MC Payment to hold second EGM on July 30 for decision on board removals

Vivienne Tay

Published Tue, Jun 22, 2021 · 12:38 PM

MC Payment will hold the extraordinary general meeting (EGM) deciding on the removal of five directors from its board, save for one, on July 30.

Controlling shareholder Ching Chiat Kwong is seeking the removal of Albert Cheok, Anthony Koh, Kim Moon Soo, Lillian Koh and Ong Kim Huat from the digital payment service company's board.

Mr Ching sent a second requisition notice dated May 31 for the removal of the directors, following his first requisition notice asking to add five directors to the board, including himself. The resolutions for the first requisition notice will be put to a vote at a separate EGM on June 30.

In a bourse filing on Tuesday, MC Payment's board announced amendments to the ordinary resolutions to be put to vote in the second EGM.

It said that chief executive Mr Anthony Koh and chief operating officer Mr Kim cannot be removed as directors of any of MC Payment's subsidiaries as its shareholders "are not empowered" to do so. These subsidiaries are separate legal entities with different shareholders, the board added.

Shares of MC Payment were trading 4.3 per cent or 2.5 Singapore cents lower at 56 cents as at the midday trading break on Tuesday.