KUALA LUMPUR (Sept 13): Hours after shareholders of Panpages Bhd voted not to re-elect the group’s chairman and an executive director, two more of the group’s directors resigned from their positions.

In a stock exchange announcement, Panpages said Fong Wai Leong, the group’s executive director and chief executive officer, resigned, citing personal reasons.

Separately, independent and non-executive director Wong Mun Wai also resigned for a personal reason.

Tengku Farith Rithauddeen, the group’s independent and non-executive chairman, had failed to garner sufficient shareholder support at the group’s annual general meeting this morning to keep his role.

Yap Kien Ming, an independent and non-executive director, had also vacated his position as he was voted out.

As a result of their vacation of offices and the above resignations, there is effectively no sitting remuneration committee in Panpages.

This leaves the group with only two sitting directors, namely Yap Chor How, who is an executive director, and Yeap Weng Hong, a non-independent non-executive director.

On top of that, shareholders had also voted against the appointment of Messrs Grant Thornton Malaysia as the group’s auditors and the authorisation of directors to determine their remuneration.

Other resolutions they voted against were to give authority to directors to allot shares ahead of the next AGM, as well as for the payment of directors fees to non-executive directors up to RM240,000 between today and the group’s next general meeting.

Trading in the group’s shares had been halted from 12.10pm today, in conjunction with the announcement of the AGM’s outcome, and resumed trading at 2.30pm. The group’s shares closed unchanged at 22.5 sen, leaving the group with a market capitalisation of RM59.73 million.