Trading in construction company Sum Cheong International could soon be reinstated after shareholders yesterday voted to re-elect four existing directors, bringing to an apparent end a three-month management tussle.
The vote took place at an extraordinary meeting called by Singapore-based investor Sukamto Sia, who holds more than 31 per cent of the company. He was hoping to elect himself and five associates to the board.
But four directors including China Strategic Holdings chairman Oei Hong Leong, who controls 27 per cent of the company and is thought to hold a further 8 per cent, held on to their posts at the three-hour meeting.
The other incumbents re-elected were: Lai Seck-khui, Ong Chit Chung and Ernest Lai Min Enn, who was elected chairman. Lim Hock Kong was removed and Low Wan Thiam was not re-elected.
'We won by a big margin of about 44.5 per cent,' Mr Oei said.
In a statement issued later, the company said the result would pave the way for lifting the suspension of the company's shares.
'We expect trading to resume very soon as directors have been re-elected,' Mr Ong said after the election. 'So far, I have not heard any complaint from the shareholders on the suspension.' The shares have been suspended since the beginning of February pending clarification of the new shareholding structure.