KUALA LUMPUR (July 6): Revenue Group Bhd, which was embroiled in a boardroom tussle, is seeking an extension up to next March to hold its 2023 annual general meeting (AGM).
In a filing with Bursa Malaysia on Thursday (July 6), the group said it has sought approval from the Companies Commission of Malaysia (CCM) for an extension of up to March 31, 2024, to hold its next shareholders’ meeting under Section 340 of the Companies Act 2016.
However, the cashless payment solution provider, which last held its AGM on Dec 6, 2022, did not specify any reason for the extension.
According to Section 340 of the Companies Act 2016, every public company shall hold an AGM in every calendar year and any other meetings held during that period.
Last month, Revenue Group announced that it would change its financial year end to Sept 30, from June 30 previously, saying the change is to provide adequate time for yet to be appointed new auditors to perform and complete the audit.
In January this year, Revenue Group saw a tussle in its boardroom after the suspension of the executive functions of its co-founders Brian Ng Shih Chiow and his younger brother Dino Ng Shih Fang pending an investigation over "certain complaints" against them. The brothers have since ceased to be substantial shareholders of the group.
In March, Revenue Group managing director Datuk Eddie Ng Chee Siong also ceased to be a substantial shareholder of the group and resigned from his post.
Revenue Group suffered a net loss of RM26.97 million for the cumulative nine months ended March 31, 2023 (9MFY2023), after posting a third straight quarterly loss of RM9.36 million in 3QFY2023 due to lower revenue from its business activities, coupled with higher administrative expenses, finance costs and share of loss of result of associates.
Quarterly revenue fell 55.78% to RM10.10 million, from RM22.84 million in 3QFY2022 mainly due to lower sales of electronic data capture terminals. As a result, 9MFY2023 revenue declined 48.18% to RM35.82 million, from RM69.13 million in the prior year.
Revenue Group’s share price closed unchanged at 25.5 sen, giving the group a market capitalisation of RM139 million. Year-to-date, the stock has fallen by 63%.