KUALA LUMPUR (Nov 11): TMC Life Sciences Bhd (KL:TMCLIFE) has received special notices requisitioning for an extraordinary general meeting to immediately remove its group chief executive officer Wan Nadiah Wan Mohd Abdullah Yaakob as a director of the company from its two largest shareholders.
In a bourse filing on Monday, the group said the notices were received from Sasteria (M) Pte Ltd and the Regent of Johor, Tunku Ismail Sultan Ibrahim. Based on the group's annual report, Sasteria holds 70.13% in the company while Tunku Ismail owns 7.64%.
"Details regarding the notice to shareholders and the date of the extraordinary general meeting will be announced in due course," TMC Life Sciences said.
Wan Nadiah has been suspended from her position as group CEO and as CEO of the group's subsidiary Thomson Hospitals Sdn Bhd since Jan 29 this year to "facilitate an internal disciplinary process" relating to six allegations of misconduct against her, which were later expanded to 15, based on two show-cause letters issued to her. The allegations, however, were never revealed by the group.
On Aug 9, the group announced it would issue a notice of domestic inquiry against Wan Nadiah after failing to achieve any settlement following the issuance of the show-cause letters and a mediation process. The notice was to allow Nadiah the opportunity to be heard by an independent domestic inquiry panel, TMC Life Sciences said then.
TMC Life Sciences' shares closed a sen lower at 53 sen on Monday, giving it a market capitalisation of RM923 million. The stock has dropped nearly 30% year to date.