Pine Capital interim CEO quits as shareholders call for removal vote; names new independent director

PINE Capital interim CEO and executive chairman Tan Choon Wee has resigned, effective March 1, 2019.

He has quit in view of a requisition letter by shareholders Jessie Sun May Gze, Pine Partners Pte Ltd and JMO Pte Ltd, to convene an extraordinary general meeting (EGM) to remove him, Chong Chee Hoong and Ling Chung Yee Roy as directors of Pine Capital.

The shareholders - who collectively hold more than 50 per cent of the company's shares - had called for the EGM to take place on March 8, but it has since been delayed.

Mr Tan is overseas and in response to the requisition letter, intends to provide further details and representations on his cessation in a joint letter with Mr Chong and Mr Ling.

Mr Tan was appointed to the two posts on June 1, 2018.

Separately, Pine Capital has appointed Tomi-Jae Wanlun Tjio as an independent director.

He currently holds executive director positions at First Legacy Sdn Bhd, Puxun (Singapore) Private Limited, Cue Hotel (Malaysia) Management Sdn Bhd and Asia Prestige Travels Pte Ltd.

As at 9.22am on Monday, Pine Capital shares traded up 0.1 Singapore cent at S$0.002.