Datapulse chairman Aw Cheok Huat, two other directors resign; EGM cancelled

SINGAPORE – Following internal strife, three Datapulse Technology directors have resigned, triggering a reconstitution of the board, according to multiple bourse filings on Wednesday night.

Mr Aw Cheok Huat, who was non-independent non-executive chairman, stepped down due to “ongoing disagreements with another controlling shareholder on the strategic direction of the company”.

The disagreements will severely affect the operations and interests of the company “to the detriment of all shareholders”, said the cessation announcement. “In Mr Aw’s opinion, the company is best served by not having a polarised board.”

Likewise, independent non-executive director Bert Choong Chee Peng resigned because of “difficulties encountered”.

Mr Yeung Koon Sang, lead independent director, stepped down “to facilitate the renewal and restructuring of the board requested by a substantial shareholder”.

Mr Aw will be replaced by board director Ang Kong Meng as both non-independent non-executive director and chairman.

In June, Mr Ang had requisitioned an extraordinary general meeting (EGM) to pass eight resolutions. The requisition was withdrawn on Wednesday following the board changes.

He had sought to remove five fellow board members – including Mr Aw, Mr Choong and Mr Yeung, as well as Mr Lau Yan Wai. He also made a request for Mr Yee Chia Hsing to be removed as the company’s director, but to remain as its chief executive.

After the reconstitution, Mr Yee, Mr Lau and Ms Yap Ming Choo remain members of the board of directors.

Mr Ang also wanted to appoint two new board directors – Mr Hor Siew Fu, independent director and chairman of the audit committee at water treatment company Memiontec, and Mr Perry Yuen, mergers and acquisitions partner at law firm Shook Lin & Bok.

Following the board shake-up, Datapulse will need to appoint one additional independent director to ensure that it comprises a majority of independent directors, in compliance with corporate governance rules.

The company said it will provide updates “in due course”.

Mr Ang holds a 23.7 per cent direct and deemed interest in Datapulse. He has also requisitioned an EGM for Catalist-listed ICP to make changes to its board. He holds a direct interest of 10.99 per cent and indirect interest of 10.35 per cent in ICP.

Mr Aw, previously a substantial shareholder of the company, on Tuesday acquired 773.2 million shares in ICP, raising his stake in the company to 42.63 per cent and making him the controlling shareholder. He has made a mandatory conditional cash offer for the remaining shares of ICP.

Datapulse is currently watch-listed. The counter closed at 9.1 cents on Thursday, down 0.4 cent.

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