Fu Yu appoints four new independent, non-executive directors at AGM
Gilbert Rodrigues, Ralf Pilarczyk, Yang Zhenrong and Haytham Al Essa have been appointed to the company’s board
[SINGAPORE] Four new independent directors were appointed to the board of components manufacturer Fu Yu Corporation at its annual general meeting (AGM) held on Friday (Jun 27), the company said in a Sunday bourse filing.
This comes as resolutions tabled by the group’s largest shareholder Victor Lim to appoint Gilbert Rodrigues, Ralf Pilarczyk, Yang Zhenrong and Haytham Al Essa to the board were passed at Fu Yu’s AGM. Lim held some 29.5 per cent of Fu Yu shares as at Jan 9.
The resolutions to appoint Rodrigues, Pilarczyk and Yang received more than 92 per cent of shareholder approval, while Al Essa’s received approvals of around 80 per cent.
Earlier on, an independent party assessed the four proposed candidates and reported no findings against their suitability, the group announced on Jun 20.
The appointments bring the number of directors on Fu Yu’s board to a total of five, including its chief executive officer David Seow, who was left as the sole director on the board following the resignations of three of the group’s former independent, non-executive directors on Jun 11.
The installation of the new directors also enables the company to meet the Singapore Exchange’s mainboard listing requirements for at least one-third of the board to be independent and for the group to have at least two independent non-executive directors.
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On Jun 11, former independent directors Royston Tan, Christopher Huang and Daniel Poh resigned after several attempts made by largest shareholder Lim to have Tan and Huang ousted from the board, leaving the company with only one director and no independent directors.
Ongoing investigation
Fu Yu is also seeking claims from Lim and five other individuals in relation to an ongoing investigation into its supply chain arm over a payment of around US$3 million made by the unit for which no services appear to have been rendered.
Lim first called for an extraordinary general meeting (EGM) to have Tan and Huang removed and replaced with Rodrigues, Pilarczyk and Yang on Jan 9, citing what he described as Fu Yu’s poor performance and falling share price as reasons for his requests.
After Fu Yu’s board declined Lim’s request, he reiterated his call for an EGM to vote on the removals and appointments of the same five individuals on Feb 5, which was rejected on Feb 26.
On Mar 11, Lim made a third request to table resolutions to oust and appoint the directors at the group’s Jun 27 AGM. This included a sixth resolution proposing the appointment of one more candidate, Al Essa, as director.
The counter ended Friday 2.1 per cent or S$0.002 up at S$0.097.
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