MNC Wireless says EGM requisition to remove 5 directors “invalid”

by **Cals** Mon 14 Oct 2013, 14:34

Business & Markets 2013

Written by Ho Wah Foon of theedgemalaysia.com

Monday, 14 October 2013 13:41

KUALA LUMPUR (Oct 14): MNC Wireless informed the stock exchange that based on legal advice, a recent requisition by two shareholders to convene an EGM to oust five current directors is “invalid”.
On Sept 26, MNC Wireless said its board of directors had received a requisition to convene an EGM from shareholders Ho Jo Hun and Yap Sheau Chiann to remove five directors and to appoint four new directors.
In its announcement today, the company said it has received legal advice that the requisition by Ho and Yap to convene an EGM of MNC pursuant to Section 144 of the Companies Act 1965 “is invalid as it does not comply with Section 144”.
Hence, it said the requirement to convene an EGM pursuant to Section 144 is not triggered.
On Sept 26, Ho and Yap, who have stated that they are the shareholders collectively holding 9,567,800 shares of MNC Wireless or 10.13% stake, are seeking to remove from the board Yeoh Eng Kong, Choo Wai Kit, Gerald Nicholas Tan Eng Hoe, Lionel Koh Kok Peng and Lee Kam Chun.
In addition, they are seeking to appoint Ho Jo Hun,
Yap Sheau Chian, Chew Wai Peng and Ghee Tse Wei to the board of the ACE Market-listed mobile applications developer.
MNC Wireless Berhad is engaged in the businesses of carrying out sales and marketing, and research and development of wireless, mobile and multimedia solutions and content and investment holding.