SINGAPORE – Shareholders seeking to oust NutryFarm International chief executive Niu Liming have stepped up their demands, calling for his immediate suspension and the appointment of the company’s chief financial officer as interim CEO.
The former durian distributor said in an Oct 12 stock exchange filing that it had received an urgent demand notice from shareholders identifying themselves as acting on behalf of the group seeking a special general meeting.
Their demands included suspending Niu as CEO and executive director, and appointing the current CFO to temporarily lead the company.
NutryFarm’s notice did not name the CFO, but filings on the exchange show that Derek Ong Chee Beng, 60, was appointed group financial controller on June 8.
NutryFarm said it was reviewing the notice and seeking legal advice. It also did not detail the grounds for suspension or announce any management changes.
The Oct 12 demand follows several letters concerning Niu’s position in the company and his right to vote on behalf of a major shareholder.
On Oct 9, shareholders identifying themselves as holding at least 10% of NutryFarm’s paid-up capital requested a special general meeting to remove Niu from the board as well as his appointments across the group.
They also sought to elect shareholder Charlie In as a director, and asked the board to consider appointing In as CEO.
In another Oct 9 letter, the shareholders demanded Niu’s immediate removal from executive positions and his recusal from board discussions and voting on the matter.
Niu Liming’s involvement in NutryFarm began before he became its executive director and CEO.
PHOTO: NIU LIMING/LINKEDIN
NutryFarm said it was reviewing the allegations, which its announcement did not detail.
The company subsequently received an objection to Niu’s proxy voting rights granted by shareholder Jia Lijie, including any conflict of interest arising from the arrangement, on Oct 11.
Under a share pledge arrangement, Niu has a deemed interest in NutryFarm through Jia’s 21.7 million shares and another 13.3 million belonging to Cheng Meng, according to the company’s 2024 annual report.
Including his own 360,000 shares, his direct and deemed interest in the company is 25.72%.
Niu also has an ownership interest in Corpbond IV, the creditor that applied to place NutryFarm under judicial management in June 2022. He became executive director and CEO in December that year.
The High Court discharged NutryFarm from judicial management on Feb 2, but its shares have remained suspended since April 11, 2022.
