Saturday 23 Sep 2023
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KUALA LUMPUR (Oct 27): Protasco Bhd has received a notice from two shareholders, collectively holding about 10.51% stake in the company, requisitioning for an extraordinary general meeting (EGM) to remove two Tey Por Yee and Ooi Kock Aun from the board.

In a filing with Bursa Malaysia today, the company said two of its shareholders, namely UOBM Nominees (Tempatan) Sdn Bhd and Tan Heng Kui who are holding 30.13 million shares representing 8.99% stake and 5.1 million shares or 1.52% stake in the company respectively, have submitted the requisition and special notice today.

The two are seeking to remove Tey and Ooi from their positions as non-executive directors with immediate effect.

"A board of directors meeting would be called to discuss the matter and relevant announcement(s) would be made in due course," the filing read.

To recap, Protasco had on Sept 22 filed a legal suit against PT Anglo Slavic Utama (PT ASU) and two of its directors, including Tey who is also a substantial shareholder of Protasco, and Ooi, for the damages arising from the breach of contract with regards to the PT ASU's acquisition.

In the suit, Protasco named PT ASU is the first defendant, while Tey and Ooi were named the second and third defendants respectively.

According to a filing with Bursa Malaysia, Protasco said it was claiming back the purchase price of US$22 million (RM72 million) that had been paid under the restated SPA dated Jan 28 this year, and damages arising from the breach of contract.  

Protasco also claimed in the filing that Tey and Ooi is premised on the breach of their fiduciary and statutory duties, including the duty to disclose their interest in the transaction, conspiracy to defraud Protasco and the making of secret profit.  

Protasco share price went up four sen or 2.5% to close at RM1.64, translating into a market capitalisation of RM549.63 million.

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