KLW Holdings' new largest shareholder is seeking to remove three of the door maker's five directors.
Quek Chek Lan, a key figure behind numerous boardroom coups in the early 2000s, and shareholder Siew Yong Wan have notified KLW of their intention to call an extraordinary general meeting. The shareholders - Mr Quek holds a 19.4 per cent direct and deemed stake in the company while his fellow shareholder declared a 0.04 per cent stake - are seeking the removal of founder and managing director Lee Boon Teck, who sold his shares to Mr Quek; and independent directors Teo Hin Guan and Low Hai Lee.
To replace those directors, the requisitioning shareholders are nominating Wong Joo Wan, who joined Mr Quek on the board of Teledata in 2004; Nicholas Narayanan, a lawyer who was appointed to the board of Teledata while Mr Quek was there; and Lim Jit Siew, who was chief financial officer at Teledata under Mr Quek's watch.
Existing KLW non-executive chairman Prince Abdul Qawi of Brunei and lead independent director Ho Pong Chong were not targeted.
Separately, KLW said it has begun legal proceedings to claim payment of S$7 million from Chan Ewe Teik, a key officeholder on a counterparty of KLW. The claimed amount stems from refunds of commitment fees that KLW had paid with regard to certain property projects in China.