Thursday 20 Jun 2024
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KUALA LUMPUR (July 26): Asia Media Group Bhd's shareholders yesterday voted to remove five directors, including its chief executive officer (CEO) Datuk Wong Shee Kai, at an extraordinary general meeting (EGM).

According to a filing to Bursa Malaysia yesterday, shareholders holding a total of 106.34 million shares or 73.07% voted for the removal of the five directors and the appointment of four new directors to the board.

Other than Wong, non-independent and non-executive director Chow Zee Neng, non-independent executive director Ong Kar Kian, independent and non-executive director Paul Jong Jun Hian and independent and non-executive director Ong Chooi Lee were removed.

Currently, after the EGM, the board comprises a total of six directors, two of whom are existing directors who were not subject to any resolution for their removal.

Asia Media also noted that the board of directors met at an emergency board meeting held immediately after the EGM.

"Among other concerns, the board wished to consider the effect, impact and veracity of the Practice Note 17 (PN17) Announcement," said the company.

Notably, in a separate filing on Wednesday, Asia Media fell into PN17 status after the loss of its major business, resulting in the company being unable to continue to operate its transit TV network and advertising business.

Asia Media said it had lost its contract with bus operators in both Klang Valley and Johor.

However, newly appointed directors Liew Chee Keong and Yap Ping Tiong were denied access to visit the company's office by a former executive director, said Asia Media. The said former executive director was not named.

"From the best information available to the board, the former executive director had been and is likely to be an employee of the company or a group company," it said.

"As a result, at this moment the board is unable to determine the status of the relevant contracts, or the circumstances surrounding how the company lost the relevant contracts, or the veracity of the status of the company as an affected listed issuer in the manner described in the PN17 announcement," Asia Media added.

The board is taking legal advice as well as lodging a police report, and is persisting to get access to the relevant contracts and other documents, as well as obtain relevant information, said Asia Media, adding that the board aims to make an announcement on this shortly.

Trading in Asia Media shares was suspended since May 9 this year. It was last traded at 13.5 sen and has a market capitalisation of RM32.33 million.

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