PETALING JAYA: Two of Peterlabs Holdings Bhd’s shareholders are seeking to remove Lau Kin Wai as director.
The company said it received a notice of requisition from shareholders Kho Siaw Sua and Chan Bee Chuan, who hold a combined stake of 2.5%, seeking to pass the resolution to remove Lau at the company’s forthcoming AGM.
No reason was given for the request to remove Lau. He has been given seven days to make any oral or written representation in compliance with Section 207 of the Companies Act 2016.
“Subject to the appropriate legal advice, the board will take the necessary required action accordingly and will make the appropriate announcement in due course,“ Peterlabs said in a stock exchange filing.
Peterlabs’ share price has been on a downtrend this week, tumbling 34% to 24.5 sen today from 37 sen last Friday (April 5).
In February, Peterlabs also received a written requisition from shareholders to convene an EGM to remove seven directors.
Lau had told a business daily that this was because the seven directors have been drawing too high salaries and that the 10-member board is considered too big for the ACE Market-listed firm.
The shareholders then sought to appoint three new directors and to redesignate executive director Lau to sole managing director.
Source: The Sun Daily