02/07/2013 The Minority Interest Protection Committee has requested the board of directors to appoint eight additional directors to ensure full representation of all shareholders.
In a letter addressed to the board, committee chairperson Lau Liang Fook requested the board to appoint the eight directors to fill the casual vacancies following the resignation of six directors in June.
“We believe the appointment of the eight additional directors will further enhance the shareholders’ interest in Matang and also ensure full representation of all shareholders,” Lau said in the letter.
The committee, which claims to represent about 80% of Matang shareholders, has given the board two weeks to respond to its request.
Matang’s assets comprise mainly 1,094 hectares of oil palm plantations and cash holdings of RM25 million.
Huaren Holdings, the investment arm of the MCA, holds a 10.75% stake in Matang, while the other minority shareholders are mainly members of Johor MCA.
The developments in Matang is being watched closely as it is seen by some as a political battlefield to oust MCA president Datuk Seri Chua Soi Lek.
On June 20, Chua announced the appointment of five new Matang directors, including Sabah MCA chief Datuk Edward Khoo as chairman, following the previous Matang’s directors en masse resignation.
The previous directors resigned after the proposal to inject Matang’s assets into Scope Industries Bhd was shot down by the shareholders at an extraordinary general meeting on May 31.
The articles of association of Matang provides for the appointment of up to 19 directors.
Lau, who is the second largest shareholder, is among the eight names proposed by the Minority Interest Protection Committee.
Also proposed was another committee member, Datuk Tan Teck Poh, who is also a shareholder and the Parit Sulong MCA division chairman.
The other names proposed include Mok Chek Hou (MCA Johor Bahru division deputy chairman and former Stulang assemblyman) and Lau Kok Guan and Lim Pay Hen (both practising lawyers).
The others are Lim Yew Chian (shareholder and businessman) Sathees Jeevanathan Kolandasamy (fourth largest shareholder’s representative) and Sia Yok Tee (businessman and independent director).
In a letter addressed to the board, committee chairperson Lau Liang Fook requested the board to appoint the eight directors to fill the casual vacancies following the resignation of six directors in June.
“We believe the appointment of the eight additional directors will further enhance the shareholders’ interest in Matang and also ensure full representation of all shareholders,” Lau said in the letter.
The committee, which claims to represent about 80% of Matang shareholders, has given the board two weeks to respond to its request.
Matang’s assets comprise mainly 1,094 hectares of oil palm plantations and cash holdings of RM25 million.
Huaren Holdings, the investment arm of the MCA, holds a 10.75% stake in Matang, while the other minority shareholders are mainly members of Johor MCA.
The developments in Matang is being watched closely as it is seen by some as a political battlefield to oust MCA president Datuk Seri Chua Soi Lek.
On June 20, Chua announced the appointment of five new Matang directors, including Sabah MCA chief Datuk Edward Khoo as chairman, following the previous Matang’s directors en masse resignation.
The previous directors resigned after the proposal to inject Matang’s assets into Scope Industries Bhd was shot down by the shareholders at an extraordinary general meeting on May 31.
The articles of association of Matang provides for the appointment of up to 19 directors.
Lau, who is the second largest shareholder, is among the eight names proposed by the Minority Interest Protection Committee.
Also proposed was another committee member, Datuk Tan Teck Poh, who is also a shareholder and the Parit Sulong MCA division chairman.
The other names proposed include Mok Chek Hou (MCA Johor Bahru division deputy chairman and former Stulang assemblyman) and Lau Kok Guan and Lim Pay Hen (both practising lawyers).
The others are Lim Yew Chian (shareholder and businessman) Sathees Jeevanathan Kolandasamy (fourth largest shareholder’s representative) and Sia Yok Tee (businessman and independent director).
