ID resigned over dispute at Craft Print

A DISPUTE over a last-minute share subscription offer from another firm had led to an independent director resigning from printing firm Craft Print International.

Choo Boon Tiong, who had been with Craft Print since 2007, resigned as independent director in May after the printing firm announced that it would issue convertible bonds due 2016 and call options to entrepreneur Shi Jiangang, a China citizen and Singapore permanent resident, and Singaporean Sam Kok Yin, a former corporate lawyer and former CEO of the former Sun East Group, now known as CEFC International.

Mr Choo alleged a breach of corporate governance, saying a better competing offer came but the board did not give it proper discussion or consideration. Craft Print's board, meanwhile, disagreed with Mr Choo, saying that the offer came too late and the company did not want to risk the first deal falling apart.