GOLDEN Plus Holdings Bhd's wholly-owned subsidiary, Corporate Business (M) Sdn Bhd (CB), has called for an EGM to remove four out of five directors in PN4 company Nauticalink Bhd and replace them with the same number of new directors.
CB has a 12.5% shareholding in Nauticalink. It is represented on the Nauticalink board by Shahrizal Hisham Abdul Halim.
Golden Plus said in a statement to Bursa Malaysia that CB had on Monday served a requisition on Nauticalink for an EGM to remove directors Abdul Ghafar Abdul Samat, Hamdan Sulaiman, Wan Azizul Wan Yusof and Ismail Yaacob.
It had also proposed appointing N Sivagurunathan, Ng Kay Eng, Paul Foo Chee Kin and Low Chai Fai to the board of Nauticalink, the statement added.
Neither Golden Plus nor CB gave any reasons for the proposal to remove the board members.
Shipping company and ferry operator Nauticalink slipped into financial trouble during the financial crisis in 1997/98 and was categorised under PN4 condition in February 2001. It is currently undergoing a restructuring exercise to restore its financial health.
The restructuring involves an injection of new assets that will change the company's core business to the manufacture and sales of automobile components and accessories.
A newco, Orion Unggul Sdn Bhd, will be set up to take over the listing status of Nauticalink.
CB's proposal appeared to have brought cheer to Golden Plus' share price. On Wednesday, the counter soared to RM2.25 - its highest level since August 2000.
The property counter has outperformed the broad market, having risen from a low of 50 sen in May to above the RM2-level this month although the company posted a net loss of RM17.1mil for the six months ended June 30.
Did you find this article insightful?