Allied Tech’s independent chairman and CEO ousted from board
THE shareholders of Allied Technologies have voted to boot out the company’s independent non-executive chairman and its chief executive, and replaced them with 3 freshly elected directors.
The ouster, requisitioned by shareholders Lin Tah Hwa and Kenneth Low Si Ren, was supported by about 97 per cent of those who voted at an extraordinary general meeting (EGM) held on Wednesday (Jul 13), said a regulatory filing by the Catalist-listed precision-engineering company.
Independent non-executive director and chairman Chin Chee Choon and chief executive-cum-executive director Clement Leow were shown the door; they will be replaced by Lim Chee San, Davy Goh and Choo Weng Wah on the board, having been elected at the EGM.
Lin owns 168 million shares of Allied Technologies and Low, 100 million shares; together, they represent a total of 15.14 per cent of total shares outstanding. Low is also an executive director of Allied Technologies, shares of which have been suspended from trading.
The EGM was carried out amid an acquisition offer by private vehicle rental and financing company SRS Auto Holdings, at S$0.0088 per share. SRS Auto Holdings is owned by women’s apparel company bYSI founder Tan Yew Kiat.
Allied Technologies has appointed Xandar Capital as the independent financial adviser to its independent directors for the purpose of making a recommendation on the offer that values the firm at S$15.6 million.
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