A DUO of minority shareholders of watchlisted USP Group : BRS 0%, who claim to hold at least 10 per cent of the company’s shares, are asking the group to convene an extraordinary general meeting (EGM) for a complete overhaul of its board of directors. 

Melvin Tan, who had earlier this year linked up with other minority shareholders in a bid to take control from the company’s board and give it new projects, is one of the two shareholders in question. The other shareholder is one Lim Shi Wei. 

The company’s EGM that was set for Apr 21 was scuppered by a judgement from Judicial Commissioner Goh Yihan who declared the requisition notice for the EGM invalid as the requisitioning shareholders in question then were not deemed “members” of USP under the Companies Act.

The latest notice of requisition, posted by USP to the Singapore bourse on Wednesday (Sep 6) evening, calls for the removal of five directors from the date of the EGM. These directors are USP’s chief executive Tanoto Sau Ian, non-executive chairman Djohan Sutanto, independent non-executive directors Caroline Wang and Tang Mun Tak, as well as non-independent director Tay Lak Khoon. 

The shareholder duo also had a resolution to remove any director of the company who may be appointed between the date of the requisition notice and the date of the EGM. 

They are also seeking to appoint four new people to the board of directors – one Shek Chee Seng as an executive director along with three other independent directors – with effect from the date of the EGM.

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USP said it is seeking legal advice on the requisition notice, and will update shareholders of the company as and when appropriate.