Metronic and another shareholders seek to remove five MNC directors

PETALING JAYA: Metronic Global Bhd and another shareholder of MNC Wireless Bhd have last Friday given Special Notice to MNC of its intention to convene an EGM to remove certain directors namely Kua Khai Shyuan, Wong Kok Seong, Pang Siaw Sian, Thu Soon Shien and Tan Chor How @ Christopher from the board.

Metronic is looking to appoint Nga Koo Koy, Eric Boon Chuan Kit, Ng Wee Peng, Tan Kian Hong and Raja Aida Jasmin Binti Raja Shahrome as directors instead.

The action follows a suit filed by Metronic against CEO Datuk Seri Dr. Pang Chow Huat, Kua, Wong, Siaw Sian, Thu, Tan and MNC to restrain it from implementing a proposed rights issues, establish an employee share option scheme, increase the authorised share capital of MNC and amend the memorandum of association.

It also looks to restrain Chow Huat , his nominees and/or his associates from subscribing to the rights issue and employee share option scheme.

An earlier injunction application filed by Metronic was fixed on Oct 11, 2016 and dismissed by the High Court on Oct 12, 2016.

On Oct 17, MNC told Bursa Malaysia in its filing that it was yet to be served with any Statement of Claim. The absence of which, makes it unable to assess the financial and operational impact of the legal suit to the company.