Boardroom shake-up at Panpages

There has been a shake-up in Panpages Bhd’s boardroom, with its chairman and a director being voted out during the group’s AGM. Following the outcome of the shareholders’ meeting, the group’s CEO and another director also resigned from their posts. In a filing with the stock exchange, the group which helps customers publish business content on a number of platforms, including Alibaba’s global trade portal, said its independent and non-executive chairman Tengku Farith Rithauddeen, 47, had “vacated office” after a resolution on his re-election as director was defeated during the AGM yesterday. Independent and non-executive director Yap Kien Ming, 53, was also voted out. Later, the group’s CEO Fong Wai Leong, 49, and independent and non-executive director Wong Mun Wai, 61, resigned from their positions, citing “personal reasons”. The group said shareholders also voted against the resolution to re-appoint Messrs Grant Thornton Malaysia as auditors of the company. In the filing, the group said all the ordinary resolutions during the shareholder’s meeting were lost except for two, in respect to the re-election of directors Yap Chor How and Yeap Weng Hong. Trading in the firm’s shares was halted from 12.10pm yesterday to 2.30pm in view of the AGM outcome. At last look, its stock was traded unchanged at 22.5 sen, giving the company a market value of RM59.7mil.