ecoWise deputy CEO Cao Shixuan ousted after shareholders' vote

The company's internal disputes took precedence in June 2021 when CEO Cao Shixuan and some staff members were suspended. PHOTO: ECOWISE HOLDINGS

SINGAPORE (THE BUSINESS TIMES) - Executive director and deputy chief executive officer of ecoWise Holdings has been ousted, after over 90 per cent of the votes cast wanted him out, according to shareholders who requisitioned for the removal.

This came as the company's extraordinary general meeting (EGM) convened on Thursday (Apr 14) to boot Cao Shixuan out with immediate effect and appoint Danny Oh Beng Teck, Gan Fong Jek and Tan Poh Chye Allan as new directors.

In its regulatory filing on Thursday, ecoWise announced that Cao had resigned with effect from Wednesday.

The statement from the company's 8 shareholders, who own about 11.3 per cent stake collectively and had requisitioned for the EGM, said that some 92.9 per cent of the votes cast supported 4 resolutions concerning Cao's ouster and the appointment of the 3 directors.

The directors, these shareholders stated, should work towards full compliance with the frontline market regulator's notice of compliance and ultimately facilitate resumption of trading in the environmental solutions provider's shares as soon as possible.

The company's internal disputes came to the fore in June 2021 when chief executive Lee Thiam Seng changed the locks of its server rooms and suspended Cao and some staff members, prompting Cao to make a police report about the incident.

Shares of the Catalist-listed company have been suspended since Jun 18, 2021. The counter last traded at S$0.078.

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