CEO Morning Brief

Boardroom Changes at Jade Marvel With Rejection of Diversification Plan

Publish date: Thu, 08 Sep 2022, 08:41 AM
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TheEdge CEO Morning Brief
Boardroom changes at Jade Marvel with rejection of diversification plan

KUALA LUMPUR (Sept 7): Jade Marvel Group Bhd has announced a number of boardroom changes following the outcome of its 20th annual general meeting (AGM) and extraordinary general meeting (EGM) which were held on Wednesay.

In a filing with the local bourse on Wednesday, Jade Marvel, which is involved in investment holdings, manufacturing, property development and moneylending, announced the retirement of Chong Wei Liang, 38, as deputy chairman. Chong owns 1.49 million shares in Jade Marvel but did not receive sufficient votes at the company's AGM to be re-elected as a director.

The group also announced the resignation of Datuk Khoo Yik Chou, 35, as joint managing director, “to pursue other opportunities and personal interests”.

Khoo, who currently holds 1.23 million Jade Marvel shares, is also the non-independent and non-executive director of Silver Ridge Holdings Bhd, positions he has held since Oct 16, 2020.

In addition, Jade Marvel announced the appointment of Seah Yee Teng as an independent and non-executive director. Datuk Seri Chong Wei Chuan has also been appointed an executive director of the company.

Wei Chuan, 33, is an entrepreneur who began his career in fintech as he founded X-Pay & started X Infinity group which developed X Infinity Blockchain and X-Pay wallet.

Wei Chuan currently holds 3.39 million shares and indirectly holds 8.2 million shares in Jade Marvel. He ceased to be a substantial shareholder following his disposal of 10.6 million shares on Sept 6 in the market. He had held the shares via both direct and indirect interest under X Infinity Holdings Sdn Bhd.

X Infinity Group Bhd also ceased to be a substantial shareholder of Jade Marvel having disposed of 10.6 million shares which were held under X Infinity Holdings on Sept 6 through an open market transaction. X Infinity Group had indirectly held 5.733% or 18.8 million shares prior to the disposal.

One of the resolutions at Jade Marvel’s EGM sought the proposed diversification of the group’s existing businesses to include mining, sale and trading of iron ore, dolomite, sand and other minerals.

Three shareholders representing 57.9848% of Jade Marvel's total shares or 53.55 million shares voted against the resolution while 26 shareholders representing 42.0152% or 38.8 million shares voted for it.

Jade Marvel's EGM circular said the proposed diversification was in line with the group’s objective to expand its revenue stream by diversifying into the new business to enhance shareholder value in the long term.

Jade Marvel’s share price finished unchanged at 27 sen, which translates into a market capitalization of RM88.6 million.

Source: TheEdge - 8 Sep 2022

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