News Room - Business/Economics

In an about turn. Lysaght Galvanized Steel Bhd has decided to accept the notices of nomination for election as directors from two shareholders.

“Accordingly the persons being nominated in the notices will be eligible for consideration for election as directors and their nominations will be tabled at the forthcoming 36th AGM to be held on June 22,” the steel product manufacturer told Bursa Malaysia on Monday.

Last Thursday, Lysaght had announced that its board of directors had deliberated and, taking into consideration a legal opinion which has expressed that the notices submitted by the two shareholders were not valid, rejected the two notices. The board’s decision was arrived at after a vote with three directors voting in favour, two directors against and two directors abstaining.

However, it had an “emergency special board of directors” meeting on Monday (earlier today) at the request of two directors where the board had deliberated further.

“The board wishes to announce that following deliberation and taking into consideration two further legal opinions obtained by Mr Cheam Low Soo and Ms Chew Meu Jong from two separate legal firms on behalf of the company and the board, the board has decided to accept the said notices,” it said, adding that both legal firms said the notices lodged were valid and in order.

This time the board’s decision was arrived at after a vote taken with five directors voting in favour, one Director against and another director abstaining.

“The company will be despatching an explanatory letter to shareholders together with a copy of the two notices lodged to all shareholders in due course,” it said.

So far, it is not known who are these two being nominated as directors for the AGM to be held in a week’s time.

Last year Lysaght shareholders voted out two of its directors, Yusuf Jamil and Lim Iee Kuan, the wife of the late Chew Kar Heing who founded the company. Chew passed away early last year.

Lysaght shares fell 12 sen to RM3.70 on Monday.