Metech substantial shareholder seeks EGM to remove CEO

Kalpana Rashiwala

Published Mon, Nov 7, 2022 · 01:05 AM

METECH International said it has received a letter dated Friday (Nov 4) from substantial shareholder Ng Eng Tiong requesting the company to reply by Nov 11 whether it will convene an extraordinary general meeting under Section 176 of the Companies Act 1967 to remove Samantha Hua Lei as the company’s chief executive officer and an executive director.

The requisition letter states that Ng has a 10.1920 per cent stake in the Catalist-listed company, Metech said in a regulatory filing with the Singapore Exchange on Sunday night.

Ng is seeking the removal of the CEO from the date of the EGM. In the requisition letter, Ng also asked the company if it would issue the notice of EGM with, among other things, the date, time and venue of the intended EGM as required as required by the Companies Act and/or the company’s constitution, by no later than Nov 25, 2022.

Besides the removal of the CEO, Ng is also seeking a resolution that the appointment of any director to the company’s board from the date of the requisition to the date of the EGM be invalidated and such directors (if any) to be removed from office with effect from the date of the EGM.

The company said that the board is currently seeking legal advice in relation to the requisition letter, including but not limited to the timelines set out in the letter.

It added that the board will provide further updates to the shareholders when there are material developments on this matter.