Multi-usage applies to strike out shareholders’ bid to appoint new directors

Multi-usage applies to strike out shareholders’ bid to appoint new directors
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KUALA LUMPUR (Dec 18): Multi-Usage Holdings Bhd has applied to strike out three notices of intention received from shareholders seeking to appoint new directors.

The group had received the notices on Dec 12 from Lim Chai Loy, Chua Yong Chiang and Ong Ban Huat to put forward their intention to nominate new directors, subject to the approval of shareholders at the upcoming annual general meeting on Dec 29.

Lim proposed to appoint Chua and Ong Kean Peng as non-executive directors, while Chua in turn proposed to appoint Lim as a non-executive director.

Ong, meanwhile, has proposed to appoint Chan Jee Peng, Chan Huan Ping and Khoo Ken Seong as independent non-executive directors.

In a filing with Bursa Malaysia, Multi-Usage said its solicitors had filed a writ and statement of claim against the six proposed new directors, as well as Ong and former director Tan Chew Hua.

The group is seeking a declaration that the notices are null and void, and an order restraining the defendants from exercising any voting or other rights attached to the company shares. It is also seeking damages as assessed by the court.

On Nov 7, the High Court approved an application by Multi-Usage to bar Tan from the director’s position with immediate effect, nearly a year after he was suspended from the role.

Multi-Usage had said the court’s decision will be effective “until the disposal of the main suit” against Tan, initiated by Multi-Usage and its subsidiary TF Land Sdn Bhd on June 16, 2016.

Multi-usage shares were trading one sen or 1.64% lower at 60 sen as at 3.30pm today, giving it a market capitalisation of RM33.85 million.