Latest news with #PeterLabsHoldingsBhd
Malaysian Reserve
29-05-2025
- Business
- Malaysian Reserve
PeterLabs files lawsuit to block shareholder-led EGM amid boardroom dispute
PeterLabs Holdings Bhd has filed a lawsuit to block an EGM requisitioned by non-independent non-ED Lin Ching Yein and substantial shareholder Bu Yaw Seng. The EGM seeks to remove existing directors and appoint new board members. In a filing with Bursa Malaysia, PeterLabs said the board, after obtaining legal advice, is of the view that 'the resolutions proposed by Bu and Lin if passed, would not be in the interest of PeterLabs,' and therefore 'has decided not to convene the EGM as requested.' The company has commenced legal proceedings in the Seremban High Court seeking 'a declaration that the notice of requisition dated May 15, 2025 issued by Bu and Lin is invalid.' PeterLabs is also applying for an interlocutory injunction to restrain Bu and Lin from proceeding with the EGM pending the court's final decision. This legal action follows earlier moves by PeterLabs and its subsidiary Thye On Tong Trading Sdn Bhd against Lin, as well as the suspension of ED Datuk Loh Saw Foong over alleged breaches of fiduciary duty. — TMR
New Straits Times
29-05-2025
- Business
- New Straits Times
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.
New Straits Times
29-05-2025
- Business
- New Straits Times
PeterLabs shares jump 43pct to fresh high amid director misconduct probe
KUALA LUMPUR: PeterLabs Holdings Bhd surged 11.69 per cent to a fresh all-time high of 43 sen, extending a rally that began last month amid a widening probe into alleged misconduct involving its directors. The counter opened lower at 37 sen, down 3.90 per cent from Wednesday's close of 38.5 sen, before rebounding sharply to a morning high of 55 sen, up nearly 43 per cent. As at press time, 4.42 million shares had changed hands. Yesterday, PeterLabs announced that the company and its subsidiary Thye On Tong Trading Sdn Bhd had initiated legal proceedings against its suspended executive director Datuk Loh Saw Foong and another director Datin Lin Ching Yein. This follows earlier disclosures made on May 13 and May 26, 2025, regarding Loh's suspension. The group is seeking various declaratory reliefs and damages as part of the legal action. PeterLabs' share price rally began on April 8, when the stock was trading at 18.5 sen. At its current price, the stock has gained 132.43 per cent in just over seven weeks. On April 21, the stock jumped to 29.5 sen, with trading volume spiking to 22.87 million shares, the highest in at least two years. This followed a raid by the Malaysian Anti-Corruption Commission (MACC) on PeterLabs' offices as part of an investigation into alleged misconduct involving Loh and Lin. PeterLabs logged its previous all-time high of 37 sen per share on April 5, 2019. The group, which manufactures and distributes animal health and nutrition products, has yet to detail the potential operational impact of the legal developments. For the fourth quarter ended Dec 31, 2024, PeterLabs' net profit fell 9.5 per cent to RM667,000 from RM737,000 a year earlier, on higher administrative and distribution costs. The group said the decline was largely due to lower operating profit, which dropped 59.7 per cent year-on-year to RM631,000, despite relatively stable revenue. Revenue for the quarter slipped 2.0 per cent to RM45.37 million from RM46.29 million previously, mainly due to weaker sales from the trading segment, which recorded a pre-tax loss of RM162,000. For the full financial year, PeterLabs posted a net profit of RM2.84 million, down 17.5 per cent from RM3.45 million in 2023, while revenue dropped 5.5 per cent to RM176.03 million from RM186.21 million. The group has changed its financial year end from Dec 31 to June 30, with the next reporting period covering 18 months from Jan 1, 2024, to June 30, 2025.
New Straits Times
13-05-2025
- Business
- New Straits Times
PeterLabs suspends executive director for two weeks pending internal probe
KUALA LUMPUR: PeterLabs Holdings Bhd has suspended its executive director Datuk Loh Saw Foong effective May 13 for two weeks pending an internal investigation. In a filing with Bursa Malaysia, the company said Loh is also the general manager of PeterLabs' subsidiary Thye On Tong Trading Sdn Bhd. It said the suspension is a precautionary measure to facilitate a thorough review into allegations of misconduct in breach of the company's policies. "Loh's suspension will have no impact on the financials and operations of the company. "During the period of his suspension, the company and Thye On Tong Trading Sdn Bhd will continue the business as usual and our group managing director Lim Tong Seng will temporarily assume the duties and functions of Loh," it said. PeterLabs is involved in the manufacturing, distribution, export and trading of animal health and nutrition products. For its financial year ended Dec 31, 2024 (FY24), the company logged a net profit of RM2.84 million, down from RM3.45 million in FY23. Its share price closed half a sen or 1.56 per cent lower today at 32 sen, valuing the company at RM86.69 million.
