived a first ouster attempt - held during an EGM on Dec 12 - by a fairly narrow margin of votes.
Shareholders Ong Mun Wah and Edi Ng, who are behind the second ouster attempt, had called for an EGM on Dec 22 to revoke the board's share issuance mandate. They were unhappy about the board's decision to place out 27 million new shares to incoming chief corporate officer Ng Quek Peng.
The board - except for Tsng - reiterated that the two shareholders who called for the EGM are connected to HMK Energy, an oil exploration firm divested by Natural Cool recently.