Thursday 28 Mar 2024
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KUALA LUMPUR (March 19): Tanjung Offshore Bhd has filed an injunction application in court to prevent its non-independent, non-executive director Tan Sri Tan Kean Soon from requisitioning an extraordinary general meeting (EGM).

According to a press release issued by Tanjung Offshore (fundamental: 1.85; valuation: 0.6), the company contends the special notice and the circular sent to the shareholders were in bad faith and therefore invalid.

“The notices and the circular reflect the intention of the requisitioners to wrest control of the board and take over control of Tanjung Offshore. If this occurs, the investigations and the company’s civil suit against them is likely to be derailed, it said.

To recap, Tan, Datuk Nik Norzul Thani bin N. Hassan Thani and Datin Norhafizah binti Mohd Nordin had requisitioned an EGM to remove three independent directors with immediate effect. They are George William Warren, Datuk Ab Wahab Ibrahim and Sharizal Hisham Abdul Halim, in an EGM which was scheduled for March 27, 2015.

The requisitioners are also proposing to appoint five new directors, as well as remove Rahmandin @ Rahmanuddin bin Md Shamsudin, who was appointed director and chief executive officer on Feb 12, 2015.

Tan’s requisition has come after he and Muhammad Sabri Ab Ghani were suspended from their executive positions as paid advisor and executive director, after the company’s Independent Committee found instances of possible conflict of interest and breach of fiduciary duty in previous transactions.

(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.)

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