Why Metronic called off pro­posal to oust MNC di­rec­tors

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Metronic Global Bhd yes­ter­day told Bursa Malaysia its de­ci­sion to re­con­sider its in­ten­tion to re­move di­rec­tors of MNC Wire­less Bhd was in light of the re­cent rights is­sue with free war­rants ex­er­cise car­ried out by MNC, which said the rights and war­rants are due to be listed on Nov 11, 2016.

“The com­pany wishes to an­nounce that the board of di­rec­tors had taken the com­mer­cial de­ci­sion to re­con­sider its in­ten­tion pre­vi­ously to call for an EGM for pur­poses of re­moval of di­rec­tors, in or­der to al­low the board of MNC to carry out its busi­ness ex­pan­sion plans pur­suant to the rights is­sue as an­nounced by MNC. The board may re­con­sider sim­i­lar pro­pos­als in the fu­ture in the event that it con­sid­ers ex­pe­di­ent or nec­es­sary to do so ac­cord­ingly,” it said yes­ter­day.

On Mon­day, Metronic said it was re­vok­ing an ear­lier req­ui­si­tion to call for an EGM to re­move five di­rec­tors from the MNC board, in­clud­ing CEO Tan Chor How, and ap­point­ing re­place­ments.

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