Multi-Usage goes to court over 3 shareholders' notice to appoint new directors

PETALING JAYA: Multi-Usage Holdings Bhd is asking for a declaration from the High Court of Malaya that the notices sent by three shareholders to appoint new directors to the board be considered null and void.
On Dec 12, Multi-Usage received three separate notices from Ong Ban Huat, Lim Chai Loy and Chua Yong Chiang to nominate and appoint new directors at its upcoming AGM on Dec 29 in Sungai Pelek, Selangor, namely Chan Jee Peng, Chan Huan Ping, Khoo Ken Seong and Ong Kean Peng. Chua and Lim are also in the new line-up. Chua nominated Lim, while Lim nominated Chua to the board.
Multi-Usage current directors are Ang Kim Cheng @ Ang Teng Kok, Ang Hwei Chyn, Roslan Nasir, Kenneth Lim Keat Chye and Ho Pui Hold, while Tan Chew Hua was suspended in August after the company claimed he refused to cooperate in an internal investigation conducted by the company’s solicitor.
Multi-Usage is also requesting an order restraining the defendants from exercising any voting or other rights attached to the company shares.
The company said it is in the process of extracting the writ and statement of claim duly sealed by the court for the purpose of serving on the defendants.
“Any further material development of the above matter will be announced to Bursa Malaysia Securities Bhd in due course.”
Multi-Usage reported a net loss of RM1.09 million for the first quarter ended Sept 30, 2017 against a net profit of RM535,000 in the previous corresponding period. It is engaged in a total of 16 material litigation as at Aug 22, 2017.
The company is involved in property development, contracting works, manufacturing and trading of cement products.
Its shares fell one sen or 1.64% to close at 60 sen today on some 20,000 shares done.