KUALA LUMPUR (March 3): Two executive directors of Revenue Group Bhd, namely Ooi Guan Hoe and Lai Wei Keat, as well as independent and non-executive director Loo Jo Anne have resigned from the board on Friday (March 3).
The e-payment solutions provider cited health reasons for Ooi's resignation, while Lai and Loo stepped down due to personal reasons, according to its filings.
Revenue Group is currently in a dispute with its co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang, who were suspended in January after several complaints were lodged against them.
The group was scheduled to hold two extraordinary general meetings (EGMs) last month. However, both EGMs did not take place following a court order pending the determination of an interim injunction application filed by Brian and Dino.
The first EGM is the current board’s resolution to remove Brian and Dino as directors of the group, while the second EGM has been requisitioned by Brian in an effort to remove the current board.
Note that Ooi, Lai, and Loo are among the nine directors to be removed in the second EGM. The other six directors are chairman Nor Azzam Abdul Jalil, managing director-cum-alternative chairman Eddie Ng Chee Siong, Ng Chee Keong, Jade Lee Gaik Suan, Alwizah Al-Yafii Ahmad Kamal, and Tham Sai Cheong.
Revenue Group’s share price has fallen 41% year-to-date. On Friday, the stock gained 8.11% or three sen to 40 sen, giving the group a market capitalisation of RM190.27 million.