Shanghai Turbo

[cyclone]

Request for Trading Halt : Pending for announcement.

Shanghai Turbo seeking legal advice on requisition letter

Shanghai Turbo Enterprises Ltd announced that the Board received a requisition letter (with no sender’s address) on 20 October 2017 at 1.10 pm, purportedly from Mr Liu Ming, former Executive Director of the Company, requisitioning an Extraordinary General Meeting to remove the entire Board and to replace with three ex-directors of the Company, Mr Huang Wooi Teik, Mr Kelvin Tan, and Mr Liu Ming, and Ms Pan Haiya, who was Mr Liu Ming’s assistant. 

The Company is now seeking legal advice on the validity of the requisition letter and will make an announcement within three weeks of the date of receipt of the letter. 

On 15 September 2017, the Company has secured a S$30 million injunction from the Singapore High Court against Liu Ming, prohibiting the disposal of his assets in Singapore. Mr Liu Ming is beneficially interested in 8,240,000 ordinary shares of the Company (representing 29.98% voting rights of the Company).