Fatfish seeks to remove seven Peterlabs directors


Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.

PETALING JAYA: Fatfish, a substantial shareholder of Peterlabs Holdings Bhd and other shareholders are seeking to remove seven of the company’s existing directors and appoint three new directors to the board.

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
transaction.

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.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

Top Glove, Petronas Dagangan weigh on KLCI
Revoking cabotage exemption doesn't prevent employment of foreign vessels, says Masa
Ex-Goldman banker says he warned bosses about Jho Low, 1MDB
Quick take: Oil and gas counters boosted by oil price optimism
Top Glove shares slump on closure of plants due to Covid-19
Quick take: Serba Dinamik rises 2% on earnings beat
Sime Plantation to deliver best quarterly in 4Q
Britain's telcos face fines if they use suppliers deemed high-risk, like Huawei
Water and power: Heartbeat of a nation
Yen on slippery ground as Yellen, Trump transition news boost risk appetite

Stories You'll Enjoy