KUALA LUMPUR (June 26): Shareholders of Industronics Bhd (KL:ITRONIC) rejected three of nine ordinary resolutions tabled at the company’s 50th annual general meeting on Friday.
The rejected resolutions include proposals to approve directors’ fees and the re-election of independent non-executive director Chow Yun Cheung, according to Bursa Malaysia filings.
The other resolutions that failed were the proposed payment of additional directors’ fees amounting to RM139,000 for the period from July 1, 2024 until the conclusion of the 2026 AGM, as well as directors’ fees of RM300,000 for the period from June 27, 2026 until the next AGM.
According to the poll results, each of the rejected resolutions received support from 40.66% of the shareholder votes, while 59.34% voted against.
Chow, who is from Hong Kong, was appointed to the board on Feb 23, 2018, he was also the chairman of the audit and nomination committee, as well as a member of the remuneration committee, according to the company’s 2025 annual report. He is also a board member of shoes and clothes manufacturer Moody Technology Holdings Ltd, which is listed on the Stock Exchange of Hong Kong Ltd.
Meanwhile, a resolution to re-elect independent non-executive director Yow Kok Chaw was withdrawn after he did not offer himself for re-election at the AGM.
Yow was on the board for about seven months as he joined Industronics’ board on Dec 9, 2025. He was the chairman of the remuneration committee and a member of the audit and nomination committee.
Chow and Yow retired following the conclusion of the AGM.
On May 4, Industronics had triggered Practice Note 17 (PN17) status after its external auditor issued a disclaimer of opinion on the group’s audited financial statements for the 15-month period ended Dec 31, 2025 (FY2025).
External auditor UHY Malaysia PLT flagged the group’s inventories as well as trade and other receivables, according to previous filings. The auditor also said it could not verify revenue and cost of sales for the period from July 1, 2024 to Dec 31, 2025.
Earlier this year, Datuk Wira Yong Chong Cheang emerged as a substantial shareholder who currently holds a 1.8% direct stake and an indirect stake of 8.13% in Industronics via Hexatech Energy Consolidated Sdn Bhd.
Industronics is involved in the design, manufacturing, and installation of electronics and microprocessor-controlled products, telecommunication systems, AV multimedia systems, intelligent transportation systems and ICT systems.
At the noon break on Friday, Industronics’ shares were flat at two sen, giving the group a RM14.2 million market capitalisation.