Emerging Towns & Cities Singapore (ETC) on Monday said controlling shareholder Luo Shandong has called for an extraordinary general meeting to replace two existing directors with his own nominees.
ETC, which develops residential and commercial real estate properties for customers in Singapore, China, and Myanmar, said the EGM seeks to remove Christopher Chong Meng Tak and Peter Tan as directors of the company with effect from the date of the EGM.
Christopher Chong Meng Tak, 57, is the non-executive chairman of the ETC's board while Peter Tan, 64, is an independent non-executive director.
Luo proposes to appoint Shasha (Liang) Du and Wang Guang as directors of the company with effect from the date of the EGM, the company said in a regulatory filing.
Luo held about 16 percent stake in ETC as of August 1.
This EGM notice comes after the company last week said 118 million yuan (S$24.1 million) had been transferred without authorisation to companies controlled by Luo from a subsidiary in China.
ETC has suspended its stock and is seeking advice on the requisition notice.