Barely a month after Tenaga Nasional Bhd emerged as the single largest shareholder of Integrax Bhd, the port operator has received a notice from its incumbent 13.59% shareholder Golden Initiative Sdn Bhd and Chang Bar Kuei for the removal of three board members.
In an announcement to Bursa Malaysia yesterday, Integrax said Golden Initiative and Chang had requisitioned for an EGM to be held at 10am on May 6 at Equatorial Hotel Kuala Lumpur to remove three directors and appoint five new directors.
The two had proposed the removal of independent non-executive directors Datuk Onn Hamzah, Wong Joon Hian and Chan Kok Keong with immediate effect.
They proposed that Onn be replaced by Shireen Ann Zaharah Muhiudeen, Wong be replaced by Azman Shah Mohd Yusof and Chan be replaced by Chan Wan Siew, to hold office for the period the former three would have held office if they had not been removed.
Golden Initiative and Chang had also proposed that Abdul Manap Ali Hasan and Loong Foo Ching be appointed directors of Integrax with immediate effect.
The five proposed candidates had submitted the notice of candidacy for the company’s directorship.
The current Integrax board comprises Amin Halim Rasip, Harun Halim Rasip, Onn, Wong and Chan.
Tenaga, despite being the single largest shareholder of Integrax since March 23, has yet to nominate its candidates to the board. This raises questions on whether the move by Golden Initiative and Chang to change the composition of the board would draw objection from Tenaga and hence trigger a boardroom tussle.
Golden Initiative is the investment vehicle of Amin, brother to chairman and co-chief executive Harun, who had at the end of last month disposed of his entire stake of 66.54 million shares or 22.12% equity interest in Integrax to Tenaga for RM106.5 million.
The Rasip brothers have been at loggerheads over the direction of Integrax, which operates the Lumut Port, especially pertaining to a possible 10-year interim contract from Brazil’s Vale International SA.
The brothers had jointly held the block of 37.8% stake in Integrax and hence could not vote separately on the issue.
They had eventually resolved this by splitting their stake, which subsequently led to Harun selling his portion of the shares to Tenaga while Amin retains his 13.59% interest held through Golden Initiative.
Another substantial shareholder of Integrax is Perak Corp Bhd, which has a 14.9% stake through Kuda Sejati Sdn Bhd and Taipan Merit Sdn Bhd.- by Melody Song of theedgemalaysia.com
Do you know if it is true that the changes are due to unhappy share holders?
ReplyDelete