Ire-Tex Corporation Berhad (“Ire-Tex” or “the Company”) wishes to announce that the purported extraordinary general meeting (“the said meeting”) held today at Level 7, Multipurpose Hall, The Maple Suite, No. 1, Changkat Raja Chulan, 50200 Kuala Lumpur, Wilayah Persekutuan at 9:00 a.m. was invalid in many aspects, as follows:-

1. The notice of the said meeting dated 11 April 2017 was not given by a member in the sense that the person giving the notice was not a person whose name was entered into the record of depositors;
2. The scrutineer appointed by the Company was not allowed to observe and verify the taking of attendance and the vote counting process; and
3. The Board of Directors (“Board”) was not allocated proper seating for the meeting and the Chairman of the Board was not allowed to be the Chairman of the said meeting which clearly violates the Article 71 of the Company’s Articles of Association.

The Chairman of the meeting who was appointed by the shareholders during the said meeting explained that Article 71 was not applicable to the said meeting as the meeting was not a Company’s meeting but rather it was a private shareholders’ meeting.

That being the case, the said meeting was not binding on the Company and therefore, the existing directors of the Company were not removed and the proposed appointees were never appointed.

Out of caution and for the avoidance of doubt, any declaration by any person that one or more resolutions were purported to be passed at the invalid extraordinary general meeting is of no effect.

The Board will not recognize, condone or allow any party to put forward any representation or otherwise represent that the purported extraordinary general meeting was valid or that any resolution could or was passed thereat.

On the other hand, the Company Secretary has on even date received a letter from Kanesalingam & Co, being the solicitors of Elite Cosmo Group Limited claiming that the said meeting proceeded smoothly and on polls being duly taken, ordinary resolutions were duly passed to effect the following:-

1. Chin Wui Choong, Mak Lin Kum, Ahmad Amryn bin Abd Malek and Dato’ Seri Mohd Shariff bin Omar were duly removed as directors; and
2. YM Raja Hizad bin Raja Kamarulzaman and Hamdan bin Mohd Nor were duly elected as directors of the Company.

The Company Secretary has also been requested to make the necessary announcements relating to the outcome of the said meeting with Bursa Malaysia Securities Berhad immediately by Kanesalingam & Co.