KUALA LUMPUR (June 30): Lysaght Galvanized Steel Bhd managing director Liew Hoi Foo was reelected as a board member during the company's annual general meeting (AGM) today.

The AGM has been closely watched amid a perceived family and board tussle over the control of Lysaght (fundamental: 1.95; valuation: 2.4).

"We should meet with the new board soon. The board will chart the direction (of Lysaght) and the managing director will then execute, Liew told reporters after the AGM.

News reports indicated Liew and his sister-in-law Annie Chew Meu Jong had disagreements over certain corporate exercises of the company, prior to the AGM.

It was reported that the corporate exercises included a share split and bonus issue.

Today, Chew refuted rumours of a family tussle over Lysaght. In a press statement, Chew said contradicting views were normal in a business.
 
Chew said Liew's reelection as a Lysaght director was a clear indication that there was no family feud over company matters.

"By this action, it is a clear indication that there is obviously no family tussle as rumoured abound, after all Mr Liew Hoi Foo is the brother-in-law.

"Of course, in any business, there are differing views, which are healthy in any successful businesses. As some would like to feed on the perceptions of power struggle and family feud, this is a non-event," Chew said.

At 12:30pm today, Lysaght shares rose two sen or 0.5% to settle at RM3.90, for a market capitalisation of RM162.2 million.

Lysaght had gained 20% this year, surpassing the FBM KLCI's 3%  decline.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)