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10-10-2011, 01:37 PM
(03-10-2011, 09:02 PM)pianist Wrote: today tat seng announced appointment of executive director - Tang Cheuk Chee who is also the wife of the executive chairman. Madam Tang Cheuk Chee has a deemed interest of 100,529,000 in the capital of the Company.
i just wonder what kinda prudential/governance processes are available in such hiring case?
It doesn't look very proper. Apart from being the wife of Chairman Dr Allan Yap, Mdm Tang's available background info doesn't give much evidence or comfort that she is aptly qualified to run or contribute to Tat Seng's business as an ED....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
http://info.sgx.com/webcoranncatth.nsf/V...B0026A58F/$file/BizNet_MrsYap.pdf?openelement
It is also relevant to note that Mdm Tang's deemed interest in the 100,529,000 Tat Seng shares is based on PSC Corp's 63.95% controlling stake in Tat Seng. Mdm Tang's total interest in PSC, in fact, is only 17.36% - including a direct stake of 8.89% bought from Super Group on 7Jun11, and a deemed stake of 8.47% owned by other related entities.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
A relevant question: Should a less-than-qualified indirect shareholder be allowed to run a listed company, just because her husband happens to be the Chairman?