KUALA LUMPUR (May 20): SC Estate Builder Bhd (SCBuild) has received a requisition from three shareholders, who collectively hold at least 10% of the company's shares, to call for an extraordinary general meeting (EGM) to remove 11 existing directors.
In a bourse filing on Friday (May 20), SCBuild said it had received the notice of requisition for the EGM from Seik Yee Kok, Seik Thye Kong and Tan Bee Yook, who are seeking to remove the company's chairman, managing director and chief executive officer Loh Boon Ginn, Loh Shy Tyug, Loh Shy Ming, Kuay Jeaneve, Chee Jun Ann, Kuay Jen Nie, Josipinna Pudun, Loo Tze Ming, Soo Ting Hooi, Chan Wei Xi, Datuk Bijaya Indera Syed Unan Mashri Syed Abdullah and any director appointed between May 13 and the EGM.
At the same time, the trio are seeking to appoint six new directors namely Abd Gani Yusof, Rosman Hussin, Johari Yazid, Keithson Neoh Tze Thow, Koh Lay Keem and Cheong Peck Kuan on SCBuild's board.
"The company is seeking legal advice on the above and further announcement will be made on any material development," said SCBuild.
SCBuild’s annual report 2021 revealed that Boon Gin held a 11.41% stake in the company as at Nov 11, 2021 via his private vehicle Takzim Empayar Sdn Bhd.
Last December, it was reported that the company’s shareholders voted out eight directors — Boon Gin, Jeaneve, Jen Nie, Jun Ann, Josipidina, Tze Ming, Wei Xi and Ting Hooi at its annual general meeting only to have all eight reappointed to the board by its remaining two directors. The eight directors had offered themselves for re-election at the AGM, but were voted out by a majority of the shareholders.
After the AGM, two of the original 10 directors — Shy Tyug and Shy Ming — who were not up for re-election, convened a special meeting of the board to reappoint the eight directors who were voted out at the AGM.
This came after tycoon Tan Sri Lee Kim Yew accused the 10 directors of acting unlawfully in rejecting the nominations of eight candidates aspiring to be new directors of the company. Lee himself was among those seeking nomination to stand as a candidate for SCBuild's board but the 10 existing directors rejected his candidacy without providing proper justification.
SCBuild shares closed unchanged at 6.5 sen on Friday, bringing it a market capitalisation of RM68.43 million. The stock has declined 27.78% year to date.