MEDTECH firm QT Vascular 5I0 : 5I0 0%on Wednesday (Nov 17) announced that it will hold an extraordinary general meeting (EGM) on Dec 2 to seek shareholders' approval for the appointment of 5 new directors.

This comes a day after the company said it had received a notice of intention from Mission Well Limited and Tansri Saridju Benui, who together hold more than 10 per cent of the company, to call for an EGM to remove QT Vascular's 4 current board members, including executive director and chief executive officer Eitan Konstantino.

The requisitioning shareholders are calling the EGM to seek approval to appoint Tansri and Mission Well director Christian Kwok-Leun Yau Heilesen as new directors of the company, along with Leung Yu Tung Stanley, Zhou Jia Lin and Chay Yiowmin.

They propose to install Tansri as an executive director responsible for all day-to-day management decisions of the company, as well as for the implementation of short- and long-term plans of the company.

If the requisitioning shareholders have their way, Heilesen, who is also executive director of Singapore-listed Incredible Holdings, will be appointed non-independent director, and Leung, Zhou and Chay, as independent directors.

Catalist-listed apparel retailer Incredible Holdings used to be known as Vashion Group, of which Tansri was executive director from May 2010 to November 2015.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

QT Vascular said in a circular to shareholders: "After the board has been reconstituted to comprise the proposed directors, the requisitioning shareholders intend to undertake a corporate restructuring and transformation exercise with the objective of improving the overall performance and financial health of the company.

"The requisitioning shareholders are of the opinion that the newly reconstituted board comprising the proposed directors has strong experience and relevant expertise in restructuring ailing businesses, which is imperative in order to carry out a successful corporate restructuring and transformation exercise to improve the overall performance and financial health of the company."

Due to Covid-19 restrictions, the EGM will be held electronically via a webcast or audio stream at 9.30 am on Dec 2. Shareholders must submit comments or questions to the chairman of the EGM by 9.30 am on Nov 23. They must also pre-register for the live webcast or audio stream, and submit proxy forms to appoint the chairman of the meeting to attend, speak and vote at the EGM by 9.30 am on Nov 30.

QT Vascular said the requisitioning shareholders will call a separate EGM to seek shareholders' approval for the removal of Konstantino, executive director Momi Mimon Brosh and independent directors Sho Kian Hin and Ng Boon Eng.

The company had called for a trading halt on Tuesday (Nov 16). Shares of QT Vascular last traded at S$0.01.

READ MORE

• QT Vascular shareholders signal intention to call for EGM to remove CEO, appoint own directors