KUALA LUMPUR (March 15): Revenue Group Bhd’s managing director cum alternate chairman Datuk Eddie Ng Chee Siong has resigned after he had disposed of 25.34 million of his shares in the company off market.

Revenue Group said in its filing that Eddie’s resignation was due to personal matters.

This came after Eddie had sold his shares in Revenue Group on March 14, representing 5.26% of the total issued share capital, thus he ceases to be a substantial shareholder of the group.

On March 14, the Ng brothers — Dino Ng Shih Fan and Brian Ng Shih Chiow — were charged in the Sessions Court with fraudulently causing a bank employer to dispose of a vehicle belonging to the company without resolution from its board of directors.

The brothers pleaded not guilty before judge Rozina Ayob, and the charge was framed under Section 403 of the Penal Code and is punishable under the same Act.

The Ng brothers were suspended as directors of Revenue Group in January after several complaints were lodged against them.

On the same day, two independent non-executive directors — Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong — resigned after three other executives namely Lai Wei Keat, Ooi Guan Hoe and Loo Jo Anne had done so on March 3.

The group previously announced on Monday (March 13) the appointment of five new directors to its board, including its new chief financial officer Ng Kuan Horng.

Teh Chee Hoe was appointed as the executive director, and the four independent, non-executive directors were Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson and Krishnan Dorairaju.

Currently, Dino still holds the majority stake at 85.38 million shares or 17.71%, after 55.5 million shares (11.51%) were transferred from Brian on Feb 14, 2023.

Revenue Group’s share price closed 0.5 sen or 1.43% lower at 34.5 sen on Wednesday (March 15), giving its market capitalisation of RM166.4 million.