Fu Yu's Largest Shareholder Seeks EGM to Oust Directors Amid 'Poor Performance'

Fu Yu Corp has received a requisition notice from its largest shareholder, Victor Lim, to convene an extraordinary general meeting (EGM) to pass five resolutions.

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Mr Lim, who owns some 29.45 per cent of Fu Yu shares, called for the meeting as he believes a "strategic reset" and reorganisation of the board are needed amid the company's "poor performance".

Fu Yu manufactures precision plastic and metal components. Its clients are in the life sciences, medical, automotive, consumer and industrial sectors, according to its website. It is listed on the main board of the Singapore Exchange.

The first and second resolutions seek to remove Mr Christopher Huang and Mr Royston Tan as the company's directors, from the date of the EGM.

"Since the election of Huang and Tan to the board, substantial shareholder value has been erased," said Mr Lim in his letter on Jan 9.

He noted that Fu Yu's share price has "dropped steadily" from a high of 33 cents a share in 2021 to 13 cents a share as at Jan 9—marking a decline of more than 60 per cent.