Revenue Group board sees five new additions

KUALA LUMPUR (March 13): After three of its directors left just over a week ago, Revenue Group Bhd announced the appointment of five new directors to its board, as well as a new chief financial officer (CFO), effective Monday (March 13).

In bourse filings, the e-payment solutions provider said it has appointed Teh Chee Hoe as executive director, and four independent, non-executive directors, namely: Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson, and Krishnan Dorairaju.

Ng Kuan Horng was named as its new CFO.

It is worth noting that Teh also sits on the board of Willowglen MSC Bhd as an independent non-executive director, while Krishnan serves as an independent non-executive director of Classita Holdings Bhd (formerly Caely Holdings Bhd).

On March 3, Revenue Group announced the resignation of two of its executive directors Ooi Guan How and Lai Wei Keat, as well as independent non-executive director Loo Jo Anne.

The group cited health reasons for Ooi’s departure, while Lai and Loo stepped down due to personal reasons.

Revenue Group is currently mired in a legal dispute with co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang, who have been suspended from their executive functions after several complaints were lodged against them.

The group was slated to hold two extraordinary general meetings (EGMs) last month, one for the removal of Brian and Dino as directors of the group, while the other — requisitioned by Brian — was to remove the entire board of directors.

However, both EGMs did not take place after a court order restraining Revenue Group from proceeding with the EGMs, pending the determination of an interim injunction application filed by Brian and Dino.

The five new directors join the group’s six current directors on the board, namely chairman Nor Azzam Abdul Jalil, managing director-cum-alternative chairman Eddie Ng Chee Siong, Ng Chee Keong, Jade Lee Gaik Suan, Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong.

Shares in Revenue Group closed 1.5 sen or 3.95% lower at 36.5 sen, giving the group a market capitalisation of RM176 million.