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Tuesday January 15, 2013

Fiery Bright Packaging EGM likely on Feb 21

PETALING JAYA: Bright Packaging Industry Bhd has announced that an EGM would be held on Feb 21 at the requisition of four shareholders to remove the company's current board of directors.

In a press release posted on Bursa Malaysia's website, the company said the four shareholders who collectively hold 31.19% in the aluminium foil packaging firm sought to remove managing director Wong See Yaw, executive director Yap Kok Eng, non-independent non-executive director Wong Siew Yoong and independent non-executive director Yeap Cheng Chuan as well as any new directors who might be appointed from the date of the requisition to the date of the EGM.

In their place, the four shareholders, namely Datuk Wira Syed Ali Abbas Alhabshee is seeking to appoint himself as a non-independent non-executive director, Ang Lay Chieng as executive director, Tee Wee Keat as independent non-executive director and Lye Jun Fei as independent non-executive director.

“The current board questions the wisdom of the requisitionists to collectively remove the current managing director and the three other directors who have worked tirelessly to deliver consistent profits and is now proposing to pay dividends out of the profits made during the financial year ended Aug 31, 2012,” the statement said.

Based on the profiles of the proposed directors, it would seem that they have “very limited” or “no knowledge” of the current business undertaken by Bright Packaging and might require time to build their knowledge of the industry, it added.

See Yaw, according to the statement, had been involved in the business of Bright Packaging since 1998 and had been instrumental in growing the business, providing input for new product development and innovation.

Shares in the firm finished flat at RM2 on a volume of some six million shares yesterday.

On Jan 4, the company said it was unaware of any development that might have caused its share price to spike to RM2.10 a day earlier, the highest since August 2000.

On Jan 3, Yap was appointed as executive director.

Bright Packaging made a net profit of RM3.8mil for its financial year ended Aug 31, 2012 (FY12) against RM2.7mil for FY11.

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