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PTC Logistics' substantial shareholders seek appointment of two directors to board
TWO substantial shareholders of Poh Tiong Choon Logistics (PTC Logistics) have nominated two directors to be appointed to the board to represent their interests in the company.
The shareholders are Adrian Ho Kim Lee and Nelly Rolles.
The nominating committee will review the nominations, submitted on Sept 22, in due course, said the company.
The two shareholders are among several substantial shareholders of PTC Logistics, including its co-founders, who are seeking a strategic review of their interests in the company.
In a notice issued to the company on Friday, the substantial shareholders did not indicate that they have begun any formal process, nor are they engaged in exclusive negotiations with any party.
Apart from Mr Ho and Ms Rolles, the other parties are Poh Choon Ann (Pte) Ltd, Poh Sin Choon (Pte) Ltd and Poh Choon Her Investment Pte Ltd.
Poh Sin Choon (Pte) Ltd is the family investment holding company of group co-founder and adviser Poh Sin Choon, with a 13.14 per cent stake, according to Bloomberg data.
Poh Choon Her Investment Pte Ltd is the family investment holding vehicle of group co-founder Poh Choon Her, with a 7.77 per cent stake.
The co-founders are elder brothers of PTC Logistics chairman and CEO Poh Choon Ann.
Trading on the company shares will resume on Friday after a halt since Tuesday pending the announcement. It was last traded at S$1.30.