STOCKS | Enviro-Logistics Asia Announces Major Board Shake-Up

Enviro-Logistics (Asia) (06083) said its board underwent major changes from August 31, with six directors resigning and six new directors appointed, including Lan Shuen Ming as chairman and chief executive officer, according to ETNet. The company said former executive director, chairman and CEO Yeung Kwong Fat resigned, along with Lee Kam Hung and Luk Yau Chi. Three independent non-executive directors, Mak Tung Sang, Chung Chi Pin and Lai Wing Ying, also stepped down. Enviro-Logistics said all departing directors confirmed they had no disagreement with the board and were not aware of any other matters that needed to be brought to the attention of the Hong Kong stock exchange or shareholders. Lan Shuen Ming, 57, has more than 30 years of experience in international trade and over 20 years in cold-chain park operations, food supply and food processing in China and overseas. He has invested in cold-chain industries and logistics parks in Tianjin, Dalian, Shanghai and Xi'an, and set up trading companies in Beijing and Hong Kong. The company said Lan Shuen Ming and his spouse are deemed to hold 292 million shares, or about 58.2% of the issued share capital, making him the controlling shareholder. His son, Lan Hu, was also appointed executive director and is deemed to hold 81.912 million shares, or 16.32%, and acts in concert with him. The company also appointed Yu Liang as executive director, and Wang Zhongze, Hong Bo and Jin Meng as independent non-executive directors. Enviro-Logistics said having Lan Shuen Ming serve as both chairman and CEO deviates from the corporate governance code, but the board believes the arrangement will help execute strategy and improve operating efficiency.