Director of loss-making Pteris Global seeking to oust other board members
Published on Apr 2, 2014 7:42 PM
A major shareholder and director of loss-making Pteris Global is trying to oust the chairman and other directors from the board, ahead of a reverse takeover (RTO) of the former market darling.
Mr Winston Tan, who holds slightly more than 10 per cent of the company, has called for an extraordinary general meeting (EGM) to vote on the removal of the other directors, Pteris said in a Singapore Exchange filing on Tuesday.
He said in a statement that Pteris, an airport logistics services provider, had been engaged in "non-profitable" projects and that its management and board "have failed to build value for its shareholders".
He added that the terms of a proposed RTO of Pteris "do not seem to serve the shareholders' interest".
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