The current executive director, Lau Kin Wai, is also CEO of Fatfish.
Peterlabs, in a filing with the stock exchange yesterday, said it had received a written requisition from the shareholders to convene an EGM for this purpose.
“The board of the company is seeking legal advice on the matter,” it said, adding that further developments on the matter would be announced in due course.
It said the existing directors, whom the shareholders are seeking to remove, are Lim Tong Seng, Datuk Hon Choon Kim, Dr Paul Cheng Chai Liou, Yap Siaw Peng, Lau Yeng Khuan, Dr Vijaya Raghavan and Azman Abdul Jalil.
The new directors they wants to appoint, meanwhile, are Chai Choon We, Goh Sim Geh and Cheoh Hor Jin. According to Bloomberg data, Fatfish is currently the largest shareholder in Peterlabs, while Hoifutinhong is the fifth-largest shareholder.
Fatfish first entered Peterlabs in April 2017 after buying a 7.7% stake from its co-founders via an off-market
Later in January last year, Kin Wai took over as executive director of Peterlabs. Fatfish is involved in three business areas - technology incubator, venture development and cryptocurrency investments.
Its parent company, Fatfish Internet Group Ltd, is listed on the Australia Securities Exchange.
Kin Wai, in an interview with StarBiz last year, said the long-term plan for Fatfish was to raise its stake in Peterlabs and gain control of the company.
Listed on the Ace Market in 2011, Peterlabs manufactures, distributes and trades animal health and nutrition products.
For the third quarter ended Sept 30, 2018, the company recorded RM1.01mil in net profit, while revenue came in at RM22.7mil, a 15.8% decline year-on-year.
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