KUALA LUMPUR (Feb 20): Jentayu Sustainables Bhd (KL:JSB) has declared that a proposed extraordinary general meeting (EGM) scheduled for Feb 27 is invalid, in the latest development of an escalating boardroom dispute.
In a bourse filing on Friday, the company said the 15 individuals who sought to convene the EGM did not collectively hold at least 10% of its issued share capital at all material times, which is the minimum threshold required under the Companies Act 2016 to call for a members’ meeting.
The company said it will take immediate legal action against the relevant parties, and it advised shareholders not to participate in the proposed EGM in any manner.
Jentayu said the proposed EGM is invalid or illegal and cited alleged conspiracy, but not limited to forgery for its reasoning.
Jentayu also disclosed that it received a letter on Friday from one of the 15 purported requisitionists stating that he had never signed any documents authorising the notice to convene the EGM.
The group did not identify which of the 15 had come forward with the retraction, nor did it name the parties the company intends to sue.
The 15 requisitionists are Vong Chee Kian, Yew Ying Sze, Andy Lai Wee Young, Leong Eek Tuo, Liew Yew Yak, Simon Tnay Koh Chung, Tan Ginn An, Subramaniam Perumal, Lim Hui Chin, Ngew Seow Pin, Dang Siong Diang, Ngoi Hoon Hsia, Lee Wei Jia, Ong Chee Keong and Ngoi Hoon Ling.
The latest filing follows several announcements made on Feb 19 that group managing director Datuk Beroz Nilmak Mirdin had filed a suit to block the EGM. The 15 requisitionists sought to remove Beroz and several other directors and replace them with new appointees.
Jentayu had previously said that when certain pledged shares were excluded, the requisitionists’ combined shareholding fell below the 10% threshold required to requisition an EGM.
At the noon break on Friday, Jentayu’s shares were down by half a sen or 1.39% to 35.5 sen, with a market capitalisation of RM161.1 million.