KUALA LUMPUR (Feb 11): Talam Transform Bhd (KL:TALAMT) has obtained a court injunction to block an extraordinary general meeting organised by a group of requisitionist shareholders, which was originally scheduled for this Friday.
The High Court granted the injunction pending the disposal of a lawsuit, the property developer announced in a bourse filing on Wednesday. “As such, the EGM scheduled to be held on Feb 13, 2026, will not proceed,” it said.
While details of the suit were not disclosed in the filing, Talam Transorm said a hearing has been fixed for April 1.
The dispute stems from a requisition made in early December by a group of shareholders holding a combined stake of about 10% in Talam Transform. The group includes substantial shareholders Loo Leong Fatt and Loo Loong Guan, as well as Ang Lam Poah, the chief executive of JAKS Resources Bhd (KL:JAKS).
The requisitionists sought the EGM to propose the appointment of forensic auditors, following a string of quarterly losses reported by the company. However, the board of Talam Transform rejected the request later that month, saying "the proposed resolutions cannot be lawfully moved in any proposed general meeting of the members".
Nonetheless, the requisitionists proceeded to issue an EGM notice on Jan 23 this year. Talam Transform subsequently clarified on Jan 30 that the notice was not authorised by the company and that it was seeking legal counsel to challenge the move.
Talam Transform has been in financial distress for the better part of the last 20 years. The company, which was classified as Practice Note 17 in September 2006 due to auditor concerns over its financials and multiple debt defaults, only managed to exit the PN17 status in 2010 after a massive debt restructuring.
But profitability remained elusive for the company, as it continued to bleed almost every year in the last decade. For its latest quarter ended Sept 30, 2025 (2QFY2026), the group reported a wider net loss of RM8.11 million, from RM6.64 million in 2QFY2025, despite a 64.7% surge in revenue to RM6.9 million.
Shares in Talam Transform ended unchanged at nine sen on Wednesday, valuing the company at RM106.42 million.