KUALA LUMPUR: Shareholders of Bolton Bhd, including executive chairman Datuk Azman Yahya, have ousted the company's single largest shareholder Tan Sri Amin Shah Omar Shah from the board.
At the company AGM yesterday, shareholders requested a poll on the resolution to re-elect Amin Shah as non-executive director.
Stakeholders who collectively held 146 million Bolton shares voted against the resolution. The number of votes against the re-election of Amin Shah represented 68% of the attendance.
The poll result also showed that 68 million shares, accounting for 31% of the attendance, had voted for Amin Shah's re-election.
Bolton Bhd's executive chairman Datuk Azman Yahya is bombarded by questions from the media at the sideline of the AGM in which shareholders had voted out director Tan Sri Amin Shah Omar Shah. Amin Shah was not present at the AGM. He owns roughly 22%, or 68.25 million shares, in Bolton via Forum Equity Sdn Bhd.
Speaking after the AGM, Azman, who holds 19.3% stake in Bolton, told reporters he had voted against Amin Shah's re-election. However, he declined to disclose the reason for his decision.
“I think shareholders will do things to increase the value of the company and its shares,” said Azman but refused to elaborate.
Azman said he did not expect Amin Shah's exit from the board to have any impact on Bolton's operation since the latter was not involved in the management.
According to the company's latest annual report, Amin Shah only attended four out of seven board meetings during the financial year ended March 31, 2007.
“Amin Shah had only attended four out of the seven meetings. That shows how committed he is to the company,” said Minority Shareholder Watchdog Group chief executive officer Wahab Abdul Jaafar Sidek at the sideline of the AGM.
Amin Shah joined the board after he bought into the property group in 2004. His interest in Bolton was said to have stemmed from the group's stake in Malaysian Plantations Bhd (MPlant) then.
The acquisition was made when Singapore government's investment arm Temasek Holdings (Pte) Ltd wanted a stake in MPlant, which owns Alliance Bank (M) Bhd. Bolton has since disposed of its sake in MPlant.
Amin Shah's exit from the Bolton board yesterday may also mark his departure from Malaysia's corporate scene.
His directorship in Bolton was his last one in a public-listed company.
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