Thursday 28 Mar 2024
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KUALA LUMPUR (July 24): Two substantial shareholders of Scan Associates Bhd have demanded for an extraordinary general meeting (EGM) to remove four directors and replace them with four others.
 
In a filing to Bursa Malaysia today, Scan Associates (fundamental: 0.15; valuation: 0) said it has received the EGM requisition and that its board will reply accordingly.
 
According to the requisition notice, two substantial shareholders Hussin Othman (with 5.09% stake) and Datuk Dr Norbik Bashah Idris (5.5%), expressed their intention call for an EGM to remove four directors and appoint four new ones in their place.
 
The directors they wished to remove – with immediate effect – are: chairman Mejar Ismail Ahmad (Retired), largest shareholder and executive editor Mak Siew Wei, independent and non-executive editor Datuk Nik Ismail Datuk Nik Yaacob and independent director Roy George.
 
The duo also seeks to appoint chief executive officer Norbik Bashah, Nurul Huda Zaharol Natar and Nor Ramzani Abdul Rahman, Siti Sarah Zainal Abidin as directors with immediate effect.
 
They are also moving a resolution to remove any directors appointed at any time from July 22 up to and including the time of the conclusion of the EGM.
 
To recap, Bursa Malaysia had sought to classify Scan Associates as a Guidance Note 3 (GN3) company, which the company tried to stop by filing a suit against the regulator and was granted an interim injunction order.

However, its application for a further injunction was later dismissed by the High Court on May 18. Subsequently, Scan Associates fell into the GN3 status.

Year-to-date, Scan’s counter had declined 33.33% from 12 sen to close unchanged at 8 sen today, for a market capitalisation of RM16 million.
 
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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