This article first appeared in The Edge Financial Daily on November 7, 2019

KUALA LUMPUR: Three shareholders of MESB Bhd, who collectively hold 9.41 million shares or an 11.49% stake in the leather fashion products retailer, have submitted a requisition notice calling for an extraordinary general meeting (EGM) to increase the number of board members from the existing five to eight.

The shareholders are Eng Yee Koon, who owns 6.52% of MESB shares, Dr Ihsan Osman (4.56%) and Datuk Seri Lee Sey Liang (0.4%).

They are seeking for the company to appoint Ihsan, Lee and Lim Gim Leong as directors of MESB.

MESB’s current board of directors comprises chairman Saffie Bakar, chief executive officer and executive directors (ED) Loke Lee Ping and Chua Jin Kau and independent non-EDs Tan Yew Kim and Lee Kok Heng.

In a bourse filing yesterday, MESB said on Nov 5 it had received the notice of requisition from the three.

“The board will deliberate on this matter and verify the details of requisition of meeting of members,” it added, noting that a further announcement on the development of the matter will be made to Bursa Malaysia in due course.

For the 15 months ended June 30, 2019, MESB posted a net profit of RM7.53 million on a revenue of RM233.87 million. There was no comparative figure available for the period as the company had changed its financial year end from March 31 to June 30.