Icon Law Advises SGX-Listed CFM Holdings Ltd on Requisition by Shareholders

Icon Law's Jeremiah Huang and Loh Yu Tong have successfully advised and assisted SGX-listed metal stamping and tool and die manufacturer, CFM Holdings, on its recent Nominating Committee and Board disputes, and the consequent requisition by its controlling shareholders (also its Executive Directors, Chairman and Chief Executive Officer) to remove Mr. Jack Chia Seng Hee as CFM's sole independent director and appoint new independent directors.

In 2024, following the retirement and resignation of 2 independent directors, Mr. Chia was left as CFM's sole independent director and one of two members of the Company's Nominating Committee. The resulting Nominating Committee was unable to come to an agreement on the selection of new independent directors, resulting in, amongst others, the company's non-compliance with various governance and Board/Committee constitution requirements under Singapore's Companies Act, Catalist Rules and Code of Corporate Governance. Further thereto, Icon Law's Jeremiah Huang was engaged to intervene - first to attempt a resolution, and then to assist with CFM's necessary response to the requisition by its controlling shareholders to remove Mr. Chia and appoint new independent directors. Icon Law worked together with CFM's continuing sponsor, Novus Corporate Finance, and company secretary, In.Corp, to assist in all stages of this matter, including the eventual calling off of the extraordinary general meeting following Mr. Chia's sudden resignation just 3 days prior thereto.

For more information on this matter, please contact Jeremiah Huang or refer to the media's widespread coverage (and CFM's announcements and circular for the cancelled meeting on SGXNet).