Boardroom fighter re-emerges at KLW
A veteran fighter of boardroom wars has re-emerged and is now planning directorship changes at furniture maker KLW Holdings.
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Kenneth Lim
04 September 2015
A veteran fighter of boardroom wars has re-emerged and is now planning directorship changes at furniture maker KLW Holdings.
In a transaction that made him a substantial shareholder and the single largest shareholder of KLW, Quek Chek Lan on Aug 26 bought some 980.4 million KLW shares, or an 18.22 per cent stake, from KLW managing director Lee Boon Teck for S$4 million, or about 0.41 Singapore cent per share.
This raised the new controlling shareholder’s direct and deemed interest to 19.4 per cent from 1.18 per cent.
Mr Lee, whose stake in KLW now stands at just 0.1 per cent, will remain as managing director of the company and ensure the completion of an ongoing special audit, KLW said. In the interim, the independent directors of the company have been authorised as co-signatories for cheques and significant cash transfers.
Mr Quek has told the board of KLW that he plans to restructure or strengthen the board’s composition.
This is not Mr Quek’s first foray into KLW. He first made headlines as a substantial shareholder of KLW in March 2002 when his private vehicle, Aetna, bought enough shares on the open market to hold an 11.22 per cent stake in the company. In an apparent change of heart, Aetna sold all its shares just months later, in November 2002.
Mr Quek re-emerged as one of the top 20 shareholders of KLW as of March 2011, according to the company’s annual report.
The investor was involved in a number of boardroom tussles in the early 2000s.
In 2001, Mr Quek was named deputy chairman of Inno-Pacific Holdings, now called InnoPac, shortly after Inno-Pacific shareholder Quah Su-Ling helped to topple the old board.
In 2003, Mr Quek bought a substantial stake in Startech Electronics and placed himself and four others onto the company’s board of directors. He then left Startech four months later after some Startech shareholders sought to oust Mr Quek and his new board.
Mr Quek showed up again in 2004, successfully replacing the old board of Teledata with his own slate of directors, including himself. Mr Quek sold his shares in Teledata and resigned from the company in 2009.
KLW shares closed trading unchanged on Thursday at 1.1 Singapore cents.