VTI director, audit committee chairman resigns

VTI Vintage Bhd, a Practice Note 17 company, has seen the resignation of its audit committee chairman Wong Yew Sen.

According to filings with Bursa Malaysia Securities last Thursday, Wong also tendered his resignation as an independent and non-executive director from the roof tiles manufacturing company.

Wong is a senior associate member of Institut Bank-Bank Malaysia and had served Bank Negara Malaysia (BNM) for 32 years prior to his directorship at VTI.

During his tenure at the central bank, he was deputy director of the supervision department, head of internal audit department, and director of insurance supervision department.

To replace him, VTI announced on Friday that Wong Sai Sang, a member of the audit committee, was redesignated as the chairman with effect from last Friday. Wong is an independent and non-executive director.

VTI faces several suits filed by trade creditors and the company has prepared an initial scheme to restructure the debts under Section 176 (10) of the Companies Act, 1965.

It had also obtained a restraining order on July 22, 2009, which has been extended several times, and would conduct a creditor convened meeting. However, the date of the meeting is not disclosed.

For the first quarter ended March 31, 2010, VTI’s net loss narrowed to RM1.05 million from RM2.29 million a year earlier due to minimal loss from operations.

Revenue fell 46.5% to RM1.93 million from RM3.62 million due to lower sales and activity level in its construction and manufacturing subsidiaries. The stock closed unchanged at nine sen, with 2,000 shares traded, last Friday.


Written by Max Koh

This article appeared in The Edge Financial Daily, July 5, 2010.