KUALA LUMPUR (Sept 8): Tham Kin-On, the group chief executive officer of loss-making agricultural company Greenyield Bhd (KL:GREENYB), is facing a bid to remove him by a group of seven shareholders, three of whom are his own uncles.

The seven shareholders, who claim they own a collective 51.1% stake in Greenyield, are calling for an extraordinary general meeting (EGM) to remove Kin-On from all his positions within the company and its subsidiaries, according to Greenyield in a bourse filing on Monday after receiving their notice of requisition to convene the EGM.

The group of shareholders also proposed the immediate appointment of Tham Kin Wai, Tham Kinyiq, and Chong Sin Hao as company directors. Kin Wai is a cousin to Kin-On, but there is no immediate information about Kinyiq's relationship with Kin-On.

The requisition comes after Greenyield received a letter last Thursday from Foong Sai Cheong, one of the seven members of the group seeking Kin-On's removal, stating that the request to remove him was made "to safeguard shareholder interests and strengthen the company's administration, in view of unsatisfactory strategic and operational performance, and declining shareholder confidence under the current leadership".

In the letter, Foong, who holds a 4.4% stake in the company, also attached a copy of a memorandum of understanding (MOU) showing that the seven shareholders have agreed to work together to remove Kin-On. The other six signatories in the bloc are: Kin-On's uncles Tham Chong Sing (who holds a direct 13.1% stake in the company), Tham Foo Choon (13%), and Tham Fau Sin (10.9%); Chew Kee Foo (5.6%), DKIC Capital Sdn Bhd (3.5%), and Voon Sze Lin (0.6%). Foo Choon is also the deputy non-executive chairman of Greenyield.

Kin-On, who joined the board on Dec 20, 2016, was made CEO on Feb 12, 2025. He is the son of non-executive chairman Tham Foo Keong, who holds a direct 17.69% stake in the company. Foo Keong also holds an indirect 7.077% held via his wife Twong Yoke Peng and Kin-On. Foo Keong, Chong Sing, Fau Sin and Foo Choon are siblings.

Greenyield, founded by the Tham family in 1937, mainly develops, manufactures, and markets agricultural systems, products, and services based on agro-technology.

Greenyield said it would not act on the letter or the MOU, but would "take legal action to restrain any such further actions". As for the EGM requisition notice, it said it would seek legal advice to determine its next course of action.

Shares in Greenyield closed half a sen or 2.7% lower at 18 sen on Monday, valuing the company at RM97.14 million. The counter has fallen by more than 21% year to date.