iDimension jumps 7.69% after shareholders seek removal of co-founder, COO

PETALING JAYA: iDimension Consolidated Bhd's shares jumped 7.69% this morning, after it received a request from shareholders to call an EGM to remove the company's co-founder Pang Lee Fung and COO Tan Kian Meng from the board of directors.

At 10.41 am, the stock stood at 7 sen with 1.9 million shares changing hands. Its market capitalisation stood at RM32.17 million.

Yesterday, the company posted a letter from Ang Beng Leong, Ang Beng Cheong, Ang Beng Hwa and EClub Interactive Sdn Bhd to replace Tan and Pang with Beng Leong and Yap Tet Soon. Tan has been on the board since 2011.

However, no reason was given for the proposed removal.

The company which is in the process of a fund raising exercise in the form of a private placement, posted a wider net loss of RM621,000 for the financial quarter ended June 30, 2017, against a net loss of RM15,000 for the same quarter in 2016. This was on a 29% increase in revenue for the quarter of RM23.3 million.