IPOH, Perak (June 17): Seven directors including managing director Datuk Ch’ng Kong San saw themselves remove from the board of Scanwolf Corp Bhd this afternoon, following the conclusion of its extraordinary general meeting (EGM).
Scanwolf co-founder and substantial shareholder Datuk Tan Sin Keat, who was the only board member to turn up at today's meeting, managed to retain his seat as executive director.
Meanwhile, five new candidates, who were nominated by three substantial shareholders of Scanwolf namely Yii Long Ging, Cedric Wong King Ti and Abdul Hamid Abdul Shukor, were successfully elected as its non-executive directors.
They are Abdul Hamid, Mua’amar Ghadafi Jamal Jamaludin, William Wong King Nguong, Ibrahim Saleh and Mohd Azizal Shubali.
All the five new directors and three requisitionists had attended the EGM.
However, Ch’ng, Scanwolf chairman Mak Hon Weng and five directors Soon Eng Kooi, Tan Weng Chuan, Teh Hock Leng, Dr Loh Kai Kwong and Umair Azura Zakaria did not turn up.
Scanwolf's board now consists of six members, with the position of managing director left vacant following Ch'ng's defeat.
Scanwolf (fundamental: 0.55; valuation: 0.90) is a Perak-based home & kitchen fittings manufacturer that ventured into property development in 2011.
To recap, the three requisitionists had on May 14 mounted a bid to oust all the nine directors of the company, replacing them with five candidates in today’s EGM.
As the independent director Ong Sing Guan had resigned on June 3, citing “management disagreement and do not want to be drawn in the board tussle” as the reasons, the board of Scanwolf was then left with eight members.
(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.)