The two substantial shareholders in Cordlife's boardroom tussle on May 10 set out their separate plans to address the cord-blood bank's troubles after an upcoming May 14 annual general meeting (AGM).
Cordlife was responding to queries by the Singapore Exchange (SGX), which had asked what the resultant board would do to resolve the company's ongoing issues if the resolutions in the two shareholders' respective requisition notices are passed.
Substantial shareholder Nanjing Xinjiekou Department Store has filed resolutions to remove four directors: acting chairman Ho Choon Hou and independent directors Yeo Hwee Tiong, Titus Cheong and Joseph Wong. (Mr Wong has separately announced his departure from the board on May 14.) Nanjing Xinjiekou also seeks to appoint three new directors: Dr Teo Tong Kooi, Dr Xu Tianhong and Mr Cai Yong to replace the three Singapore-based directors, Dr Ho, Mr Yeo and Mr Cheong.
Cordlife's other controlling shareholder, TransGlobal Real Estate Group, has requisitioned to remove one director, Mr Zhai Lingyun, in a separate notice.
The boardroom dispute is playing out in the wake of Singapore's Ministry of Health (MOH) uncovering lapses in Cordlife's storage of cord blood samples. The ministry suspended the company from collecting or processing new cord blood for six months, starting in December 2023, as a result.
SGX, noting that the company has not explained how the resultant board will ensure continuity, and how it will work with the relevant authorities to resolve the current issues in its May 6 response, asked for clarity on how these will be ironed out.
In its response to SGX, Cordlife reported that, assuming all resolutions in Nanjing Xinjiekou's resolutions are carried at the upcoming AGM, the new board will comprise the following directors:
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