ecoWise EGM 'voluntarily postponed'

SHAREHOLDERS who had called for an extraordinary general meeting (EGM) to remove the deputy chief executive at strife-hit ecoWise Holdings have "voluntarily postponed" the meeting, which was to have been held on Friday (Nov 26).

This comes after the company's deputy chief executive Cao Shixuan applied for another injunction before Singapore's High Court against the convening of the meeting.

ecoWise's board said in a bourse filing on Friday that the company's founder and CEO Lee Thiam Seng, who is among the shareholders calling for the EGM, had on Friday informed the board of the postponement.

The relevant shareholders are to inform the company of the new date and time of the EGM.

The board had filed an update on Nov 24, saying Cao had filed an injunction application via his lawyers on Nov 12. The outcome was unknown at that point, but the board said then that it was "unable to give further information as to when or whether the EGM will take place".

The resolutions to be tabled at the EGM include the removal of Cao as director of the company and "for all necessary steps to be taken to remove him from all appointments with the company, its subsidiaries and its associated and investee companies".

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Shareholders' earlier call for another EGM, for the same purpose, was brought to an end after the High Court in August granted an interim injunction against the meeting.

Shares of the Catalist company have been suspended from trading since June 18. They last traded at S$0.078.

READ MORE:

• More information needed from requisitioning shareholders calling for EGM: ecoWise
• ecoWise shareholders call for yet another EGM to remove deputy CEO, appoint new directors
• ecoWise's EGM resolutions, even if passed, will not be valid: board
• ecoWise responds to CEO's allegations; says it 'regrets' the forum he used
• ecoWise CEO 'shocked' by recent developments; alleges decisions were taken without his consent
• ecoWise shareholders to convene extraordinary general meeting after company flip-flopped on earlier decision to do so
• How far do a CEO's powers reach?