KUALA LUMPUR (Dec 6): Minority shareholders of SMRT Holdings Bhd’s 64%-owned unit N’osairis Technology Solutions Bhd are suing SMRT for alleged oppression.
“The minority shareholders are in essence alleging SMRT had used its position as the majority shareholder in N’osairis to oppress the minority shareholders,” the group said in a stock exchange filing today.
SMRT said solicitors acting on behalf of N’osairis’ chief executive officer Stalin Thangaiah Vijaya Kamaraj, Balasubramaniam Manikam and Navindra Sivaratnam, have sent a notice of commencement of legal proceedings.
Apart from SMRT, N’osairis is also named as a defendant.
“(We) firmly deny the allegations made by the minority shareholders and are of the view that they are without basis. (We) have accordingly instructed its solicitors to defend and protect our rights and interests in the matter,” SMRT said.
N’osairis is involved in providing turnkey services for the Internet of Things to businesses in Malaysia, Indonesia and the Philippines.
The subsidiary generated RM35 million in revenue for SMRT’s financial year ended Dec 31, 2017 and RM4.82 million in profit.
Shares of SMRT were unchanged today at 12 sen, leaving the group with a RM48.85 million market capitalisation.