The EKA-brand rice vermicelli products made by EKA Noodles Bhd's unit Kilang Bihun Bersatu Sdn Bhd in Kuala Ketil, Kedah. (Pic taken by Hafidz Mahpar for Star Online)
KUALA LUMPUR: EKA Noodles Bhd announced some board changes on Tuesday, the same day that Vibrant Class Sdn Bhd emerged as the company’s largest shareholder with a 19.65% stake.
A filing with Bursa Malaysia showed that Vibrant Class, previously the second biggest shareholder, had acquired the 33.3 million shares, or 10.7% equity interest, held by EKA’s group managing director Datuk Seri Chin Seak Huat.
The block was bought at 15 sen per share or about RM5mil. The price is almost double the Practice Note 17-status company’s open-market share price of 8 sen at Tuesday’s close.
In December Vibrant Class and two individual shareholders had requested for an EGM seeking to revamp the company’s board of directors. EKA at first agreed to hold the EGM but cancelled the meeting four days before it was scheduled to be held.
The latest filings by the vermicelli (bee hoon) trader indicate a compromise, incorporating some of the changes sought by the EGM requisitionists but not others.
Among the changes are the resignation of executive director Datuk Ahmad Zaffry Sulaiman and director Raja Nazrin Raja Ghazilla - two of the four directors nominated for possible removal - effective Tuesday due to “personal commitment.”
That leaves chairman Datuk Sohaimi Shahadan and non-executive director Yee Yit Yang. (Chin, the only other director. was not named for possible removal.)
EKA also announced the appointment of four new directors, out of the seven people nominated for director’s post in the EGM notice.
The new appointees are Metronic Global Bhd
’s former group managing director Datuk Dr Chin Yew Sin, director Leong Woay Hong @ Neoh Woay Hong (a partner of tax advisory PLT), director Lim Choo Hooi (a lawyer), and Fong Yit Meng (a businessman who runs a wholesale, distribution, and industrial supplies business in Malaysia with presence in Bangkok).
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