Symphony Life announces boardroom changes a week after EGM request by shareholder to remove directors

KUALA LUMPUR (Sept 3): Symphony Life Bhd announced a slew of boardroom changes yesterday, overtaking an initial proposal by its largest shareholder Theron Holdings Sdn Bhd to hold an extraordinary general meeting (EGM) later this month to remove three directors.

In several filings yesterday, the property developer announced the resignation of executive director Ng Ying Yiing and independent non-executive director Loi Chee Fong.

Ng, 40, resigned for her personal reasons. Meanwhile Loi, 38, resigned to focus on his other private businesses, the filings said.

The company also announced the appointments of three directors, namely Teh Eng Aun (independent non-executive), Datuk Chua Heok Wee (non-independent executive) and Tan Sri Tan King Tai @ Tan Khoon Hai (non-independent non-executive).

All the changes were effective on Sept 2, the company said.

The five boardroom changes were among six proposed by Theron on August 25 to be voted on in the upcoming EGM on Sept 23.

Alongside Ng and Loi, Theron had earlier also proposed to remove non-independent executive director Teo Chiah Chyi. However, the latter is on a new list of boardroom members issued by Symphony Life.

It is unclear if Theron will continue to pursue Teo’s removal.

With the changes, other remaining board members include chairman Datuk Jasmy Ismail, group chief executive officer Chin Jit Pyng, as well as independent non-executive directors Soon Wing Chong and Wong Ping Eng.

Theron, together with parent company Muar Ban Lee Group Bhd (MBL), control a combined 17.918% in Symphony Life after upping its stake in the company in early August.

It had proposed to remove the three directors on grounds that it disagreed on the direction they were taking for Symphony Life.

Among the new appointments, Chua and Tan are directors at MBL, while Teh is a director at Unimech Group Bhd.

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