KUALA LUMPUR(Aug 27): Top Glove Corp Bhd executive chairman Tan Sri Lim Wee Chai has made a written requisition for an extraordinary general meeting (EGM) to be convened with the intention to remove Low Chin Guan as a director with immediate effect.

Lim is Top Glove’s founder and the group’s largest shareholder with a 28.94% stake.

In his letter, filed with Bursa Malaysia today, Lim called for the EGM to be held as soon as practicable to pass the ordinary resolution to remove Low.

“Please note that if such EGM is not called between the time provided for in the Companies Act 2016, and/or if notice of the same is not given to shareholders of the company including me within 14 days from the date this requisition is lodged, then I as a shareholder holding not less than 10% of the paid up capital of the company will proceed to convene such a meeting for the purpose of considering and if thought fit, to pass the said resolution,” wrote Lim.

Low, who is a director in Adventa Capital Pte Ltd, was appointed to the board of Top Glove as an executive director on April 4.

Top Glove had announced in January its plan to acquire from Adventa Capital the entire equity interest in surgical glove manufacturer Aspion Sdn Bhd for RM1.37 billion. The acquisition was completed in April.

In July, however, Top Glove and its wholly-owned unit Top Care Sdn Bhd said they are taking legal action against Adventa, claiming no less than RM714.9 million, over an alleged conspiracy to defraud Top Care and Top Glove in the Aspion acquisition. They also sued Low and another Aspion director, Wong Chin Toh, for fraudulent misrepresentations.

On July 30, the High Court in Kuala Lumpur dismissed Top Glove and its subsidiary’s inter partes injunction application to freeze the assets of Adventa Capital, its related owners and directors, as well as its private vehicle ACPL Sdn Bhd.

Top Glove then filed an interim Mareva injunction — a court order freezing a debtors assets — against Low, Wong and ACPL, up to the value of RM640.47 million. Top Glove’s Singapore Mareva Injunction restraining Adventa Capital from disposing its assets in Singapore and outside of Singapore (except Malaysia) remains in force.

Top Glove shares closed up 20 sen or 1.9% at RM11 today, for a market capitalisation of RM14 billion.