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Friday, May 30, 2014

Extol chairman, ED seek legal advice on removal (ext. Edge)

Extol MSC Bhd chairman Datuk Ahmad Ismail and executive director Mohd Faidzal Ahmad Mahidin will seek legal advice over their status on the board of Extol MSC Bhd, after four of its shareholders sought to remove them at an extraordinary general meeting (EGM) on Wednesday.

The four shareholders are Manjung Untung Sdn Bhd, Crystal Privilege Sdn Bhd, Datuk Lai Wen Shian and Datuk Lai Wen Horng, who collectively own some 10% in the ACE Market-listed company.

Extol MSC president and deputy executive chairman Mohd Badaruddin Masodi said Ahmad and Mohd Faidzal are seeking every possible legal remedy to resolve this issue amicably.

“As of now, Ahmad and Mohd Faidzal will remain as directors of the company and any appointments of new directors during and after the EGM are invalid,” Mohd Badaruddin told The Edge Financial Daily yesterday.

However, Mohd Badaruddin, Ahmad and Mohd Faidzal have been barred from entering the company’s premises since yesterday.\r\n\r\nAccording to Bloomberg data, Icon Swift Sdn Bhd has a 21.81% stake in Extol MSC, while Badaruddin and Mohd Faidzal own a 8.82% and 1.34% stake respectively....

Trading in the shares of Extol MSC was suspended yesterday, pending clarification on the outcome of its EGM. The stock was last traded at 28 sen on Wednesday.

This article first appeared in The Edge Financial Daily.

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