KUALA LUMPUR: Loss-making automation systems designer Wintoni Bhd may yet survive an impending de-listing and a possible liquidation. Its entire board of directors, which initiated steps to wind up the company, has been unanimously replaced with new directors at an EGM today (Tuesday).
On the same day, Bursa Malaysia Securities announced that Wintoni securities, whose trading has already been suspended, was facing a de-listing on July 4 unless an appeal was submitted by June 29.
In a filing with the stock exchange, the Guidance Note 3 (GN 3) company said chairman Datuk Seri Mohd Shariff Omar and executive directors Ahmad Amryn Abd Malek and Raja Kamaruddin Raja Adnan - the only existing board members left after two others resigned early this year - were removed at the EGM in Kuala Lumpur.
Three others were appointed to the board, namely Cheah Kwong Lee (the substantial shareholder who requested for the EGM), Wong Mei Tien and Mohd Nasir Salleh. Mohd Nasir, a former senior assistant of police, was named chairman.
(Originally, Chong Seng Foo was nominated as a candidate but he withdrew earlier this month, with Mohd Nasir being proposed as a new candidate.)
Wintoni announced on Feb 26 last year that it was an affected issuer pursuant to GN 3 of the listing requirements.
For the financial year ended Dec 31, 2016 (FY16), the company reported a loss attributable to shareholders of RM1.53mil, a major improvement over a loss of RM55.02mil in the preceding year, but there was hardly any business during the year, with revenue at RM241,000.
“Due to lack of funding for new business opportunities, the group was unable to implement any business plan or any proper business direction,” it said in its FY16 performance review.
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