Resolution withdrawn after Aminuddin quits as PDZ director

PETALING JAYA: PDZ Holdings Bhd shareholders Pelaburan Mara Bhd and Kua Khai Loon (the requisitionists) withdrew the resolution to remove Aminuddin Yusof Lana as director following his resignation.

In a filing with Bursa Malaysia yesterday, the company said it received and accepted Aminuddin’s letter of resignation in the morning.

Citing “personal reasons”, his resignation as a non-independent non-executive director is effective tomorrow.

Aminuddin, 68, was appointed to the board of directors of PDZ on April 1, 2013 as an independent non-executive director. He was the managing director of the company from Jan 1, 2015 till June 30, 2016 before being re-designated to non-independent non-executive director.

To recap, the requisitionists had on Nov 14, 2016 served a notice of requisition for an EGM, giving notice of their intention to propose the resolutions concerning the removal of Aminuddin as director of the company.

It did not state any reason for the removal. The resolution was withdrawn by the requisitionists and was not put forward for voting at the EGM yesterday.

The requisitionists hold not less than one-tenth of the total issued and paid-up share capital of PDZ. Pelaburan Mara holds a 23.29% stake in PDZ.

When approached for comments after the EGM yesterday, Aminuddin said he is not aware of the requisitionists’ reason for his removal as director while PDZ CEO Christopher Tan declined to comment.

Meanwhile, shareholders approved the second resolution to appoint Messrs Cheng & Co as new auditors of the company to replace Messrs PKF for the financial period ending Dec 31, 2016 (FY16) and to hold office until the conclusion of the next AGM.

The appointment of Cheng & Co follows the resignation of PKF, who voluntarily resigned as it could not reach a consensus with PDZ on the proposed audit fees for FY16.

The requisitionists had said that the proposal from Cheng & Co is reasonable and cost effective, after having reviewed and considered the audit fees and engagement proposal received from the firm.

PDZ shares closed unchanged at 5.5 sen yesterday with a total of 3.35 million shares traded.