KUALA LUMPUR (Oct 26): Caely Holdings Bhd proposes to change its name to “Classita Holdings Bhd” to create a new corporate identity for the company’s existing and future undertakings.

Caely, which is embroiled in a legal case for alleged misappropriation of funds amounting to RM30.55 million, said the proposal is subject to approval of the company’s shareholders at the upcoming annual general meeting (AGM), which will be convened on a date to be announced later. 

“The proposal, if approved by shareholders at the forthcoming AGM, will take effect from the date of issuance of Notice of Registration of new name under Section 28(4) of the Companies Act 2016 by Companies Commission of Malaysia. 

“The notice in respect of this proposal will be issued to the shareholders of the company in due course,” Caely said in a bourse filing on Wednesday (Oct 26). 

In another announcement, the lingerie and apparel maker clarified that it is requesting Bursa Malaysia Depository Sdn Bhd for the record of depositors as at Oct 21, to verify the shareholding of its former executive chairman Datin Seri Jessie Wong Siaw Puie and four other individuals — Zhang Jia, Leow Boon Kin, Datuk JP Low Kok Chuan and Cheng Kwee. 

This came after Caely announced on Tuesday (Oct 25) that it had received a notice requiring its current directors to call for an extraordinary general meeting (EGM). The group received the notice, dated Oct 21, from Messrs Ahmad Deniel, Ruben & Co, which represents Wong and four others.  

Wong, along with six other directors — Datuk Loh Ming Choon, Mohamad Hanafiah Zakaria, Sin Hock Min, Ng Mei Choo, Koo Chen Yeng and Datuk Koh Mui Tee — were ousted from Caely’s board, following a High Court ruling. 

In June, Caely’s three shareholders — Francis Leong Seng Wui, Kok Kwang Lim and Valhalla Capital Sdn Bhd — had sought to remove the seven board members but failed after the meeting was adjourned.

The matter was later taken to court, with the court ruling that the EGM’s adjournment was invalid, after which the court approved the resolutions to remove the directors.

Caely has been a loss-making company since the financial year ended March 31, 2020 (FY20). For the 15-month period ended June 30 this year (15MFY22), Caely posted a net loss of RM6.82 million on a revenue of RM75.81 million. 

Caely’s share price has fallen five sen or 14.3% year-to-date, to settle at 30 sen on Wednesday, giving it a market capitalisation of RM77.47 million.