As of 3:15 pm on Friday, the stock price of Excellent Automatic System was 0.006 yuan, with no change. According to the announcement, at the special shareholders' meeting on Monday (16th), shareholders suggested removing Xie Chonghe and Mohammad...
As of 3:15 pm on Friday, the stock price of Excellent Automatic System was 0.006 yuan, with no change.
According to the announcement, at the special shareholders' meeting on Monday (16th), shareholders suggested removing Xie Chonghe and Mohammad Sobian from their positions as directors.
On the same day, Xie Chonghe responded to the motion for removal in writing, indicating that the three shareholders had major concerns about the company's financial performance and cost management, and believed that these issues needed urgent attention, so they demanded the removal of the target director and proposed the appointment of Kenneth Sng Min Hua as the new director.
The company issued an announcement on the SGX on Friday (20th), stating that Xie Chonghe and Mohammad Sobian submitted their resignation to the board of directors by email at around 12:31 pm on Thursday, before the special shareholders' meeting was held, and the resignation took effect immediately.
Advanced Systems Automation announced that Executive Director Seah Chong Hoe (transliteration) has resigned and his resignation will take effect immediately on Thursday (June 19). The board of directors also terminated his position as CEO the same day.
Another non-independent non-executive director, Dato’ Sri Mohd. Sopiyan Bin Mohd. Rashdi, also resigned from the position of director, and the company did not explain the reason for the resignation of the two.
He said: "According to the requester, the new directors have no connection with the current management, and the relevant appointments bring new perspectives, independent oversight and strategic directions to the board, which they call ‘the board of directors’, saying that this will provide the board with the necessary leadership and expertise to lead the company towards better performance."
Xie Chonghe stated that if the shareholder decides to remove him by a majority vote at the special shareholders' meeting, he himself has no intention of continuing to serve as a director of the company.
