Pine Capital Group's interim CEO and executive chairman has resigned, due to pressure from the main shareholders.
Pine Capital Group said this weekend that Tan Choon Wee had resigned as interim CEO and executive chairman, effective Friday.
That was due to a letter dated 7 February issued by Jessie Sun May Gze, Pine Partners, and JMO, which collectively hold more than 50 percent of the company’s shares, Pine Capital said in a filing to SGX on Saturday.
Extraordinary General Meeting
The letter had informed the board of an intention to convene an extraordinary general meeting (EGM) in part to remove Tan, Chong Chee Hoong, and Ling Chung Yee Roy as directors, Pine Capital said.
Pine Capital is a Singapore-based asset management group that offers products including hedge funds, alternative investments, and managed accounts.
Currently Overseas
The filing on Saturday said the company’s sponsor, Asian Corporate Advisors, wasn’t able to conduct an exit interview of Tan yet; it added it would make an announcement if it had further material information after the interview.
Tan, who is currently overseas, plans to provide further details on his cessation in a joint letter with Chong and Ling, which will be sent to shareholders, Pine Capital said.
Differences in Opinions
The 7 February letter had also sought the EGM to get shareholder approval to appoint Jessie Sun May Gze, Wee Heng Yi Adrian and Tomi-Jae Wanlun Tjio be appointed as directors.
In early February, Jessie Sun May Gze’s appointment as the chief financial officer had been terminated; after an exit interview with the sponsor, it was determined that the reasons for cessation included differences in opinions in material matters which would need to be brought to the attention of shareholders.
This article has previously been published on Shenton Wire.
