Fu Yu’s largest shareholder makes new request to table motion to oust directors at AGM

[SINGAPORE] Fu Yu Corporation received a new request from its largest shareholder Victor Lim to table resolutions to oust and appoint directors to the company’s board at its upcoming annual general meeting (AGM).

On Thursday (Mar 20), the component maker said that it received a fresh request from Lim on Mar 11, pursuant to section 183 of the companies act, to table resolutions for the removal and appointment of two independent, non-executive directors Christopher Huang and Royston Tan.

Fu Yu said its board is taking legal advice on the validity of Lim’s section 183 request and will update its shareholders “should there be further developments” and urged investor caution in dealing with its shares.

This follows Lim’s two previous attempts to requisition extraordinary general meetings (EGM) for the directors’ appointments and removals.

On Feb 26, Fu Yu said it rejected Lim’s second attempt to requisition an EGM as it did not meet the necessary requirements.

Specifically, it said its board had been legally advised that Lim did not serve the required special notice to the two directors he proposed ousting in his second EGM request.

Lim’s EGM request also contained three other resolutions to appoint Gilbert Rodrigues, Ralf Pilarczyk and Yang Zhenrong as independent, non-executive directors.

He cited the same reasons given in his first attempt to requisition an EGM – the company’s poor performance and dropping share price – as reasons for the resolutions.

Shares of Fu Yu ended Thursday at S$0.10, up by 2 per cent or S$0.002 before the announcement.