This article first appeared in The Edge Financial Daily on June 9, 2017

KUALA LUMPUR: Ire-Tex Corp Bhd has received a special notice from its largest shareholder Elite Cosmo Group Ltd, who is acting together with another shareholder Tan Yeang Tze, to remove four directors of the company.

In the notice filed with Bursa Malaysia yesterday, the Singapore-based shareholder is seeking for Ire-Tex to convene an extraordinary general meeting (EGM) for the purpose of passing ordinary resolutions to remove Datuk Seri Mohd Shariff Omar, Felix Chin Wui Choong, Ahmad Amrynn Abdul Malek and Mak Lin Kum as directors with immediate effect.

Elite Cosmo is also seeking to appoint Hamdan Mohd Nor and Raja Hizad Raja Kamarulzaman as directors with immediate effect.

Elite Cosmo and Tan said that if an EGM is not called by Ire-Tex within the stipulated time frame, they will then proceed to convene an EGM on their own to pass the resolutions.

This latest development indicates that the boardroom tussle at the Penang-based corrugated packaging services provider is far from over.

On Wednesday, the group announced that the High Court had declared its recent EGM held on April 27 as null and void. In that EGM, Elite Cosmo sought to oust the same four directors and appoint Hamdan and Raja Hizad.

Following that EGM, Ire-Tex has issued two different outcomes of the meeting to Bursa Malaysia.

Ire-Tex shares were untraded yesterday. They closed at 20 sen on Wednesday, with a market capitalisation of RM27.6 million.