PETALING JAYA: Tengku Ahmad Badli Shah Raja Hussin says he is still D'Nonce Technology Bhd chairman amid new largest shareholder Blackstream Investment Pte Ltd's bid to remove all the board of directors.
Blackstream holds a 25.61% stake in D'Nonce.
Recall that Blackstream's call for an EGM on June 12, called by Blackstream, hit a stumbling block after Tengku Ahmad announced the passing of the motion of adjournment.
However, Blackstream, in challenging the legality of the adjournment, proceeded with the EGM. It later claimed that all resolutions were passed, including the removals of Tengku Ahmad, Lim Teck Seng and Datuk Yeo Boon Leong as well as the appointments of Lim Siang Kai, Lam Kwong Fai (Lin Guang Hui) and Chong Kim Teck.
Interestingly, Ng Kok Wah resigned as D’Nonce director on the same day, citing personal reasons.
Tengku Ahmad told SunBiz that he was shocked with the latest developments despite the EGM adjournment. He also stressed that there was no walkout at the meeting as reported as it was officially adjourned.
“We are in the midst of finalising the official minutes of the meeting which is a true representation of the EGM and that any shareholders are able to refer to the matter,” he explained.
Last Friday, Blackstream and P'ng Chiew Keem filed an originating summons in the Kuala Lumpur High Court to, inter alias, declare the adjournment of the EGM to be null and void. It is fixed for hearing on June 24.
They also filed an application fixed for an injunction to, inter alias, restrain the company from proceeding with its AGM tomorrow. However, it was dismissed by the High Court.
Tengku Ahmad stressed that he is still the rightful chairman and that he will be attending tomorrow's AGM held in Kota Baru, Kelantan to explain the matter to the shareholders.
Speaking of business operations, he believes that the company is on track to achieve greater heights with its future business plan.
“As the new management team, mandated since mid-January 2019, we have been actively ensuring all compliances and adherence to transparency and accountability are well preserved and emphasised.”
“Although this may be time consuming, and especially with what has transpired in the organisation, we are adamant about making that positive change and restoring the company into a strong organisation in the industry. We have constantly and clearly communicated with our shareholders of our timeline and initiatives in corporate roadmap and strategies,” he stressed.
Despite the interference from the third party, Tengku Ahmad said the most important thing is to ensure a sound future plan to lead the company to profitability.
D'Nonce is involved in the supply of packaging and other materials, integrated supply chain products and services and contract manufacturing.
It saw a net profit of RM2.8 million for the 16-month period ended Dec 31, 2018. For the first quarter ended March 31, 2019, it incurred a net loss of RM1.39 million.
In its latest annual report, the group said its future plan is to become a fully integrated global contract manufacturing company through expanding its reach in the local and overseas market.
