SINGAPORE - Three directors at Catalist-listed doormaker KLW Holdings have been removed from their positions at an extraordinary general meeting (EGM) on Monday morning (Oct 12).
Shareholders voted to replace company founder and managing director Lee Boon Teck and independent directors Teo Hin Guan and Low Hai Lee.
A third and last independent director on the board, Mr Ho Pong Chong, resigned on Monday, The Straits Times understands.
Shareholders voted in Mr Wong Joo Wan, Mr Lim Jit Siew and Mr Nicholas Jeyaraj Narayanan as new directors of the company.
At the EGM, shareholders were also to have voted on a resolution to appoint Mr Quek Chek Lan as director. However, this resolution was not voted on, The Straits Times understands.
Ousted directors Teo and Low had pointed out in a statement posted on the SGX about 11 days ago that Mr Quek was over 70 and so could be appointed director only at an annual general meeting and not an EGM, according to the Companies Act .
On Sept 23, Mr Quek and another investor said they were seeking an EGM to oust the three directors, stating that KLW might suffer "irrevocable damage" if no immediate action was taken to address recent developments at the company.
They did not give details and said they wanted independent director Ho Pong Chong to remain to oversee "special audit investigations".