Fu Yu appoints four new independent, non-executive directors at AGM
This comes as resolutions tabled by the group's largest shareholder Victor Lim to appoint Gilbert Rodrigues, Ralf Pilarczyk, Yang Zhenrong and Haytham Al Essa to the board were passed at Fu Yu's AGM.
Earlier on, an independent party assessed the four proposed candidates and reported no findings against their suitability, the group announced on Jun 20.
The appointments bring the number of directors on Fu Yu's board to a total of five, including its chief executive officer David Seow, who was left as the sole director on the board following the resignations of three of the group's former independent, non-executive directors on Jun 11.
The installation of the new directors also allows the company to meet the Singapore Exchange's (SGX) mainboard listing requirements for at least one-third of the board to be independent and for the group to have at least two independent non-executive directors
On Jun 11, former independent directors Royston Tan, Christopher Huang and Daniel Poh resigned after several attempts made by largest shareholder Lim - who owned some 29.5 per cent of Fu Yu shares as at Jan 9 – to have Tan and Huang ousted from the board, leaving the company with only one director and no independent directors.
The counter ended Friday 2.1 per cent or S$0.002 up at S$0.097.
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