Fu Yu’s largest shareholder calls for EGM amidst company’s poor performance

He also wants two directors fired.

Fu Yu Corporation Limited’s largest shareholder Victor Lim wrote to the company’s board to ask for an extraordinary general meeting to remove from office two of four directors and to appoint three new ones amidst his concern over the company’s poor performance.

Lim, who owns 29.45% of the total paid-up shares of the company, said in his letter that he wants to convey a meeting to remove Christopher Huang Junli, and Royston Tan Tong Loong as directors.

In addition, Lim also wants to establish Gilbert L. Rodrigues, Ralf Pilarczyk, and Yang Zhenrong as independent non-executive directors.

Lim outlines that since Huang and Lim have been elected to the board, he said substantial shareholder value has been erased. He also said that the share price of the company has steadily dropped from $0.33 per share in 2021 to $0.13 to date. The company’s net profit has also dropped from $17.58m in 2021 to $10.11m in 2023.

Fu Yu’s board has acknowledged the receipt of the letter and will convene the EGM in due course.