Peterlabs boardroom tussle heightens

Peterlabs boardroom tussle heightens
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KUALA LUMPUR (April 12): The boardroom tussle at Peterlabs Holdings Bhd has taken a fresh twist after two shareholders issued a notice to express their intention to remove the group's substantial shareholder Lau Kin Wai as executive director at the forthcoming annual general meeting (AGM).

Peterlabs said Kho Siaw Sua and Chan Bee Chuan, who hold a combined no less than 2.5% stake in the group, had today given a notice of their requisition for consideration by the members at the AGM.

In a filing with Bursa Malaysia today, Peterlabs said it has forwarded the special notice to Lau, who has been given seven days to make any oral or written representation. Lau has a 10.15% stake in Peterlabs as at April 3, 2019, via his private investment vehicle Fatfish Ventures Sdn Bhd.

"Subject to the appropriate legal advice, the board of directors will take the necessary required action accordingly and will make the appropriate announcement in due course," it added.

On Feb 27, Lau, via Fatfish Ventures, and Hoifutinhong Sdn Bhd, which collectively hold a 14.01% stake in Peterlabs, had requisitioned for an extraordinary general meeting with the aim of removing seven directors, while appointing three others as new directors and redesignating Lau to sole managing director (MD) of the group.

The seven directors are its MD Lim Tong Seng, Datuk Hon Choon Kim, Dr Paul Cheng Chai Liou, Yap Siaw Peng, Lau Yeng Khuan, Dr Vijaya Raghavan M P Nair and Azman Abdul Jalil. Lim is also the co-founder of Peterlabs and holds a 5.56% stake as at March 30, 2018.

Earlier, Lau told the Edge Financial Daily in an interview that the reasons for the removal of the directors were that they were drawing too high a salary and that the 10-member board was considered too big for the ACE Market-listed firm.

Peterlabs shares closed 3.92% or one sen lower at 24.5 sen today, with 5.31 million shares traded, giving it a market capitalisation of RM54.76 million.

This article has been amended for accuracy.