MC Payment receives second requisition notice to remove all board directors but one

AHEAD of its extraordinary general meeting (EGM) to be held on June 30, MC Payment on late Monday evening received a second requisition notice from controlling shareholder Ching Chiat Kwong to remove all members of its board of directors with the exception of Kesavan Nair.

Current directors are namely Albert Cheok Saychuan, Koh Beng Kiok Anthony, Kim Moon Soo, Lilian Koh and Ong Kim Huat.

In its filing on Tuesday, MC Payment said it was seeking legal advice on the latest requisition notice.

This comes after 27.1 per cent shareholder Mr Ching, who is also executive chairman and chief executive of Oxley Holdings, last week filed a requisition notice to appoint himself and another four director nominees to MC Payment's board.

The four nominees are Shawn Ching, Harry Ng, Roschild Chee Kheng Hock and Tan Chee Keong. Mr Shawn Ching, who is Mr Ching Chiat Kwong's son, and Mr Ng are former directors of MC Payment. They were not re-elected at the company's annual general meeting on April 28 this year.

As the digital payments services firm had already convened an EGM on June 30 in lieu of the first requisition notice, Mr Ching is seeking to move the second set of resolutions at the same meeting.

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The company previously issued a statement on May 11 saying current operations may not require a total of 10 directors on its board, in response to queries from the Singapore Exchange Regulation (SGX RegCo) on the situation.

SGX RegCo also asked if there had been any board disagreements or disagreements between the board and management, and the company's controlling shareholders. But MC Payment said it was "not aware of any such disagreements".

Shares of MC Payment ended Tuesday 0.5 Singapore cent or 1.4 per cent higher at 36.5 cents, after the announcement.