THE shareholders convening the extraordinary general meeting (EGM) of Jentayu Sustainables Bhd have submitted a memorandum to shareholders to explain circumstances surrounding the cancelled EGM.
This is in addition to clarify key issues which the convening shareholders claimed to have contributed to uncertainty surrounding the meeting process.
Signed by all convening shareholders, the memorandum was issued to provide shareholders with clarity on the sequence of events leading to the cancellation of the EGM and to provide better transparency on matters affecting shareholder rights and corporate governance.
In the memorandum, the convening shareholders addressed several allegations made by Jentayu in relation to the EGM notice, including claims that one of the convening shareholders had not authorised the notice.
The memorandum states that such allegations are untrue.
However, as the convening shareholders have no intention of engaging in prolonged court proceedings that may arise as a result of the untrue allegations, they have decided to call off the EGM by preferring instead a practical and constructive resolution going forward.
Why was EGM cancelled?
The memorandum further explained that the unavailability of a General Meeting Record of Depositors (GMROD) as of Feb 20 would create uncertainty over shareholder attendance and voting eligibility, hence may result in questions over the effectiveness and usefulness of proceeding with the EGM.
It also highlighted that the board’s announcement advising shareholders not to attend the EGM would limit opportunities for shareholders to receive direct responses to issues raised in the EGM notice which the convening shareholders believe is important for meaningful shareholder engagement.
The memorandum additionally clarified that concerns relating to the validity of the EGM notice – including issues relating to shareholding thresholds – are technical in nature and capable of rectification via the re-issuance of the notice if necessary.
Speaking as a representative of the convening shareholders, Vong Chee Kian said the memorandum was prepared to ensure shareholders receive a clear and factual account of the situation.
“The memorandum is intended to explain to shareholders why the EGM did not proceed and to provide clarity on the key issues that arose throughout the process,” he justified.
“Our priority remains to ensure that Jentayu act in the best interests of all shareholders by ensuring transparency, proper governance and a constructive way forward.”
The convening shareholders further shared that the memorandum aims to provide shareholders with a fuller understanding of the circumstances leading to the cancellation of the EGM while encouraging all parties to pursue a practical resolution that upholds accountability and shareholder rights.
The memorandum concluded with a call for the board to take appropriate steps and make the necessary announcements to address the concerns raised for the benefit of all shareholders.
A copy of the memorandum has been served to Jentayu through the appointed legal representatives, Messrs Kennie Ang & Co, for announcement.
The EGM was originally convened following shareholder concerns relating to governance and financial matters within the company.
But subsequent developments, including differing interpretations regarding procedural and administrative issues relating to the convening of EGM, have resulted in uncertainty over the conduct of the proposed EGM.
This eventually prompting the convening shareholders to issue the memorandum to provide clarity and context to fellow shareholders as to why the EGM is cancelled.
At the close of today’s (Feb 27) mid-day trading break, Jentayu was down 1.5 sen or 4.55% to 31.5 sen with 22,000 shares traded, thus valuing the company at RM143 mil. – Feb 27, 2026
