KUALA LUMPUR (March 14): Classita Holdings Bhd, formerly known as Caely Holdings Bhd, has redesignated its non-executive chairman Ng Keok Chai as executive chairman, effective from Tuesday (March 14).
Ng previously held the executive chairman post for five months after he was redesignated to the position in August 2022 from being an executive director. However, in February this year, he was redesignated to non-executive chairman.
Besides Classita, Ng also sits on the boards of CSH Alliance Bhd, Green Packet Bhd, Ingenieur Gudang Bhd and Hong Seng Consolidated Bhd.
On Monday, the Perak-based lingerie and apparel maker was sued by five shareholders, who collectively own 67.2 million shares or a 19.82% stake in Classita.
The shareholders sought, among others, permission from the court to initiate legal action on behalf of Classita against the company’s board as well as a vendor for breach of fiduciary duties, fraud, unjust enrichment and conspiracy to injure the company in relation to its acquisitions of shares in Kepayang Heights Sdn Bhd and other related transactions.
Ng is one of the board members the shareholders wished to sue. The others are executive director Francis Leong Seng Wui, Kang Chez Chiang, Krishnan Dorairaju, Chong Seng Ming, Datuk Mior Faridalathrash Wahid, Kenny Khow Chuan Wah and Chin Boon Long, as well as Kepayang Heights and the vendor Harvest Miracle Capital Bhd.
The shareholders who initiated the suit are Datuk Seri Tee Yam, Datuk JP Low Kok Chuan, Leow Boon Kin, Zhang Jia and former executive chairwoman Datin Seri Jessie Wong Siaw Puie.
Tee Yam is the largest shareholder among the five, holding 49.38 million shares or a 14.57% stake in Classita.
Shares in Classita closed down 1.5 sen or 6.52% at 21.5 sen, giving the company a market capitalisation of RM71.49 million.