Friday February 22, 2013
4 Bright Packaging directors ousted, Syed Ali, 3 others in as new directors
By YVONNE TAN
PETALING JAYA: Four shareholders of Bright Packaging Bhd, led by Datuk Wira Syed Ali Abbas Alhabshee, have succeeded in their proposals to remove four incumbent directors at an EGM and vote themselves in as new directors.
Syed Ali said his faction won by garnering about 20% more votes during the EGM that lasted close to three hours.
The four who collectively hold 31.19% in the aluminium foil packaging firm had sought to remove incumbent managing director Wong See Yaw, executive director Yap Kok Eng, non-independent non-executive director Wong Siew Yoong and independent non-executive director Yeap Cheng Chuan.
In their place, the four of them, namely Syed Ali, Ang Lay Chieng, Tee Wee Keat and Lye Jun Fei proposed to appoint themselves as directors of the firm.
Two other directors, namely the chairman, Nik Mustapha Muhamad and independent non-executive director Low Wan Choon were retained.
“We will be calling for a board meeting in due course to discuss the direction of the company,” Syed said after the shareholder meeting.
According to him, some of the company's future plans could include the possibility of diversifying into the property market, given that two of the newly appointed directors had expertise in this area.
Prior to the EGM, the original board had said that it intended to pay out 100% of all distributable profits as dividends over the next five financial years.
It had also questioned the wisdom of the EGM requisitionists to collectively remove the current managing director and the three other directors who it said, had worked tirelessly to deliver consistent profits.
See Yaw was not seen after the results of the EGM were announced. Earlier, he told reporters that he could not make any comment pending the results.
See Yaw, together with Siew Yoong, who is his sister, collectively own 30.58% via Demi Maju Sdn Bhd in the manufacturer, making them the single largest shareholder.
Bright Packaging made a net profit of RM3.8mil for its financial year ended Aug 31, 2012 against RM2.7mil for financial year 2011. It had zero borrowings as at Nov 30 last year.
The company's share closed up 2 sen to RM2.09 at yesterday on volume of some 3 million shares.