MC Payment to convene EGM requisitioned by controlling shareholder over boardroom tussle

Singapore

DIGITAL payments services firm MC Payments is convening an extraordinary general meeting (EGM) in response to a requisition notice from controlling shareholder Ching Chiat Kwong.

He earlier requested that another five directors, including himself, be appointed to MC Payment's board.

The company, with just 20 employees in Singapore, has five directors. It said in a statement on May 11 that 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 had 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".

Come June 30, shareholders will vote on the appointment of these five nominees, two of whom - Harry Ng and Shawn Ching (the son of Mr Ching Chiat Kwong) - are former directors of the company.

MC Payment's board previously noted that they had both failed to be re-elected by shareholders of the company as directors at the annual general meeting on April 28. Mr Ng and Mr Shawn Ching were each voted out by 56.69 per cent of the eligible voters at the meeting.

Other nominees include Tan Chee Keong and Rothschild Chee.

The elder Mr Ching, who is also the executive chairman and chief executive of property developer Oxley Holdings, owns 27.1 per cent of MC Payment.

He had also previously asked the board to consider the appointment of two of the five individuals as independent directors, and himself as a non-independent director.

Besides Mr Ching Chiat Kwong, the only other substantial shareholder of MC Payment listed in its latest annual report is its executive director and CEO Anthony Koh with 5.9 per cent.

MC Payments listed on the Catalist in February, following the successful completion of the reverse takeover of Artivision Technologies. Shares of MC Payment closed at 35.5 Singapore cents, down 1 cent or 2.74 per cent.