Inix down after announcement on EGM cancellation

The IT software company announced yesterday that the proposed EGM was no longer necessary, as the agenda to remove and appoint directors had been resolved.

PETALING JAYA: Shares in INIX Technologies Holdings Bhd tumbled following the company’s announcement to call off its EGM scheduled for Feb 13 after two directors, facing removal, resigned.

Inix shares closed unchanged at 9.5 sen at 5pm yesterday.

In a filing with Bursa Malaysia on Monday, the loss-making IT software company said the proposed EGM was no longer necessary, as the agenda to remove and appoint directors had been resolved.

“Dr Wong Jeh Shyan and Norizam Tukiman, two of the three directors to be removed at the EGM, had resigned and was announced to Bursa Malaysia on Jan 23, 2019, other than Dr Azman Hussin, who has not resigned.

“Thereafter, the board of directors had resolved to appoint Datuk Zhang Li, Lee Yueh Shien and Edwin Silvester Das as new directors to fill in the vacancies created and shall be effective upon them having complied with the Companies Act 2016 and Bursa Malaysia Listing Requirements,” the company said.

A boardroom tussle has been looming within Inix. On Jan 18, the company announced that it would convene an EGM this month to remove three directors and appoint three others as directors.

This followed a requisition received from Kenanga Nominees (Asing) Sdn Bhd, Cartaban Nominees (Asing) Sdn Bhd and Wai Ai Loo, who hold a total of 11.21% of the company’s shares, on Jan 8.

According to reports, Zhang Li held an indirect 6.738% stake in the company via Zhang Yang as at Jan 9, 2019. He also owned a 3.38% indirect stake in Inix via Kenanga Nominees (Asing) as at Nov 7, 2018.

Zhang Li was previously executive director of Inix from March 7, 2018 to Dec 31, 2018. Meanwhile, Lee was briefly Inix’s independent non-executive director from Sept 18, 2018 to Dec 31, 2018.

Inix’s net loss for its first quarter ended Oct 31, 2018 widened to RM941,000 compared with a net loss of RM543,000 in the previous corresponding period, while revenue in the first quarter increased to RM1.42mil from RM863,000 a year earlier.

Loss per share was 36 sen compared with a loss per share of 21 sen in the previous corresponding period.

In its notes accompanying its financial results for the first quarter, Inix said it expected stiff competition in the domestic and regional market in respect of the information and communications technology (ICT) segment.

“Nevertheless, the group is leveraging on its strong track record and extensive customer networking in expanding and penetrating both existing and new markets.”

“The group has also stepped up its efforts to invest in research and development to enhance its competitiveness and productivity in the expansion of its existing business, despite focusing on making ICT solutions,” it said.

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Business , Inix , EGM , shares , resolved , Shyan , Tukiman , cancellation ,


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