D'Nonce falls 6.09% after CEO removed

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KUALA LUMPUR (July 19): Shares in Penang-based D'Nonce Technology Bhd fell 6.09% this morning, after the firm said its group chief executive officer Lim Teck Seng had been removed.

At 10.42am, D'Nonce fell 2.5 sen to 38.5 sen for a market capitalisation of RM100.59 million. The stock had earlier dipped to a low of 37 sen.

In a filing with Bursa Malaysia yesterday, the firm said the removal followed a ruling by the Kuala Lumpur High Court on July 11, 2019 that Lim's re-election as a director at the annual general meeting on June 17, 2019 was invalid.

The ruling arose from a suit filed by Singapore investment company Blackstream Investments Pte Ltd, which has a 24.14% stake held via RHB Nominees (Asing) Sdn Bhd in D'Nonce.

See also: D'Nonce CEO removed after court nullifies his re-election as director