KUALA LUMPUR (May 15): PeterLabs Holdings Bhd (KL:PLABS) has received a notice request from two substantial shareholders to convene an extraordinary general meeting (EGM) to remove seven directors and replace them with two new nominees.
In a filing with Bursa Malaysia on Thursday, the animal health and nutrition products group said the requisition came from Bu Yaw Seng and Datin Lin Ching Yein, who collectively hold more than a 10% stake in the company.
The requisitionists are seeking to remove the six existing directors — Lim Tong Seng, Teo Chin Heng, Yap Siaw Peng, Datuk Lim Tai Soon, Datuk Ng Boon Siong and Ho Siew Li — as well as Ng Kau, who is an alternate director to Boon Siong.
They also proposed the removal of any individual who may be appointed to the board to fill casual vacancies from the date of the requisition until the EGM is held.
The shareholders are calling for the EGM to be convened “with special notice and the soonest possible”, to vote on the proposed boardroom overhaul.
In their place, the requisitionists are nominating Datuk Wira Pua Kim An and Datuk Seri Garry Chua Kah Seng as new directors of the company.
“Subject to appropriate legal advice, the board will take the necessary required action accordingly and will make the appropriate announcement in due course,” PeterLabs said in the filing.
The shareholder action comes just two days after the company suspended Datuk Loh Saw Foong, its executive director and general manager of subsidiary Thye On Tong Trading Sdn Bhd, pending the outcome of an internal investigation into unspecified alleged misconduct. His suspension took effect from May 13 for a period of two weeks.
Saw Foong and independent non-executive director Loh Poh Im are the only two directors who are not on the “removal list”.
PeterLabs is involved in the manufacturing, distribution, export, and trading of animal health and nutrition products.
Shares in PeterLabs closed one sen or 3.13% higher at 33 sen on Thursday, giving the company a market capitalisation of RM90.82 million. Year-to-date, the stock has gained 73%.