Donaco International shareholder Argyle Street Management Ltd has withdrawn its request to appoint its representatives on the Donaco board, according to a filing from Donaco to the ASX.
On July 1, Vincent Pirina of Veritas Advisory Limited made a formal request to the Donaco board to appoint two associates of On Nut Road Limited (an associate of ASM), namely, Mr. Kurkye Wong and Mr. Yan Ho Leo Chan as directors of the company.
However, according to a filing on Monday, ASM has now formally withdrawn its request.
Donaco said it will continue conversations with ASM, with the view of strengthening the Board by the appointment of its representatives.
The board renewal process started on April 9, 2019, with the appointment of David Green as director.
In June, Donaco appointed Mr. Paul Arbuckle as chief executive officer of the company.
Donaco said it plans to appoint an additional independent non-executive director in the near future.