PeterLabs seeks court order to halt EGM aimed at board shake-up
KUALA LUMPUR: PeterLabs Holdings Bhd has filed a lawsuit against its non-independent non-executive director Datin Lin Ching Yein and substantial shareholder Bu Yaw Seng, amid an intensifying boardroom tussle.
In a filing with Bursa Malaysia, the company said the legal action is intended to block their bid to call for an extraordinary general meeting (EGM), which seeks to remove existing board members and appoint new ones.
PeterLabs said it has commenced legal proceedings in the Seremban High Court to declare the May 15 requisition notice invalid, arguing that it is not in the best interest of the company.
It has also filed for an interlocutory injunction to restrain Bu and Lin from convening or conducting the proposed EGM, pending a final court ruling.
The requisition was submitted under the Companies Act 2016, accompanied by special resolutions to alter the composition of the board.
The group said its board, after obtaining legal advice, resolved not to convene the EGM, stating the proposed resolutions were not aligned with the interests of the company or its stakeholders.
Yesterday, PeterLabs announced that the group and its subsidiary Thye On Tong Trading Sdn Bhd had initiated legal proceedings against Lin and suspended executive director Datuk Loh Saw Foong.
This follows earlier disclosures made on May 13 and May 26, 2025, regarding Loh's suspension over alleged breaches of fiduciary duty. The group is seeking various declaratory reliefs and damages as part of the legal action.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
31 minutes ago
- New Straits Times
Tariff, policy risks set to weigh on market in 2H25
KUALA LUMPUR: Market sentiment is expected to remain fragile heading into the second half of the year, as investors brace for a combination of external tariff risks and domestic policy shifts that could weigh on earnings and consumption. In its strategy note, CIMB Securities flagged several looming challenges that may limit upside for equities, despite supportive valuations and ample market liquidity. Chief among them is the scheduled end of the US 90-day tariff reprieve on July 9, which could see the reinstatement of elevated reciprocal tariffs between the world's two largest economies. "This adds another layer of trade friction to an already cautious global backdrop," the firm said. On the local front, investors are anticipating potential adjustments to the RON95 fuel subsidy, a move that could raise transport and logistics costs for businesses, while straining household budgets. CIMB Securities also cited the possible implementation of a higher sales and service tax and an expected increase in electricity tariffs in the second half of 2025. "Together, these measures could contribute to inflationary pressures and squeeze corporate margins," it said. "These headwinds may erode near-term earnings visibility and investor risk appetite, even as Bursa Malaysia trades at an undemanding 12.7 times forward price-to-earnings and offers a 4.2 per cent dividend yield." While acknowledging that policy reforms are necessary for long-term fiscal consolidation and subsidy rationalisation, it said the timing and communication of such measures would be critical to avoid unsettling investors. Still, the firm noted that downside risks may be partially cushioned by strong domestic liquidity and a strengthening ringgit. Additional support could come from long-term structural initiatives such as the National Energy Transition Roadmap, the Johor-Singapore Special Economic Zone, and the New Industrial Master Plan 2030.
Barnama
44 minutes ago
- Barnama
FBM KLCI Futures Likely To Experience Volatile Week Amid Market Uncertainty
KUALA LUMPUR, May 31 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract on Bursa Malaysia Derivatives is likely to track the performance of the underlying cash market, which is expected to experience volatile trading next week amid ongoing market uncertainty. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan noted that Bursa Malaysia will face a shortened four-day trading week next week due to the extended weekend, which may lead to lighter trading activity and heightened market fluctuations. He advised investors to stay alert, maintain diversified portfolios, and be ready for occasional periods of volatility as uncertainty continues to influence market dynamics.
New Straits Times
an hour ago
- New Straits Times
Blue chips face slower earnings growth after disappointing Q1 results
KUALA LUMPUR: Bursa Malaysia's blue chips are projected to deliver lower earnings growth this year after a disappointing first quarter of 2025 (1Q25) across key sectors, according to CIMB Securities. The firm has cut its full-year earnings growth forecast for these stocks to 3.4 per cent from 9.3 per cent, citing widespread 1Q25 results that fell short of expectations. It said the 1Q25 earnings surprise ratio plunged to 0.24 times, the lowest in over a year, reflecting broad-based underperformance across sectors including oil and gas, consumer, technology and banking. The earnings surprise ratio measures the number of companies that exceeded expectations relative to those that missed. Only seven per cent of companies under CIMB Securities' coverage beat expectations in the quarter, while 29 per cent missed. "We are negative on the 1Q25 earnings season as disappointments were widespread, and upside drivers remain limited in the near term," it said in a strategy note titled 'A disappointing start to 2025'. The firm also lowered its end-2025 FTSE Bursa Malaysia KLCI target to 1,560 points from 1,657, based on an unchanged forward price-to-earnings multiple of 14.7 times. Earnings downgrades were led by banks, Sime Darby Bhd and Petronas Chemicals Group Bhd. Weak sales, foreign exchange losses, margin compression and one-off dilution from Chinese associates were among the key contributors to the weaker results. Among the 30 blue-chip stocks that make up the benchmark index, 17 per cent reported earnings below expectations, the firm said. CIMB Securities also downgraded its sector calls on oil and gas and plantations to "Neutral" from "Overweight", citing a lack of near-term catalysts and subdued earnings visibility. The firm said tariff uncertainty and domestic policy shifts are expected to further weigh on market sentiment in the coming quarter. Risks highlighted include the potential end of the US 90-day tariff reprieve on July 9, possible adjustments to RON95 fuel subsidies and the sales and service tax, as well as higher electricity tariffs expected in the second half of the year. Despite the weak earnings momentum, the firm identified pockets of opportunity in defensive names and stocks with clear catalysts. Its revised large-cap top picks include CelcomDigi Bhd, Gamuda Bhd, Public Bank Bhd, RHB Bank Bhd, Tenaga Nasional Bhd, Maxis Bhd, IOI Corporation Bhd, IJM Corporation Bhd and 99 Speed Mart Retail Holdings Bhd. For the small- to mid-cap segment, the firm's top picks are Axis REIT, Farm Fresh Bhd, Mah Sing Group Bhd, Malaysian Resources Corporation Bhd and KJTS Group Bhd.
