KUALA LUMPUR (May 14): Beleaguered flight training provider APFT Bhd could finally be seeing the end of its boardroom tussle after withdrawing its legal action against three directors.
This comes after the directors, Laxmi Devi, Datuk Md Ismail Hamdan and Logonathan Vadivelu, decided to resign from the board.
Shareholders had earlier sought to remove the three directors via an extraordinary general meeting.
The three have now agreed to hand over the management of the company to Chan Tiam Hin, Tan Choon Hwa and Michael Heng Chun Hong, APFT said in a stock exchange filing today.
“Both parties came to a compromise due (to) the Practice Note 17 (PN17) deadline and the boardroom tussle was hindering the progress of the company,” the group added.
Chan, Tan and Heng had on March 25 filed an injunction against APFT and the three directors, among others.
Heng had on May 3 been redesignated as executive director, while Tan had resigned from his post as independent and non-executive director.
Meanwhile, Tiam had been appointed as an independent and non-executive director on Jan 23.
Laxmi, Md Ismail and Logonathan had resigned on April 23 from their posts on APFT’s board.
Shares in APFT were untraded today. They last closed at 15 sen yesterday to give the company an RM20.14 million market value.