NWP Holdings Bhd has announced the passing and implementation with immediate effect of nine out of the 11 resolutions tabled at its virtual extraordinary general meeting (EGM) which entail the removal of six directors and the appointment of three new directors.
The polling results from the company’s EGM today shows that more than 80% of the attended shareholders and their proxies have voted in favour of the appointment of Datuk Seri Mak Hon Leong, Ooi Kek Keong and Tan Vei Teck.
The directors who were removed are Cheng Heang Swee, Datuk Chu Boon Tiong, Matthew Chan Cheng Han, Hong Chia Seong, Huang Kun-Fang and Yew Onn Chong.
“The results of the EGM has proven that the shareholders are looking for new leadership that could help to turnaround the group,” newly appointed director Tan Vei Teck pointed out in a media statement. “With the change of leadership, we are optimistic that we could drive the group forward.”
Recall that on April 15, Tan and Mak who claim to jointly own more than 10% of the issued share capital of the timber products manufacturer had formally demanded an EGM to move resolutions for the removal of several directors and the appointment of new board members.
However, Tan said the Ordinary Resolutions 10 (to remove Tan Shiah Huei as director) and 11 (to remove any director appointed from the date of notice till commencement of the EGM) could not be carried out given the company’s constitution stated that the number of its directors shall not be less than five at all times.
Police intervention
Interestingly, Tan further revealed that prior to the EGM’s commencement, the company’s CEO Datuk Seri Kee Soon Ling, Chu, Yew, Chan, Hong and several other individuals entered the broadcast venue and attempted to unlawfully adjourn the virtual EGM.
“Following this incident, I have lodged a police report in response to such action to state that this EGM was allowed by the authorities,” explained Tan. “We have court order to proceed with the virtual EGM.”
With the dust having finally settled, Tan said the duty now rest with the new board to focus on building up the company.
“We are exciting with the plans that we have for the group. The first thing for us is to lay down a five-year roadmap for NWP to grow and create value for our shareholders,” he added.
Meanwhile, in a filing with Bursa Malaysia, NWP confirmed that the police were at the broadcast venue and dispersed the board members present at the meeting, namely Kee, Chu, Yew, Chan, and Hong.
“The company is seeking legal advice on the matter and will make the necessary announcement on the progress of the matter in due course,” noted NWP.
In the same filing, NWP said Chu had taken over the chair and informed that he had received a complaint from a shareholder that the integrity of the proxy form is in questioned, hence declaring the EGM to be adjourned to two weeks later.
“However, the requisitionists continued on their own accord even when the chairman is still at the broadcast venue,” added the company.
At the close of today’s trading, NWP was up 0.5 sen or 2.86% at 18 sen with 7.04 million shares traded, thus valuing the company at RM85 mil. – May 19 2021
