KUALA LUMPUR (Dec 23): A proposal to remove four directors of Jiankun International Bhd was withdrawn today just a day after it was submitted to the company.
Cita Realiti Sdn Bhd, which claimed to have 16.848% voting rights in Jiankun, had written to the property and construction group’s board yesterday, requesting the removal of the four directors.
The four are Jiankun executive vice-chairman Datuk Donald Lim Siang Chai, executive director Edwin Silvester Das, and independent non-executive directors Kamil Abdul Rahman and Chan Fook Mun.
Cita Realiti, in its notice, also stated that it intends to appoint five new directors in Jiankun, but did not specify the reasons for the plan.
Cita Realiti today again did not state any reason for its withdrawal of the proposal, according to Jiankun.
"The board of directors of Jiankun International stated that the turmoil in the teacup is over and the company will focus on the new investment plan to ensure that the plan to enter the nitrile latex manufacturing process can be successfully implemented," Jiankun said in a press statement today.
Jiankun yesterday also announced that it is venturing into nitrile latex production business. It inked a Memorandum of Understanding with Chuanplus Industries Sdn Bhd to invest RM50 million to produce nitrile rubber. Chuanplus is a nitrile rubber producer based in Nilai, Negeri Sembilan.
Also yesterday, as part of a series of boardroom changes, Jiankun announced the appointment of former attorney-general Tan Sri Mohamed Apandi Ali as its independent and non-executive chairman with immediate effect.
Apandi replaced Lim, who has been redesignated as the executive vice chairman. Lim was formerly the Deputy Finance Minister.
Meanwhile, Jiankun also announced that its executive directors Foong Kah Heng, 57, and Lee Leong Kui, 43, together with independent and non-executive director Fathi Ridzuan Ahmad Fauzi, 55, have all resigned from their positions due to “personal commitments”.
Due to the boardroom tussle, shares of Jiankun today dropped 12 sen or 16.79% to close at 57 sen, with a market capitalisation of RM95.34 million.
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Posted by CUTLOST > 2020-12-23 16:09 | Report Abuse
Tmr sapu below 50cts