KUALA LUMPUR (March 28): Penang-based property developer Multi-Usage Holdings Bhd has once again extended the suspension of its non-independent non-executive director Tan Chew Hua for two more months — till May 28.

In a filing with Bursa Malaysia today, Multi-Usage said it requires more time to form an independent investigative committee in order to carry out the investigation, in view that a new board committee was only set up on Feb 28.

The group had in November last year suspended two directors including Tan, for two months for an investigation into matters highlighted in the qualified auditors' report and the special audit report on the group.

It had in January this year extended the suspension of Tan to March 28.

During the group’s annual general meeting (AGM) held in December last year, a group of minority shareholders had brought forward to the board that they do not accept Tan’s suspension.

They did not accept that the last two standing directors of Multi-Usage were its chairman Ang Kim Cheng @ Ang Teng Kok, and his son Ang Hwei Chyn, who is an executive director of the company. The AGM was chaired by Teng Kok.

Multi-Usage saw its share price close up four sen or 4.4% to 95 sen today, for a market capitalisation of RM53.6 million.