PanPages reappoints CEO, ousted directors

September 19, 2018 | By | Reply More

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PETALING JAYA: PanPages Bhd, which saw the entry of MMAG Holdings Bhd with a 26.37% stake on Wednesday, has reappointed CEO Fong Wai Leong and independent director Wong Mun Wai, as well as two other directors booted out at its AGM last week.

Fong and Wong resigned their posts last week, citing personal reasons, after an AGM shock that saw shareholders voting against paying the board of directors.

PanPages also announced that major shareholder Innofarm Sdn Bhd had sold all its holdings in the company and ceased to be a shareholder.

In separate filings on Bursa Malaysia today, the group said it reappointed Fong as group CEO and Wong as independent non-executive director, effective immediately.

Wong was also reappointed as chairman of the audit committee as well as member of the nomination and remuneration committee.

Wong first assumed the position on May 28, 2012 while Fong has been with the company since Jan 30, 2009. Both resigned last week after shareholders voted against five out of seven ordinary resolutions tabled at its AGM.

Tengku Farith Rithauddeen and Yap Kien Ming, two directors voted out by shareholders at the AGM, were also reinstated. Tengku Farith and Yap were reappointed as chairman and independent non-executive director of PanPages respectively, effective immediately.

At the AGM last week, 99.37% of Panpages’ shareholders rejected five resolutions – 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 and Yap; to appoint Messrs Grant Thornton Malaysia as auditors of the company; to authorise the directors to determine their remuneration; as well as to give directors the authority to allot shares in the company.

On Bursa Malaysia today, PanPages closed unchanged at 24 sen on volume of 153,100 shares.

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