KUALA LUMPUR (April 8): Talam Transform Bhd (KL:TALAMT) is set to hold an extraordinary general meeting (EGM) for shareholders to vote on the appointment of a forensic auditor by end-June.
The EGM, which was previously requisitioned by a group of shareholders but blocked by the company, comes under a consent order in the High Court following terms agreed between both parties, according to the property developer’s bourse filing on Wednesday.
Under the consent order, Talam Transform’s board is to convene the EGM no later than June 30 for shareholders to consider a non-binding recommendation to the board pursuant to Section 195(2) of the Companies Act — members’ rights for recommendations to the board on matters affecting the management of the company.
The first recommendation comprises appointing a qualified auditor to review: (i) debt owed to IJM Properties Sdn Bhd; (ii) joint venture in Trident Treasure Sdn Bhd; (iii) investment in Oaxis Sdn Bhd; (iv) investment in Million Tiara (M) Sdn Bhd; and (v) balance sale consideration owed by Xtra Touch Sdn Bhd.
Subject to the first recommendation's approval, the second recommendation comprises the appointment of Ernst & Young, Deloitte, KPMG or PricewaterhouseCoopers as the appointed audit firm to undertake the review.
The requisitionists, holding a combined stake of about 10% in Talam Transform, include substantial shareholders Loo Leong Fatt and Loo Loong Guan, as well as Ang Lam Poah, the chief executive of JAKS Resources Bhd (KL:JAKS).
On the matters recommended for review, the amount payable to IJM Corp Bhd (KL:IJM) as at end-March 2025 stood at RM263.54 million, according to Talam Transform’s latest annual report. Around RM170 million in properties held for development are pledged as security to IJM, it noted.
Trident Treasure is Talam Transform’s joint venture with Istilah Makmur Sdn Bhd. Talam Transform has a 40% stake in the JV while Istilah Makmur has the remainder. Istilah Makmur is 41.66% held by Choo Choon Seng, 41.66% by Tee Chai Seng, 8.33% by Tan Huck Joo and 8.33% by Tan Che.
Meanwhile, the company owns a 25% stake in property developer Oaxis. The remaining 75% in Oaxis is owned by Prominent Xtreme Sdn Bhd, which is equally owned by Choo and Poon Shi Chun.
Talam Transform owns a 60% stake in JV Million Tiara while the remainder is held by Prestigious Performance Sdn Bhd. Prestigious Performance is equally owned by former Talam Transform executive director Loy Boon Chen and Liau Yoke Leang. Prestigious Performance is a substantial shareholder of Talam Transform with a 9.09% stake.
As for Xtra Touch, it owes Talam Transform a RM25.5 million debt, according to the requisitionists’ EGM notice dated Jan 23. Xtra Touch is owned by Project Alam 2012 Sdn Bhd, which in turn is owned by Choo and Loy. According to the notice, Choo is a former senior management member of IJM.
Talam Transform has been in financial distress for the better part of the last two decades.
The company, which was classified under Practice Note 17 in September 2006 due to auditor concerns over its financials and multiple debt defaults, exited the financially beleaguered status in 2010 following a debt restructuring.
That said, profitability remained elusive for the company. It posted losses for almost every year in the last decade.
For its latest quarter ended Dec 31, 2025, the company logged a wider net loss of RM7.57 million versus RM4.28 million a year earlier, as revenue fell 65.8% to RM4.74 million from RM13.85 million.
On Wednesday, shares in Talam Transform ended half a sen or 6.67% higher at eight sen, valuing the company at RM88.69 million.