Ire-Tex packaging production floor at its plant in Bukit Tengah Industrial Park
KUALA LUMPUR: The Ire-Tex Corp Bhd board continues to change, with the return of an executive director who resigned in February and the redesignation of a non-executive director back to executive director.
Thursday also saw the appointment of two new members whose election to the board at an EGM in April was declared invalid.
These board changes were announced to Bursa Malaysia on Thursday by the loss-making protective packaging manufacturer.
The latest changes came after Ire-Tex’s AGM in Kulim, Kedah, two days earlier where shareholders had voted against reappointing eight directors who were retiring. That left only two non-executive directors on the board, namely Ire-Tex deputy chairman/co-founder Datuk Donald Yap Tatt Keat and Kong Hon Kay.
Joining the duo now is Christopher Purcell, who resigned as managing director on Feb 8 to assume the role of group chief operating officer. The Irishman returned as executive director on Thursday.
Kong, meanwhile, reverted to being executive director after being reduced to non-executive director on Feb 8.
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chairman Raja Hizad Raja Kamarulzaman and former Proton Bhd general manager Hamdan Mohd Nor have been appointed non-executive director and executive director, respectively.
They had been elected as directors at an April 27 EGM called Singapore-based Elite Cosmo Group Ltd, which emerged as Ire-Tex’s substantial shareholder in December last year. However, the Ire-Tex board -at the time, which saw four members “removed” during the meeting, declared the EGM invalid and therefore not binding on the company.
In its latest interim results announcement, Ire-Tex reported a wider loss from operation of RM3.71mil for the second quarter ended June 30 versus a loss of RM3.45mil a year earlier as its manufacturing division’s sales plunged to RM13.77mil from RM32.41mil recorded previously.
However, loss attributable to shareholders narrowed slightly due to lower finance costs during the quarter under review.
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