KUALA LUMPUR (May 19): A statement issued on behalf of NWP Holdings Bhd substantial shareholder Tan Vei Teck, who requisitioned the timber products manufacturer's extraordinary general meeting (EGM) here today, claimed that more than 80% of shareholders and proxies who attended the virtual meeting voted for the proposals to appoint three new directors in the company and remove six existing board members.

"The polling results from the EGM show that more than 80% of the attending shareholders and proxies have voted for the appointments of Datuk Seri Mak Hon Leong, Ooi Kek Keong and Vei Teck.

"The directors who were removed are Cheng Heang Swee, Datuk Chu Boon Tiong, Matthew Chan Cheng Han, Hong Chia Seong, Huang Kun-Fang and Yew Onn Chong," the statement claimed.

At the time of writing, NWP had not made a filing with Bursa Malaysia on the results of the EGM poll.

Vei Teck claimed in the statement that the results of the EGM poll proved that NWP shareholders were looking for new leadership that could help turn around the group. 

"With the change of leadership, we are optimistic that we could drive the group forward," he claimed.

NWP's Bursa filing on April 16, 2021 showed that Vei Teck emerged as a substantial shareholder in NWP on April 12, 2021 after acquiring 23.89 million shares representing a 5.033% stake in the company.

According to NWP, Vei Teck had acquired the shares via an off-market transaction.

In the statement today, Vei Teck claimed that it is the duty of the new board of NWP to focus on building up the company. 

"The first thing for us is to lay down a five-year road map for NWP to grow and create value for our shareholders," he claimed.

Vei Teck claimed in the statement that before the EGM started today, Chu, Yew, Datuk Seri Kee Soon Ling, Chan, Hong and several other persons attended the EGM broadcast venue and attempted to unlawfully adjourn the virtual EGM. 

"I have lodged a police report in response to this action to state that this EGM was allowed by the authorities. We have court order to proceed with the virtual EGM," Vei Teck claimed.

According to NWP's Bursa filing earlier today, the police today dispersed NWP directors at the EGM broadcast venue as the EGM was adjourned following notification of a shareholder's complaint on the integrity of the proxy form.

NWP said the police were at the EGM broadcast venue at Menara Q Sentral here to disperse NWP board members, namely Chu, Yew, Kee, Chan and Hong.

On April 15, 2021, NWP said in a Bursa filing that the company received a notice from Mak and 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 held 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'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, Tan Shiah Huei, Huang, Chu, Chan, Hong and Yew.

Today, NWP's share price closed up 0.5 sen or 2.86% at 18 sen, which values the company at about RM77.54 million.

NWP has 430.8 million issued shares, according to the company's latest quarterly financial report.