30 seek board role at Seacera AGM

by SHAHEERA AZNAM SHAH/ pic by MUHD AMIN NAHARUL

THE tussle over Seacera Group Bhd’s control has seen 30 names proposed by various parties to vie for seats on its board at its upcoming AGM on Nov 29, 2019.

In an exchange filing yesterday, the PN17 (Practice Note 17) company stated that the collective individuals include names that have been proposed since October and are subjected for an election and re-election.

“The company wishes to confirm there are altogether 30 individuals subject to re-election and/ or election to the office of the director of the company in the AGM,” it said yesterday.

On Nov 4, its four shareholders with a collective 2.5% stake in the company — Ng Wai Yuan, Datin Sek Chian Nee, Low Swee Foong and Datuk William Tan Wei Lian — issued a notice of resolutions to be moved at the AGM, nominating six new directors to the board.

The six individuals are Rivzi Abdul Halim, Datin Ida Suzaini Abdullah, Marzuki Hussain, Tan Lee Chin, Ong Eng Taik and Ramnath R Sundaram.

The tile manufacturer and property developer’s filing on Nov 8 stated its substantial shareholder, Asiabio Capital Sdn Bhd, proposed five candidates for the election to the board of directors at the upcoming AGM.

Then, Datuk Abd Talib Bachek, a member of the company, on Nov 11 nominated Shi’aratul Akmar Sahari and himself for a position on the board.

On Nov 12, the group’s non-executive independent director Ishak Ismail proposed four candidates, while Pelaburan Mara Bhd proposed its GM Mohd Adzhar Abd Hamed as a candidate for election to the Seacera board.

A check on Bloomberg shows Seacera now has a 12-member board led by chairman Datuk Nik Ismail Nik Yusoff heading to the AGM.

The company has had a turbulent year with many seeking to have a seat or to take control of the board.

The group’s boardroom tussle, failure to provide a solvency declaration and its PN17 status since April have put Seacera under the spotlight.

In May, the group’s MD Zulkarnin Ariffin resigned a day after the High Court dismissed Seacera’s injunction application to forbid an EGM called for by its then single-largest shareholder, Datuk Tan Wei Lian.

Seacera’s share price closed seven sen or 16.67% higher at 49 sen, bringing its market capitalisation to RM235.5 million.

The stock price has more than doubled in value in the past month from 20.5 sen on Oct 14.