Ire-Tex share trade halted following special notice on removal, appointment of directors

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KUALA LUMPUR (March 3): Trading in the securities of corrugated packaging services provider Ire-Tex Corp Bhd was halted for one hour this morning from 9am to 10am, after it had yesterday received a special notice of proposed ordinary resolutions for removal and appointment of the company's directors from Elite Cosmo Group Ltd.

In a filing with Bursa Malaysia yesterday, Ire-Tex said Elite Cosmo, representing 11.63% of the paid-up share capital of the company held in the name of Citigroup Nominees (Asing) Sdn Bhd as pledged securities, had given a special notice pursuant to Sections 206(2), (3) and 322 of the Companies Act.

"Require you to convene an extraordinary general meeting (EGM) pursuant to Section 61 of the Articles of Association of the company and section 311 of the Companies Act," the statement read.

The removal of directors includes Soo Tee Wei, Chin Wui Choong, Lee Yow Fui, Wong Fook Hiong, Mak Lin Kum, Hamdan Bin Mohd Nor, Datuk Haji Amiruddin Bin Jamaluddin, Raja Hizad Bin Raja Kamarulzaman and any other director(s) appointed on or after March 1, 2017 until the date of the EGM.

Ire-Tex said the intention to remove and appoint directors is from a shareholder of the company holding at least 10% of the paid-up capital of the company.

Elite Cosmo also carries the right of voting at meetings of members of the company as at the date of deposit of the said special notice.

At 10.31, Ire-Tex rose 2.38% or 0.5 sen to 21.5 sen with 858,000 shares traded.