KUALA LUMPUR: Five of the six board members of Seloga Holdings Bhd have resigned from their positions yesterday in the midst of a boardroom tussle in the company.

According to the filings with Bursa Malaysia yesterday, the five directors who resigned were its non-executive chairman Datuk Robert Lim Git Hooi and non-executive directors Derek Fernandez, Anuar Adam, Aldillan Anuar and Datuk Syed Md Amin Syed Jan Aljeffri.

The company’s board is now left with one executive director Datuk Samsudin Abu Hassan after the resignations.

Its two substantial shareholders, Tan Sri Halim Saad and Zulkefli Zaidi who collectively own 32.5%, initially wanted to convene an EGM  on Jan 31 to remove Lim, Samsudin, Syed Md Amin and Fernandez with immediate effect.

In a sudden turn of events, the two shareholders withdrew the proposal to convene the EGM two days before the date of meeting without citing any reason.

Seloga shares have been suspended from trading for more than three years since November 2007 due to its failure to revive its financial health. The stock was last traded at 17 sen on Nov 16, 2007.

The string of resignations would probably put an end to the boardroom tussle in the loss-making construction and property development firm that has been categorised as a Practice Note 17 (PN 17) company. The boardroom fight was said to be triggered by the differences between the board and its substantial shareholders on running the company.

The minority shareholders were probably more concerned about the company’s plan moving forward to lift itself out of the PN17 category.

As at Dec 31, 2010, Seloga accumulated losses of RM80 million or 65 sen per share.

For the 4QFY10, Seloga’s net profit surged to RM5.9 million from RM1.49 million after the sale of the company’s developmental rights over a parcel of land.

Seloga’s current main development project is a commercial and housing development located in Taman Nusantara, which is in Iskandar Malaysia in Johor.

The project, which covers about 120 ha, has been evaluated for a gross development value of more than RM600 million.

Its past construction projects include the Taman Tun Dr Ismail mosque, Multimedia University Campus, Swiss Garden and Avillion Resort Hotel, residential townships such as Sime UEP and Wangsa Maju, as well as Subang Parade and Cheras Leisure Mall shopping complexes.