4 directors step down from Charisma Energy; board appoints property lawyer as ID

FOUR directors of Charisma Energy have stepped down from the board, while the company has appointed a new director to chair two of its sub-committees, the company said in a bourse filing on Tuesday (Oct 3).

Charisma chief executive Tan Ser Ko is stepping down as executive director after more than 12 years but will retain his position as CEO.

“The cessation of Mr Tan as executive director is aligned to the company’s business plans moving forward as the company is in the midst of preparing and submitting its trading resumption proposal,” the company said.

Eng Chiaw Koon is stepping down as non-independent non-executive director to “devote more time and attention to his personal endeavours, which is part of his plan to retire from the corporate world”, the company said.

“The cessation of Mr Eng as a board member is also part of the board’s reconstitution exercise as part of the company’s trading resumption efforts,” it added.

Lim Cheng Yang and Cheng Yee Seng are both stepping down as independent non-executive director.

Citing the desire to “devote more time and attention to his personal endeavours”, Lim will also relinquish his role as chairman of the nominating committee.

Cheng is relinquishing his role as chairman of the remuneration committee, citing reasons “related to his family matters and personal endeavours”.

The company’s sponsor, PrimePartners Corporate Finance, said it is satisfied that there are no other material reasons for three of these departures. It added however that Cheng was unavailable for the interview due to a “family-related matter”, and that it will interview him “in due course”.

SEE ALSO

Charisma Energy receives notices of demand for US$8 million debt

Meanwhile, Ow Yong Thian Soo is joining the board as an independent non-executive director and is appointed chairman of both the nominating committee and remuneration committee.

Ow Yong has been a board member of Koh Brothers Group since 2016 and is a senior partner at law firm Lee & Lee.

Charisma noted that Ow Yong’s practice covers a wide range of real estate and financing transactions relating to commercial, industrial and residential properties.

Trading in Charisma shares has been suspended since February 2019, with the company working towards its debt restructuring and recapitalisation.