Kitchen Culture rejects requisition to remove five directors
Yong Jun Yuan
KITCHEN Culture Holdings’ board of directors, with the exception of Hao Dongting, rejected a request from a group of shareholders to voluntarily resign on Friday (Oct 14).
In the company’s bourse filing, the board, excluding Hao, said that there are no grounds to justify the resignations.
This comes after the company’s largest shareholder, Ooway Group, and seven individuals who own an aggregate of 21.7 per cent of the company’s shares had requested that five directors resign.
The five directors are Lau Kay Heng, Lim Wee Li, William Teo Choon How, Ang Lian Kiat and Peter Lim King Soon.
On Jul 17 this year, Lau was named vice-chairman and non-executive director, while Peter Lim was named independent director after Ooway representative and former interim chief executive of Kitchen Culture Lincoln Teo ceased to be executive director.
Kitchen Culture also noted that Ooway had supported the re-appointments of Teo and Ang at the company’s annual general meeting held on Mar 18 this year.
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“The circumstances suggest that Ooway may have its own reasons for calling for the replacement of the five directors, which are unknown to the board, with the exception of Mdm Hao,” the company said.
The board stated that it has received a notice of extraordinary general meeting (EGM) and proxy form from the requisitioning shareholders on Oct 14. The EGM will be held on Nov 1, 2022 at 9am at Toucan Room Level 4, Grand Copthorne Waterfront Hotel.
A further announcement will be made regarding the EGM, the company said.
Shares of the company have been suspended from trading since Jul 12, 2021.
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