Nam Lee’s Joanna Yong ceases to be chairman
The requisitioning shareholders’ rationale for the removal has yet to be announced
Shareholders of Nam Lee Pressed Metal Industries voted on Jan 9 to remove Joanna Yong as a director of the company, following a requisition by two substantial shareholders.
At an extraordinary general meeting (EGM) held that morning, 67.6 per cent of the total valid votes were cast in favour of the resolution to remove her.
She therefore ceased to be the chairman and executive director of the mainboard-listed metal products manufacturer with immediate effect.
About 152.5 million shares were represented by votes for the resolution; around 49.5 million shares (32.4 per cent) were represented by votes against it.
The ouster comes after Nam Lee received a requisition notice on Nov 21, 2025, from shareholders Yong Kin Sen and Yong Poon Miew, who hold a combined stake of more than 10 per cent in the company.
Joanna Yong is the niece of the requisitioning shareholders.
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The move to unseat Joanna Yong was shrouded in mystery even after the EGM. In a bourse filing earlier last week, Nam Lee noted it had not received any formal or informal concerns regarding her performance, independence, or oversight responsibilities, before the requisition.
The boardroom shake-up also takes place against the backdrop of a separate compliance matter involving the company’s managing director, Eric Yong, who is a cousin of Joanna Yong.
In October 2025, the company disclosed that Eric Yong had been interviewed by the Corrupt Practices Investigation Bureau in connection with a whistle-blower report containing allegations against him.
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Nam Lee previously said it was unaware if the move to remove Joanna Yong was in any way related to the allegations that led to Eric Yong’s interview or other internal disagreements.
The company has yet to announce a replacement for the chairman’s role.
Shares of Nam Lee ended at S$0.66, S$0.02 or 3.1 per cent higher on Jan 9, before the news.
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