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Caely founder withdraws suit against company and former directors

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KUALA LUMPUR: Caely Holdings Bhd founder and former non-executive director Datin Fong Nyok Yoon has withdrawn her suit against the company and six former directors “without liberty to file afresh and at no cost”, according to a Bursa Malaysia announcement on Wednesday (Oct 12).

No reasons were given for Fong’s withdrawal.

On April 26, Caely announced it had received an originating summons filed at the Shah Alam High Court from Fong seeking to prohibit the former directors from allotting and issuing new shares in the company through a private placement exercise pursuant to the resolution passed at Caely’s annual general meeting (AGM) held on Sept 22, 2021.

The named defendants then were former executive chairman Datuk Wira Louis Ng Chun Hau, former executive director and former chief executive officer Lim Chee Pang, former non-executive directors Lim Say Leong, Beh Hong Shien, Noor Azri Noor Azerai and Datuk Seri Mazlan Lazim, and the company.

Besides that, Fong was also seeking the cancellation of the resolution to re-designate herself from executive director to non-independent non-executive director of Caely, which was also passed at the AGM. She also wanted the resolution appointing Noor Azri on March 23 and Mazlan on March 29 as directors of Caely to be cancelled.

Fong resigned from the board on Sept 15 this year citing health issues. Noor Azri and Mazlan too resigned on April 25, a day before the suit, saying they wanted to pursue other personal opportunities.

In the suit, she also wanted the special notices issued by Ng on behalf of Caely to the directors of Classita (M) Sdn Bhd, Caely Development Sdn Bhd and Marway Industries (M) Sdn Bhd and all dated April 5 to convene an extraordinary general meeting be cancelled.

Caely shares closed 0.5 sen or 1.75% lower at 28 sen on Wednesday, bringing it a market capitalisation of RM72.31 million.

Source : The Edge Markets

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