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Shanghai Turbo receives more director nominations

SHANGHAI Turbo Enterprises has received a second notice of nomination for directors, the mainboard-listed precision manufacturer said on Thursday evening. 

This follows its Apr 11 announcement that former executive director Liu Ming, who has been in a legal tussle with the company since he was voted off the board in 2017, had nominated three candidates for appointment to the board.

On Apr 18, the board received a second notice of nomination from shareholder Lin Chuanjun. He is nominating two independent director candidates, Koh Wee Kiang and Loh Kai Keong.

At an extraordinary general meeting (EGM) on Feb 12, shareholders had voted against the appointment of Mr Lin, Mr Koh, Mr Loh and a fourth man, Zhang Wen Jun, as directors. The EGM had been requisitioned by Mr Lin and a female shareholder Zhang Ping.

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On Thursday, Shanghai Turbo said it "has sought advice from its professionals" and is preparing the requisite documentation to put the new resolutions - proposed under the two April nominations - to shareholders for voting at its Apr 30 annual general meeting.

"In the meantime, shareholders and investors are advised to exercise caution when dealing in the shares of the company," it added.

Shanghai Turbo shares closed unchanged at 99 Singapore cents on Thursday before the announcement.