Samchem shareholders to decide on ED’s removal on June 23

KUALA LUMPUR: Samchem Holdings Bhd has fixed June 23 as the date of the EGM to consider the removal of executive director Ng Soh Kian.

The notice of EGM posted on Bursa Malaysia’s website said the sole resolution is to remove Ng as director with immediate effect “in accordance with Section 206(1)(b) of the Companies Act 2016.”

The notice of EGM came a day after the industrial chemical distributor revealed the names of the seven shareholders - with a combined stake of almost 20% - who requested for the meeting.

Among them are newly appointed group chief operating officer Eugene Chong Wee Yip and executive director Chooi Chok Khooi, who was appointed executive director together with Ng on Feb 27, 2009.

The other Samchem shareholders are Tan Teck Beng (a substantial shareholder with a 5.02% stake and a former Samchem executive director), Wee Chai Peng, Ng Hoi Peng, Michael Lee Fook Soon, and Lim Gim Leong.

Ng, 49, used to be a substantial shareholder in Samchem. However, since March, he and his wife have pared down their total 7.7% stake to just 0.41%.

According to the latest annual report released last month, Ng is responsible for the general management of Samchem’s wholly-owned subsidiary TN Chemie Sdn Bhd which distributes intermediate and specialty chemicals, and blending of customised solvents.

Chong’s appointment as group COO, incidentally, came on the same day that executive chairman Ng Thin Poh was named acting chief executive officer to replace Datuk Ng Lian Poh, his younger brother, who resigned on May 5 due to “personal commitments.”

(Ng Soh Kian has no family relationship with the brothers.)

The outcome of an EGM seeking to remove Soh Kian will depend much on how executive chairman Thin Poh votes, as he holds 44.14% equity interest (direct and indirect) in Samchem.