KUALA LUMPUR (Feb 18): Tiger Synergy Bhd said today the diversified company and its executive chairman Datuk Tan Wei Lian (plaintiffs) had on Friday (Feb 14) filed an originating summons at the High Court here against major shareholder Safari Alliance Sdn Bhd (defendant) to declare that the defendant's notice to convene an extraordinary general meeting (EGM) for Tiger Synergy on March 2, 2020 is invalid.
In a statement to Bursa Malaysia today, Tiger Synergy said the plaintiffs are seeking, among others, a court order to restrain the defendant
from convening the EGM to remove seven directors from and appoint five members to the company’s board of directors.
"The matter was fixed for hearing on Feb 17 before the learned Judicial Commissioner Tuan Ong Chee Kwan and the court had fixed the matter for decision on Feb 19 at 10:00am. The company will make further announcement on the development of the above matter as and when necessary," Tiger Synergy said.
Yesterday (Feb 17), it was reported that Safari Alliance, which owns an 11.834% stake in Tiger Synergy, had filed a suit at the High Court here against Tiger Synergy to invalidate the EGM notice that was issued by the current board of directors of Tiger Synergy.
In a statement, Safari Alliance's major shareholder Goh Ching Mun alleged the EGM was proposed to be convened on Thursday (Feb 20) by Tiger Synergy's current board of directors is an attempt to hijack Safari Alliance's planned EGM for Tiger Synergy on March 2, 2020.
Today, Tiger Synergy confirmed in a separate statement to Bursa that
the company was served with an originating summons and an injunction application notice by Safari Alliance's solicitors on Friday (Feb 14).
At Bursa's 12:30pm afternoon break today, Tiger Synergy's share price settled unchanged at 6.5 sen for a market capitalisation of RM94.9 million. The stock saw 4.83 million shares traded.
Tiger Synergy's website indicates the company's businesses include property development and timber operations.