KUALA LUMPUR (June 14): D’Nonce Technology Bhd said its shareholders have failed in their bid to block the Penang-based hard disk drive contract manufacturer from proceeding with its annual general meeting (AGM) on June 17.

In an exchange filing today, D’Nonce said the High Court today dismissed the injunction application by Singapore investment firm Blackstream Investment Pte Ltd and P'ng Chiew Keem.

Besides the injunction application, Blackstream and P’ng have also filed a suit to declare the adjournment of the D’Nonce’s  extraordinary general meeting (EGM) on June 12 to be null and void

The court today fixed June 24 to hear the suit.

On June 4, D’Nonce said its new, single largest shareholder was seeking to stop the company from holding the EGM to remove its current four-person board of directors.

D’Nonce had said that it had received legal papers filed by Tan Than Kau and his private vehicle BM Synergy Holdings Sdn Bhd to restrain the company from holding the EGM.

According to the EGM notice D'Nonce sent out on May 28, Blackstream was the company's single largest shareholder with 24.14% held via RHB Nominees (Asing) at the time. Blackstream called for the EGM to supplant the current directors' line up with its own people after failing to nominate two directors to D'Nonce's board late last year.

But Tan subsequently emerged as the single largest shareholder of the company with a 24.209% stake as at May 29, comprising a direct 10.956% and an indirect 13.253%, after having upped his stake from the 22.4% he held as at March 21, as stated in the company's 2018 Annual Report.

In the EGM notice, Blackstream had nominated its sole director Lim Shiang Kai, together with Lam Kwong Fai (Lin Guanghui), and Chong Kim Teck to be the company's new directors. Blackstream also sought to get shareholders' nod to remove any other person who may be appointed a director of D'Nonce from May 9 until the conclusion of the EGM.

It was Blackstream's second attempt to hold an EGM to remove the company's directors.

Read more here: https://www.theedgemarkets.com/article/dnonces-new-largest-shareholder-tan-moves-halt-companys-egm-june-12