Shareholders of Smtrack want to replace three directors

PETALING JAYA: Two shareholders of SMTRACK Bhd, who collectively hold a 10.1% stake in the company, are seeking to replace three of its directors.

The loss-making company said in a filing to the stock exchange that it had received a special notice from the two shareholders last week, stating their intention to remove three directors and replace them with three other individuals.

“The board is in the midst of verifying the shareholdings of the requisitionists and will make the necessary announcements in due course,” it said.

According to the special notice, shareholders Chung Kah Haur and Queck Han Tiong who hold 5.9% and 4.2% respectively are requesting for the company to convene an EGM to pass seven resolutions.

They are seeking that Chung and two others – Kamil Abdul Rahman and Lai Mee Hong – be appointed to the board, and for Azmi Osman, Chow Hung Keey, and Tan Choo Hwa to be removed with immediate effect.

The seventh resolution requests that any person appointed as a director to “fill a casual vacancy on the board” between the period from the date of the special notice, until the holding of the EGM, is also removed with immediate effect.

“The proposed directors have given their consent to act and have declared that they are not disqualified from being appointed or holding office as a director of the company,” the notice read.

Chung and Queck, in the notice, added that if the EGM was not called within the time frame provided for under the Companies Act 2016, and/or all shareholders were not notified within 14 days, they would proceed to convene the meeting.

Smtrack, which is listed on Bursa Malaysia’s Ace Market, provides online track and trace solutions and platforms using RFID.

Its tagging solutions ensure traceability in the logistics and supply chain as well as food processing, among others.

The group narrowed its net loss to Rm1.82mil for the financial year ended July 31, 2019, from a net loss of Rm3.87mil in the preceding year.