Panpages CEO, director resign after AGM shock

PETALING JAYA: Panpages Bhd CEO Fong Wai Leong and independent director Wong Mun Wai resigned, citing personal reasons, after shareholders delivered a shock at the company’s AGM yesterday by voting against five of the seven ordinary resolutions tabled, including one on directors’ fees.

Trading in the company’s shares was halted for more than two hours pending the announcement of the outcome of the AGM before morning trade ended.

“All the ordinary resolutions were lost except for the ordinary resolutions 4 and 5 in respect to the re-election of Yap Chor How and Yeap Weng Hong as directors of the company, respectively, which were carried,” Panpages said in a stock exchange filing.

The voting results were validated by independent scrutineer IA Essential Sdn Bhd.

Voting results revealed that 99.37% of shareholders rejected the five resolutions, which were to approve the payment of directors’ fees of up to RM240,000 for their services from Sept 13, 2018 until the next AGM; to re-elect directors Tengku Farith Rithauddeen and Yap Kien Ming, to appoint Messrs Grant Thornton Malaysia as auditors of the company and to authorise the directors to determine their remuneration; as well as to give directors the authority to allot shares in the company.

The moves leave Panpages’ remuneration committee vacant. It has committed to filing it within three months.

“The board is not aware of any matters that need to be brought to the attention of the shareholders of the company.”