Sam Goi re-elected to Hanwell's board; two other directors ousted

Singapore

BUSINESSMAN Sam Goi has, in the tussle for board control at consumer products supplier Hanwell Holdings, emerged a victor as two directors from the other camp were ousted at Thursday's annual general meeting (AGM).

Both Tang Cheuk Chee and Yeo See Liang failed to be re-elected at the shareholders' meeting as each of them only had about 45 per cent of the votes in support of their return to the board. However, they will remain as executives of the mainboard-listed Hanwell.

Hanwell's website showed Ms Tang's first appointment as its director in 2011, and she was a member of the risk management committee before failing to be re-elected on Thursday. She is a substantial shareholder with a 19.4 per cent stake.

Mr Yeo was appointed as director only in February. He is Hanwell's chief operating officer.

In contrast, shareholders voted in favour of Mr Goi's re-election as non-executive chairman as he garnered over 94 per cent of the votes. He was first appointed in March.

John Chen Seow Phun was re-elected as independent director (non-executive deputy chairman).

Mr Goi, has a 23 per cent stake in the manufacturer and distributor of a variety of well-known brands of consumer products, including Royal Umbrella rice, Beautex tissue paper and Fortune tofu.

Violet Profit Holdings is the largest shareholder with a 24 per cent stake, but it is not entitled to vote because it is under liquidation.

Mr Goi had offered to be executive chairman for a nominal fee of S$1 per annum following the resignation of Allan Yap in September last year, after the latter was disqualified to hold directorship as a bankrupt. His offer was not accepted.

Mr Goi told The Business Times: "I firmly believe Hanwell has a strong set of brand assets and the potential to expand the scale of its business and to grow regionally. This change in leadership is an opportunity for Hanwell to reposition itself and reset its growth strategy."

Mr Goi, also known as the popiah king, is director at several firms: executive chairman of Tee Yih Jia Food Manufacturing and mainboard-listed GSH Corporation, vice chairman of Envictus International Holdings, JB Foods and a non-executive director of Catalist-listed Tung Lok Group Restaurants (2000).

Hanwell's other directors are Goi Kok Ming, non-executive and non-independent director; Siu Wai Kam, non-executive and independent director; and Goh Yang Jun Jasper, non-executive and independent director.

Hanwell shareholders were also not supportive of allotting and issuing new shares and making or granting instruments convertible into shares, as 62 per cent voted against the resolution.

Hanwell separately said it is working with e-commerce platforms, including Shopee, Lazada, Redmart, Amazon and Qoo10, in a reply ahead of the AGM to queries from shareholders about offering products in bundles via these avenues. The firm is also assessing the feasibility of having its own e-commerce platform.

Hanwell shares closed flat at 47.5 Singapore cents on Thursday.