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Pine Capital sees exit of two independent directors

PINE Capital's independent directors Chong Chee Hoong and Roy Ling have resigned, effective March 18, the Catalist-listed investment firm said in a bourse filing on Tuesday just before the market opened.

Mr Chong was the acting independent non-executive chairman and the independent director of the company, while Mr Ling was the lead independent director.

Both Mr Chong and Mr Ling had quit as they were unable to obtain sufficient information in a timely manner to discharge fiduciary responsibilities. They were also not able to make an assessment on the state of affairs in the group, the filing said.

The move follows the resignation of interim CEO and executive chairman Tan Choon Wee, effective March 1, 2019. Mr Tan had quit in view of a requisition letter by shareholders Jessie Sun, Pine Partners Pte Ltd and JMO Pte Ltd, to convene an extraordinary general meeting to remove him, Mr Chong and Mr Ling as directors of Pine Capital. 

Separately at the time, Pine Capital appointed Tomi-Jae Wanlun Tjio as an independent director.

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Shares of the company traded flat at S$0.002 on Monday.

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