2 Pteris Global directors support RTO plan

[SINGAPORE] Two of Pteris Global's directors have indicated their support for a proposed reverse takeover (RTO), while the loss-making company warned that the removal of five existing board directors could force a loan to come due, which would endanger the firm's operations.

Pteris' second biggest shareholder Winston Tan is calling for the ouster of Pteris' chairman and independent director Lim Joo Boon, chief executive Zheng Zuhua and three other independent directors at an extraordinary general meeting (EGM) scheduled for Friday, arguing that the RTO undervalues the airport logistics services company.

Tianda Group, which is owned by Pteris' largest shareholder, China International Marine Containers (CIMC), proposed an RTO of the mainboard-listed Pteris last year.