KUALA LUMPUR (May 29): PRG Holdings Bhd (KL:PRG) has received a special notice from a substantial shareholder seeking the removal of its group managing director Andrew Chan Lim-Fai at the company's upcoming annual general meeting.

The move was initiated by Datuk Sheah Kok Fah, who served the notice to the board of directors of his intention to move an ordinary resolution to remove Chan. To pass, an ordinary resolution requires a simple majority of more than 50% of votes cast by shareholders. The AGM is scheduled for June 25.

PRG Holdings —a company involved in manufacturing, property development and construction — did not disclose the reason behind Sheah's move, which it announced in a bourse filing. 

The company said its board is currently reviewing the notice to ensure compliance with relevant laws, regulations and the company’s constitution, adding that further updates will be announced in due course.

Chan, 47, was appointed group MD just over two years ago on March 26, 2024.

According to PRG Holdings' latest annual report, Sheah holds 39.73 million shares in the company, representing an 8.14% stake.

The company has been loss-making in four of the last five financial years. For its latest financial year ended Dec 31, 2025, the company narrowed its net loss to RM38.94 million from RM73.28 million in FY2024, even as revenue shrank to RM259.75 million from RM288.29 million, primarily due to lower impairment and asset write-downs.

As at market close on Thursday, PRG shares were down one sen or 5.56% at 8.5 sen, valuing the company at RM41.7 million.