PETALING JAYA: D’Nonce Technology Bhd’s substantial shareholders have called for an EGM to remove ten directors with immediate effect, citing their concentration on raising funds for only property development, one of three business sectors of the group, as a reason.
RHB Nominees (Asing) Sdn Bhd and P’ng Chiew Keem, holding at least a 10% stake in the group, have called to remove directors Datuk Ahmad Ibnihajar, Kuah Choon Ching, Roslant Abu, Ang See Ming, Datuk Seri Lee Kah Choon, Wong Thai Sun, Lim Kuan Yew, Lena Leong Oy Lin, Lee Eng Sheng and Chee Wai Hong with immediate effect. They have proposed to appoint Lim Siang Kai, Lam Kwong Fai, Tan Han Beng and Yoong Nim Chor as new directors.
“Property development is an entirely new business sector for the group. In our view this requires further deliberation and needs to be balanced with the involvement of, and taking steps towards building up the desired profit-contribution from, the other two much more established business sectors of the group,” Blackstream Investments Pte Ltd director Lim Siang Kai, who is a substantial shareholder via his interest in RHB Nominees, said in its requisition letter.
He added that it had in November requested for two persons to be appointed as directors.
“There were new appointments of other persons as new directors, we have not received any reply from the current directors. This leads us to believe that the current directors have no intention of involving the participation of these persons as new directors.”
Meanwhile, it noted that the current directors have made announcements that they intend to embark on a private placement for the issuance of new shares of up to 20% of the share capital of the company, which focuses primarily on only one of the three sectors of the company’s business, which is property development.
“If this proposed private placement goes ahead, it will also dilute the shareholdings of all existing shareholders, including ourselves. We therefore wish to propose to the shareholders to consider, and if the majority thinks fit to vote in favour of, removing the current directors and appointing new directors to lead the group forward,” Siang Kai said.
Siang Kai is currently the independent director of several listed companies in Singapore and Hong Kong. Prior to that, he held various positions in banks, financial services companies and a fund management company and had over 30 years of experience in securities, private and investment banking and fund management industries.
The filing also included the resumes of Tan, Yoong and Lam who are proposed to be appointed as new directors.
“The company had engaged lawyer to provide legal opinion in respect of the notice,” D’Nonce said.
