On May 3, MC Payment announced that the Company received two letters dated April 29 and May 3 from Ching Chiat Kwong, who owns 27.06% of MAC Payments. Ching is executive chairman and major shareholder of Oxley Holdings. He wishes to nominate Henry Ng, Shawn Ching and himself to MC Payment’s board and plans to requisition for an EGM for the purpose. Ching is also seeking a confirmation from the board that it would not be taking any steps to allot and/or issue any shares of the company, in particular that it would not be taking any action that would have a dilutive effect on shareholders ahead of the EGM.
SEE:Is there a boardroom tusssle at Catalist-listed MC Payment?
Ng and Shawn Ching did not win re-election on April 28 during the company’s AGM. Market observers indicated that CEO Anthony Koh (pictured), who holds 6% of MC Payment, collected sufficient votes to block the re-election.