Sias urges Shanghai Turbo shareholders to reject proposal to remove board

Singapore

MINORITY shareholders of Shanghai Turbo Enterprises have been urged by the Securities Investors Association (Singapore), or Sias, to vote against a proposed resolution to remove the incumbent board of directors at the upcoming extraordinary general meeting (EGM) on July 24.

Speaking at a meeting between Sias and minority shareholders of the company, Sias president David Gerald said there appeared to be no legitimate reason for two new shareholders, Lin Chuanjun and Zhang Ping, to remove the current board.