Fresh twist to Asiaep Resources boardroom tussle

KUALA LUMPUR: The boardroom tussle at Asiaep Resources Bhd has taken a fresh twist, after the ACE Market-listed company’s substantial shareholders Tian Ee Intertrade Sdn Bhd and Datuk Dr Clement Tan Wei Loon withdrew their requisitions to remove the company’s cofounders Tan Boon Nunt and Lee Suet Hong, as well as three other directors at an EGM to be held today.

Asiaep Resources told Bursa Malaysia that it had received a letter dated April 3 from Tian Ee Intertrade and Clement regarding the issue.

Tian Ee Intertrade and Clement also withdrew their requisiton for Asiaep Resources to provide disclosure in relation to the private placement made on Oct 3, 2011 to Chinabased foreign investors and Tian Ee Intertrade of 51 million ordinary shares of 10 sen each (or a 6.37% stake in Asiaep Resources).

The letter stated that the requisitions were withdrawn due to a new development.

The EGM had been called by Tian Ee Intertrade and Clement to replace Asiaep Resources’ current directors with their nominated candidates.

A recent statement from Tian Ee Intertrade had claimed it would restructure Asiaep Resources while exploring new businesses if they succeeded in appointing their nominated directors to the board.

“The new directors will extend Asiaep to construction and lead the company out from loss and also utilise the benefit of resources from China,” said the statement.