Why Metronic called off proposal to oust MNC directors

PETALING JAYA: Metronic Global Bhd yesterday told Bursa Malaysia its decision to reconsider its intention to remove directors of MNC Wireless Bhd was in light of the recent rights issue with free warrants exercise carried out by MNC, which said the rights and warrants are due to be listed on Nov 11, 2016.
“The company wishes to announce that the board of directors had taken the commercial decision to reconsider its intention previously to call for an EGM for purposes of removal of directors, in order to allow the board of MNC to carry out its business expansion plans pursuant to the rights issue as announced by MNC. The board may reconsider similar proposals in the future in the event that it considers expedient or necessary to do so accordingly,” it said yesterday.
On Monday, Metronic said it was revoking an earlier requisition to call for an EGM to remove five directors from the MNC board, including CEO Tan Chor How, and appointing replacements.