KUALA LUMPUR (May 19): The police had today dispersed NWP Holdings Bhd directors at the timber products manufacturer’s extraordinary general meeting (EGM) broadcast venue as the EGM was adjourned following notification of a shareholder’s complaint on the integrity of the proxy form.
In a Bursa Malaysia filing today, NWP said the police was at the EGM broadcast venue at Menara Q Sentral here to disperse NWP board members, namely Datuk Chu Boon Tiong, Yew Onn Chong, Datuk Seri Kee Soon Ling, Matthew Chan Cheng Han and Hong Chia Seong.
"The company wishes to announce that at the EGM, Chu took over the chair and informed that he had received a complaint from a shareholder that the integrity of the proxy form is in question and hence he declared that the EGM be adjourned to two weeks later.
"However, the (EGM) requisitionists continued on their own accord even when the chairman is still at the broadcast venue.
"The company is seeking legal advice on the matter and will make the necessary announcement on the progress of the matter in due course,” NWP said.
On April 15, NWP said in a Bursa filing that the company received a notice from Datuk Seri Mak Hon Leong and Tan Vei Teck, who requested for the EGM to be held today to seek NWP shareholders’ approval to appoint new directors in the company and remove existing board members.
According to NWP’s filing, Mak and Vei Teck claimed they jointly hold more than 10% of NWP's issued share capital.
NWP said Mak and Vei Teck intended to seek NWP shareholders’ approval on Mak, Vei Teck and Ooi Kek Keong's proposed appointments as directors of the company.
According to NWP, Mak and Vei Teck also intended to seek NWP shareholders’ approval to remove existing NWP directors, namely Cheng Heang Swee, Tan Shiah Huei, Huang Kun-Fang, Chu, Chan, Hong and Yew.
During Bursa’s 12:30pm break today, NWP’s share price settled unchanged at 17.5 sen, which values the company at about RM75.39 million.
NWP has 430.8 million issued shares, according to the company’s latest quarterly financial report.