KUALA LUMPUR (Oct 14): Closed-end fund icapital.biz Bhd has clarified today that its shareholders did not reject the reelection of Tunku Tan Sri Ahmad Yahaya as chairman and director, while its deputy chairman Datuk Ng Peng Hong did not resign from the board.

In a filing with Bursa Malaysia this evening, icapital.biz said an article with the headlines, ‘The board of directors of icapital.biz is now without a leader. Chairman's re-election resolution was rejected’ that was published by a local Chinese daily today was “grossly erroneous”.

The company said its shareholders did not reject the reelection of Ahmad Yahaya as chairman cum director, but had not tabled a resolution on his reappointment because Ahmad Yahya, 85, had indicated that he would not be seeking a reappointment at the tenth annual general meeting, which was held on Saturday (Oct 11).

Ahmad Yahaya’s intention to retire from the board was clearly stated on page 68 of icapital.biz’s 2014 Annual Report, it added.

Meanwhile, icapital.biz said its current deputy chairman Ng also did not resign from the board.

“The board had announced on Oct 10 that Datuk Ng Peng Hay shall be redesignated as the chairman of the company immediately after the conclusion of the AGM,” said icapital.biz.

To recap, icapital.biz had adjourned its AGM to another day to deal with the unfinished business on the reappointment of Tunku Abdul Aziz Ibrahim as its director.

Hence, the retirement of Ahmad Yahaya as the director cum chairman shall only take effect after the conclusion of the adjourned AGM. By then, the redesignation of Ng from deputy chairman to chairman shall take effect immediately.