Natural Cool board ouster leaves doubts over stake divestment

Singapore

FOLLOWING Wednesday's ouster of all but one director on the board of Natural Cool Holdings, eyes are now on whether the new board will freeze a contentious proposed sale of the airconditioning specialist's stake in oil-and-exploration firm HMK Energy.

Wednesday's extraordinary general meeting (EGM) - the second attempt to boot out the chairman - came amid claims that some members of the new board and the shareholders who called for the EGM might be unhappy about the proposed divestment of HMK Energy.

More than 100 shareholders were present at the Catalist-listed firm's EGM, BT understands.

Shareholders voted to remove executive chairman Joseph Ang and his brother and fellow director Eric Ang from their positions. The other directors - Lim Siang Kai, Wu Chiaw Ching, and William da Silva - were also voted out. The votes in favour of removing the directors made up some 78 per cent of the total number of votes c…