TOTM Technologies CEO, directors resign after EGM bid

Their resignation followed requisition notices from nine shareholders.

TOTM Technologies executive director and CEO Irawan Mulyadi has resigned from his position effective 27 May.

Irawan’s resignation will facilitate board and management renewal, following the requisition notices received on 7 May.

Irawan is deemed to be interested in 26,214,297 ordinary shares, representing a 1.92% stake in the company. He also holds 5,000,000 share options granted under the Company's Employee Share Option Scheme 2021.

The company received requisition notices from nine shareholders namely Khoo Thomas Clive, Wong Hong Eng, Tan Ah Ee, Gan Huai Shen, Koh Ah Luan, Vincent Gan, Gan Huai Shi, Ang Siew Joo, and Teo Teo Lee.

The nine requisitioning members, who collectively hold a 10.0% stake in the company, called for an EGM to propose the removal of Irawan and independent directors Dhanie Tri Indrasto and Phang Yew Kiat.

On 28 May, three members withdrew their requisition notices, which resulted in the number of shares held by the requisition members to fall below 10.0%. As a result, TOTM Technologies will take no further action regarding the requisition notices.

The remaining members are seeking to appoint new members within two months to exercise their right to requisition.

In the meantime, the management team will be led by TOTM Technologies’ executive director Pierre Prunier until the board finds a suitable replacement.

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