PETALING JAYA: OneTech Solutions Holdings Bhd says it has received a written requisition from Lau King Yew, a shareholder who owns 45% of shares in the company, to convene an EGM pursuant to Section 313 of the Companies Act 2016.
In a filing with Bursa Malaysia, the solutions provider said the EGM will deal with the salaries of the executive director, Koh Kean Mum, and the managing director, Tan Yuh Pei, which would be limited to RM5,000 a month and at all 100%-owned subsidiaries.
The EGM will also look to appoint an independent auditor to re-audit the group’s financial statements for the financial year ended Dec 31, 2023 and June 30, 2023.
Additionally, the EGM will seek to appoint an internal control auditor and remove the current managing director Tan from the board.
“Further developments on the matters above will be announced to Bursa Malaysia in due course,” it said.
According to Lau, since the company’s administration was taken over by Koh and Tan as executive director and managing director, it had experienced a loss of RM661,558.
Lau said this had never happened before in the company’s history.
“I had written in on Sept 4, 2023 to request for a meeting to explain and scrutinise the unaudited financial statement ended June 30, 2023 but was rejected by the board,” he said.
Lau added the board had instead written back to say the loss was due to a loss in revenue, increase in payroll costs, and a one-off, out-of-court settlement after the former managing director was removed.
“From the financial statement profit and loss, the obvious increase was due to the administrative and selling expenses.”
OneTech shares closed unchanged at 20 sen yesterday.
This gave the company a market cap of RM15.4mil.
