MC Payment to defer Ching Chiat Kwong's board-removal resolution to another EGM

DIGITAL payments company MC Payment will not move the resolution by controlling shareholder Ching Chiat Kwong to remove most of its directors at its upcoming extraordinary general meeting (EGM) on June 30.

Instead, it will hold another EGM by Aug 1 to vote on the overhaul, which Mr Ching had mooted in a second requisition notice to the company. On June 30, however, shareholders will vote on his initial proposal to add new directors to the board.

Mr Ching, who is also chief executive of Oxley Holdings, filed two requisition notices to MC Payment. The first one in early May called for another five directors, including Mr Ching, to be appointed to MC Payment's board.

However, the company later said in a May 11 statement, in response to SGX RegCo queries, that its current operations may n ot require another five directors on its board, in addition to the present five.

Subsequently, Mr Ching filed a second requisition notice, dated May 31, calling for the removal of all present MC Payment directors except for Kesavan Nair. Mr Ching had also requested for the second set of resolutions to be moved at the June 30 EGM.

However, MC Payment said that its board "unanimously decided that it is unable to accede to Mr Ching's request", in order to provide reasonable time for the directors to make representations in writing to the company, as well as for shareholders to consider the same after.

Shares of MC Payment closed at S$0.345 on Wednesday, up 1.47 per cent.