Shareholders want CEO removed as Singapore company shifts from durian to AI service
Shareholders of Singapore’s durian distributor NutryFarm International are seeking to remove CEO Niu Liming and challenging his right to vote as the company shifts to data centers and artificial intelligence services.
Singapore-based NutryFarm is facing pressure from a group of shareholders who want to remove CEO Niu from his positions within the company. The shareholders, who together own 10% of NutryFarm, demanded a special general meeting to address their grievances in a letter sent on October 9. The shareholders are requesting Niu's immediate removal from all executive positions, his exclusion from board discussions, and the election of shareholder Charlie In as CEO. NutryFarm has stated it is reviewing the allegations and seeking legal advice.
The dispute arises as NutryFarm attempts to revive its business after a four-year suspension of trading on the Singapore Exchange. The company had previously operated in the nutrition and health food sector before shifting its focus to durian distribution. In November 2024, NutryFarm's subsidiary, Global Agricapital (Singapore), was renamed AI Nova and began exploring technical testing and analysis services for data centers. A SGD5 million loan from Singapore investment company Alpha Hill was also announced.
Despite owning just 0.26% of NutryFarm, CEO Niu has significant influence over the company, with direct and deemed interest totaling 25.72%. This stake includes the 15.78% held by the largest shareholder, Jia Lijie. CEO Niu revealed earlier that he was NutryFarm's largest creditor while the company was cash-strapped and struggling to maintain control over its overseas subsidiaries.
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