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Plastoform names 2 new independent directors after its only one retired

MAINBOARD-LISTED speaker maker Plastoform Holdings has appointed two new independent directors, after being queried by the bourse over the retirement of its one - and only - one.

Tan Ngiap Siew gave more than two months' notice when he told the company on Feb 22 that he would not seek re-election at the annual general meeting, Plastoform said on Thursday.

It said that he had no concerns over the company's operations and affairs or corporate governance, and added that he "actively participated in identifying and reviewing" potential new independent directors.

Former CosmoSteel Holdings and Albedo chief financial officer Hor Siew Fu, 68, was named lead independent director and audit committee chairman on Thursday.

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Meanwhile, Jerome Tham Wan Loong will lead the nominating and remuneration committees. Mr Tham, 61, is an executive director and former interim chief executive of yarn supplier China Gaoxian Fibre Fabric Holdings, which was ordered to delist in February 2019.

Plastoform told the bourse that the board expedited the selection of new members to comply with requirements for an audit committee and two independent directors who live in Singapore.

"Potential candidates are sourced from the different channels and networks of the board and management" and the board reviewed their curriculum vitae, the company said.

The Singapore Exchange had earlier asked why Mr Tan, then the sole independent director, decided to retire "when this will lead to the company not having any independent directors".

It also asked, among other queries, how Mr Tan was acting in the company's best interests and why he did not wait for suitable replacements before quitting.

"Due to his personal reason (sic), Mr Tan needs more time to take care of his personal affairs immediately," Plastoform said in reply.

"Further, as Mr Tan was due for re-election as director this year, he felt that it would be the appropriate time for him to not seek re-election."

The board now comprises chairman Tse Kin Man, non-executive directors Chiu Kwong Fai and Winston Tan Tien Hin, as well as Mr Hor and Mr Tham.