MD Eddie Ng disposes of 25.34 mil shares, ceases to be substantial shareholder of Revenue Group

Thursday 02 May 2024

KUALA LUMPUR (March 14): After a boardroom tussle involving the Ng brothers, Revenue Group Bhd’s managing director cum alternative chairman Datuk Eddie Ng Chee Siong had disposed of 25.34 million of his shares in the company off market, representing 5.26% of the total issued share capital.

Eddie then ceased to be the substantial shareholder of the group, according to the group’s Bursa Malaysia filing on Tuesday (March 14).

The Ng brothers — Dino Ng Shih Fan and Brian Ng Shih Chiow — were charged in the Sessions Court on Tuesday (March 14) with fraudulently causing a bank employer to dispose of a vehicle belonging to the company without resolution from its board of directors.

The brothers pleaded not guilty before judge Rozina Ayob.

In the charge which was read out to them in court, the brothers had, in order to achieve common intention, allegedly misled and fraudulently caused an officer of CIMB Bank Bhd to dispose of company property, which was a Toyota Vellfire, on Oct 3, 2018.

The charge further stated that the brothers had allegedly registered the car under Dino’s name without the resolution of the board.

The charge was framed under Section 403 of the Penal Code and is punishable under the same Act.

The brothers were suspended as directors of Revenue Group in January after several complaints were lodged against them.

On Feb 15, two extraordinary general meetings (EGMs) pertaining to the removal of the Ng brothers as directors were not held as the Higher Court granted an interim order on Feb 13 to restrain Revenue Group from proceeding with either of the EGMs.

The first EGM involved the removal of the brothers as directors of the group, but the second meeting was requisitioned by Brian to remove the current board.

Eddie — who was managing director and co-founder at the time and has no family ties to the brothers — was part of the board.

Brian also sought to remove executive chairman Nor Azzam Abdul Jalil, executive directors Lai Wei Keat and Ooi Guan Hoe, and independent non-executive directors Ng Chee Keong, Loo Jo Anne, Jade Lee Gaik Suan, Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong.

On March 3, Lai, Ooi and Loo resigned from the board.

Lai and Loo stepped down for personal reasons, while Ooi’s resignation was due to health concerns.

The group also filed two resignations on Tuesday, namely Alwizah and Tham.

Alwizah resigned due to ongoing and increasing work commitment, while Tham resigned due to personal reasons.

On Monday (March 13), the group announced the appointment of five new directors to its board, including its new chief financial officer Ng Kuan Horng.

Teh Chee Hoe was appointed as the executive director, and the four independent, non-executive directors were Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson and Krishnan Dorairaju.

Currently Dino still holds the majority stake at 85.38 million shares or 17.71%, after 55.5 million shares (11.51%) were transferred from Brian on Feb 14, 2023.

Revenue Group’s share price closed 1.5 sen or 4.11% lower at 35 sen. Its market capitalisation was RM168.77 million.

Edited ByKamarul Azhar

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