Latest news with #FuYu
Business Times
30-06-2025
- Business
- Business Times
Fu Yu appoints four new independent, non-executive directors at AGM
[SINGAPORE] Four new independent directors were appointed to the board of components manufacturer Fu Yu Corporation at its annual general meeting (AGM) held on Friday (Jun 27), the company said in a Sunday bourse filing. 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.
Business Times
23-06-2025
- Business
- Business Times
Stocks to watch: OCBC, Fu Yu, Keppel Infrastructure Trust
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Jun 23): OCBC: The lender has committed more than RM11 billion (S$3.3 billion) in financing to support businesses in the Johor-Singapore Special Economic Zone (JS-SEZ) since 2024, the bank said on Sunday. By end-2025, it expects to provide at least RM3 billion more in financing for real estate, oil and gas, manufacturing and data centres, which will further catalyse economic activities and cross border investments in Johor and the JS-SEZ. The counter finished on Friday 0.6 per cent or S$0.09 lower at S$15.90, before the announcement. Fu Yu: Four proposed directors have been assessed by an independent party who made no findings against their suitability for the role, the components manufacturer said on Friday. This follows the resignation of three of Fu Yu's directors on Jun 11, which left the group with only one director on its board. The group added that the proposed candidates are not involved in matters relating to its unit, Fu Yu Supply Chain Solutions, which is under investigation. Fu Yu ended on Friday at S$0.09, down 4.3 per cent. Keppel infrastructure Trust (KIT): The board of KIT, in its capacity as trustee-manager, has obtained S$25 million in bank facilities, it said on Friday. It will be required to pay all outstanding loans under the facility agreement immediately should it cease to be KIT's trustee-manager, if its ability to perform payment or material obligations under the agreement are restricted due to matters relating to it or if the replacement or substitute trustee-manager is not appointed according to the KIT trust deed's terms or applicable law. Units of KIT ended on Friday 1.3 per cent or S$0.005 lower at S$0.39, before the announcement.
Business Times
20-06-2025
- Business
- Business Times
Four candidates assessed for Fu Yu's board, with no findings against suitability
[SINGAPORE] Four proposed directors for Fu Yu Corporation have been assessed by an independent party, with no findings made against their suitability for the role, said the company on Friday (Jun 20) evening. Fu Yu currently only has one director – chief executive David Seow – after all three of its independent directors resigned on Jun 15. The company has since appointed Asian Corporate Advisors (ACA) to assess four candidates proposed as independent directors: Gilbert L Rodrigues, Ralf Pilarczyk, Yang Zhenrong and Haytham Al Essa. In its bourse filing, Fu Yu said that 'nothing has come to (ACA's) attention that the proposed new independent directors may not be deemed suitable', and that its board 'sees no reason to disagree'. 'To the best of the current board's knowledge, the proposed new (directors) are not involved in matters relating to FYSCS,' the company added, in reference to its unit Fu Yu Supply Chain Solutions, which has been under investigation. The update comes ahead of Fu Yu's annual general meeting (AGM) on Jun 27. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In an earlier filing on Friday, the company addressed questions from the Securities Investors Association (Singapore), or Sias, as well as shareholders. Fu Yu said that its 'day-to-day operations and decision-making processes remain unaffected' by the resignation of all its previous independent directors – Royston Tan, Christopher Huang and Daniel Poh. It also addressed queries on its ongoing investigations into FYSCS – relating to Fu Yu's acquisition of the unit, purported misuse of the FYSCS' resources and a pre-paid commission. 'Currently, no fraud (in the legal sense) has been uncovered,' said Fu Yu, adding that there was no potential liability arising from the transactions in question, 'as well as FYSCS in general'. Asked by Sias if it would release findings by Rajah & Tann and PwC Risk Services ahead of the AGM, Fu Yu said that it would first conduct a 'full Maxwellisation process' relating to the people mentioned in the report, which could take between four to six weeks. Maxwellisation is a legal procedure in which those subject to potential criticism are given an opportunity to respond. 'The company (will) seek legal advice and will deliberate on its next steps after considering the information obtained through the Maxwellisation process, and will update shareholders thereafter,' said Fu Yu. In June last year, FYSCS also received a letter of demand for US$925,773.57 in compensation from another company, Evertree Hongkong. On Jun 5 this year, an arbitral tribunal ruled in favour of Evertree, with Fu Yu required to pay S$1.67 million. Asked about the matter, Fu Yu said that FYSCS had fulfilled its payment obligations on Jun 9 and is solvent. Fu Yu ended Friday at S$0.09, down 4.3 per cent.
Straits Times
16-06-2025
- Business
- Straits Times
Fu Yu's independent directors resign, leaving CEO as only one on board
Following the resignations, only CEO David Seow remains on Fu Yu's board as an executive director. PHOTO: BT FILE SINGAPORE - All three of Fu Yu Corporation's independent directors have resigned, leaving its chief executive officer alone on the board, according to company announcements on June 15. Independent directors Royston Tan and non-executive chairman Christopher Huang resigned due to persistent attempts to remove them from the board even though they do not hold executive roles in the company. Fu Yu's largest shareholder Victor Lim, who was Fu Yu's director of strategy before he left in March, has been tabling resolutions in an attempt to oust Mr Tan and Mr Huang from the board, as well as appoint new directors, citing the company's 'poor performance' as the reason behind his actions. Independent director Daniel Poh resigned over differences in opinion on the company's directions on matters that do not involve the day-to-day business of the company. Mr Huang and Mr Tan also cited this as a reason for resignation, with all three quoting the investigations into Fu Yu Supply Chain Solutions (FYSCS) as an example. FYSCS was placed under investigation after an internal audit revealed that the unit made one or more unverifiable arrangements regarding a payment of around US$3 million (S$4 million) to a third party, for which services did not appear to have been rendered. Fu Yu is pursuing claims against six individuals, including Mr Lim, in relation to this probe. Following the resignations, only CEO David Seow remains on the board as an executive director. Mr Seow will endeavour to appoint additional members of the board within three months to comply with listing rules, the company said. Shares of Fu Yu closed down 1 per cent, or 0.1 cent, at 9.6 cents on June 13. THE BUSINESS TIMES With additional information from The Straits Times Join ST's Telegram channel and get the latest breaking news delivered to you.
