KUALA LUMPUR (Aug 10): EA Holdings Bhd has urged its shareholders not to attend and vote at an extraordinary general meeting (EGM) on Aug 22 called by substantial shareholder Ng Cheng Shin.

The ICT services provider said the notice of EGM issued by Ng on Aug 7 "is independent of the company" and against the terms of two interim injunction orders dated Aug 1 and Aug 2 obtained by Vinvest Capital Holdings Bhd in the High Court.

The notice is treated by the company as defective and void, EA Holdings said in a bourse filing on Thursday (Aug 10).

“Any intended or purported attempts to hold any EGM in the name of the company is in breach of the said ad interim injunction orders and any individual attempting such a step may be subject to contempt proceedings,” it added.

Ng, who has claimed to hold at least a 10% equity interest in EA Holdings, has called for the EGM to remove six directors and replace them with four new candidates. However, the notice of the EGM has not been filed with Bursa Malaysia as of Thursday.

The six directors are Mohammad Sobri Saad, Basir Bachik, Datuk Azahar Rasul, Abdul Fattah Mohamed Yatim, Choo Seng Choon and Wong Wan Rou.

Subsequently, Ng is seeking to appoint himself together with three other individuals, namely Chin Yew Thong, Adrian Foong Heng Nian and Teh Chee Chong as new directors of the company.

EA Holdings was in the limelight recently after Vinvest Capital filed a lawsuit against EA Holdings and See Jovin, who is described as a stock market analyst, over the alleged loss of Vinvest's 17.82% stake in EA Holdings. Vinvest is alleging that fraud was committed by EA Holdings and See.

EA Holdings closed half a sen or 50% lower at half a sen on Thursday, with a market capitalisation of RM16.13 million. The stock has declined 50% year to date.

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