Natural Cool shareholders throw out entire board, except for CEO, at second attempt

Facade of Natural Cool Lifestyle Hub in Tai Seng.
Facade of Natural Cool Lifestyle Hub in Tai Seng.PHOTO: NATURAL COOL HOLDINGS LIMITED

SINGAPORE - Fired up shareholders of air-conditioning company, Natural Cool Holdings succeeded in their second attempt at ousting its directors.

The entire board, save for chief executive officer, 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 in Thursday (Feb 9).

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

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

The Ang brothers had narrowly survived a previous shareholder 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.