KUALA LUMPUR (Jan 20): NWP Holdings Bhd has said an extraordinary general meeting (EGM) requisitioned by several shareholders of the timber manufacturer will not be held as its board of directors deems it invalid.

The reason for the rejection is that the requisitionists of the EGM are Maybank Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Datuk Tan Lik Houe (Maybank) and Affin Hwang Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Chang Huan Soon (Affin), it added.

"Affin and Maybank are not members of the company for at least 10% of the issued share capital of the company in aggregate as at Jan 6, 2022," NWP said in a bourse filing on Thursday (Jan 20).

The company also pointed out that the notice of EGM stipulates that the proxy forms will be deposited with Shareworks Sdn Bhd.

"Shareworks had confirmed in writing that it will not be accepting any proxy forms in respect of the EGM; Datuk Tan Lik Houe had confirmed in writing that Affin and Maybank had never appointed Shareworks as poll administer for the EGM.

"[Therefore,] the board of NWP wishes to announce that the EGM is invalid hence will not be held, and is not valid if so held," said NWP.

NWP also said it took note of the fact that its share price had declined substantially after the company made the announcement on Jan 12, 2022 in respect of the notice and the EGM. It warned its members and shareholders to be more prudent and vigilant in submitting documents and/or information which the company is required to announce.

At noon break, NWP shares were down one sen or 5.56% at 17 sen, bringing a market capitalisation of RM87 million. It settled at 23 sen on Jan 12, down 22% since then to close at 18 sen on Wednesday (Jan 19).

On Jan 12, loss-making NWP announced it had received a requisition notice issued by one Maybank Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Datuk Tan Lik Houe and one Affin Hwang Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Chang Huan Soon, who claimed to jointly hold more than 10% of the company's total issued share capital as at Jan 6, 2022, to convene an EGM to appoint Datuk Tang Shi Nian, Datuk Tan Lik Houe and Tan Jyy Yeen as directors of the company.

It also sought to remove four existing directors, namely Datuk Mohd Ashri Muda, Lim Gek Shan, Noor Azri Noor Azerai and Ku Chong Hong, or any person appointed as director since the date of the notice.

NWP's annual report 2021 showed that Chang held a 5.55% in the company as at June 30, 2021.