Minority shareholders of TOTM Technologies, Khoo Thomas Clive, Wong Hong Eng, Ang Siew Joo, Teo Teo Lee and Tan Ah Ee, have sent the company requisition notices on Jan 20 to convene an extraordinary general meeting (EGM) to change the company&rsquo s directors.

 

Khoo, Wong, Ang, Teo and Tan collectively hold around 10% of the total shares in TOTM. Khoo had bought 620,000 shares in TOTM for 2.985 cents per share via the market on Dec 20, 2024, increasing his stake from 6.97% to 7.01%.

 

In its Jan 20 filing, TOTM says the shareholders are seeking to remove Aw Eng Hai as independent director and Dhanie Tri Indrasto as the company&rsquo s non-executive director. The shareholders have also proposed to remove Aw and Dhanie from all other appointments with the company.

 

Aw was appointed as TOTM&rsquo s independent director on Oct 29, 2020, while Dhanie was appointed as its non-executive director on June 5, 2023. Dhanie last bought 8,088,299 shares in TOTM for 3.77 cents per share via an off-market transaction on Nov 25, 2024. His purchase increased his stake to 1.47% from 0.88% before.

 

In addition to the proposed removals, the minority shareholders are requesting for Ryan Siek Wei Ting, Tan Ser Ko and Tan San-Ju to be appointed as independent directors of the company.

 

They have also asked for the removal of any directors who were appointed between the date of the requisition notices and the date of the EGM. The removal will be tabled at the same EGM and voted on individually by TOTM&rsquo s shareholders.

 

No further reasons were given behind the shareholders&rsquo requests.

 

TOTM said it will be seeking legal advice and will be reaching out to the minority shareholders to discuss their request.