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Nutryfarm appoints new executive chairman

NutryFarm International has appointed Wu Yongqiang as its new executive chairman. It has also redesignated former chief executive officer (CEO) and chairman Terence Luk Chung Po as non-executive director. The appointments are effective Tuesday (March 8).

Wu - who is concurrently KTL Global's non-executive chairman - has been a substantial shareholder of Nutryfarm since Jun 30, 2021. He owns a 13.97 per cent stake in the durian and health foods distributor as at Wednesday, the company said in a bourse filing.

It added that Wu had written to the company on Dec 27, 2021, to consider his appointment to its board as a non-independent and non-executive director, as well as on March 4, to consider appointing him as executive chairman.

In the second letter, Wu provided certain additional information and documents, including an investigation report dated Jan 10 issued by a law firm in China.

Wu had requested for the board to consider his appointment as executive chairman because of "certain key relevant material events or developments that have transpired" between the time of Wu's first letter and his second. This includes the redesignation of roles and responsibilities of former CEO Luk and another executive director.

Shares of mainboard-listed Nutryfarm were trading 14.9 per cent or S$0.013 higher at S$0.10 as at 9.49 am on Wednesday, after the announcement.

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