Natural Cool board ousted in second attempt

Fired-up shareholders of air-conditioning company, Natural Cool Holdings, have succeeded in their second attempt to oust its directors.

The entire board, save for chief executive Tsng Joo Peng, were removed with immediate effect at an extraordinary general meeting (EGM) held on Wednesday, the company said in filings with the Singapore Exchange yesterday.

Forced out were executive chairman Joseph Ang, his brother and fellow director Eric Ang, Mr Lim Siang Kai, Mr Wu Chiaw Ching and Mr William da Silva.

Natural Cool also moved immediately to replace them with new directors - Madam Lau Lee Hua, Mr Ronnie Tan Siew Bin, Mr Goh Teck Sia and Mr Wong Leon Keat.

The Ang brothers had narrowly survived a previous shareholders' vote at an EGM on Dec 12.

Shareholders Ong Mun Wah and Edi Ng, who led the revolt, have said they were unhappy about the board's decision to place out 27 million new shares to incoming chief corporate officer Ng Quek Peng.

The ousted board - except for its CEO - had said the two were connected to HMK Energy, an oil exploration firm divested by Natural Cool recently.

In 2013, the Monetary Authority of Singapore took civil penalty enforcement action against Mr Joseph Ang for breaches relating to false trading and intending to mislead on the prices of Natural Cool shares in order to prevent margin calls in 2008 and 2009.

A version of this article appeared in the print edition of The Straits Times on February 10, 2017, with the headline 'Natural Cool board ousted in second attempt'. Print Edition | Subscribe