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Datapulse board members keep their roles as proposed diversification pushed through at EGM
AFTER a heated three-hour meeting at Datapulse Technology's EGM, the company's existing board members have managed to keep their roles as the appointment of new proposed directors was voted out. The company has also seen its proposed diversification pushed through.
More than 200 shareholders were present at the EGM which saw shareholders grill the current board on issues ranging from their independence to a controversial buyout of a haircare maker.
The meeting was also punctuated with claps by those who clearly side the requisitioning shareholders, who are led by Ng Bie Tjin, the daughter of Datapulse's co-founder.
On the other hand, shareholders who stood up to speak in favour of the reigning board were asked to "Go home".
The proposed new directors also had a chance to address those present.
One of them, Ng Boon Yew, broke his silence on the allegations made against him by Datapulse.
He said: "In many instances, the board introduced numerous distractions which were totally irrelevant to the issues that caused this EGM to be requisitioned in the first instance.
"What is extremely troubling to all shareholders is that all these clearly demonstrated the manner and the governance process (including exercising due care and diligence) in which the current board went about addressing the critical issues confronting the company."
Professor Mak Yuen Teen of NUS Business School asked for minutes of the meeting to be released on SGXNET, to which the company agreed, saying it was already their intention to do so.
The 10 resolutions that were tabled at Friday's EGM include four to unseat reigning directors who include newly appointed CEO Wilson Teng Wai Leung and Low Beng Tin, Thomas Ng Der Sian and Rainer Teo Jia Kai.
Another four were to approve the appointment of Ng Bie Tjin and three others - Ng Boon Yew, Loo Cheng Guan and Koh Wee Seng - to the board.
The ninth and tenth resolutions were to get shareholders' nod for the current board's diversification agenda and its proposed special dividend of one Singapore cent per share.