Lysaght reverses decision, accepts director nomination notices

PETALING JAYA: Steel product manufacturer Lysaght Galvanized Steel Bhd has now decided to accept the nomination notices from two separate shareholders to appoint directors at its forthcoming AGM, after rejecting them recently.
In a filing with Bursa Malaysia yesterday, Lysaght said the latest decision was made after taking into consideration two further legal opinions obtained by its independent, non-executive director Cheam Low Soo and non-independent, non-executive director Chew Meu Jong at its "emergency special board" meeting on Monday.
"Accordingly, the persons being nominated in the notices will be eligible for election as directors and their nominations will be tabled at the forthcoming 36th AGM," it said in its explanatory letter to shareholders, adding that both legal firms said the notices lodged were valid and in order.
Previously, Lysaght had said that it rejected the nominations because the notices submitted by the two shareholders were found to be not valid by a legal adviser.