Sphere Corporation Sdn Bhd has formally initiated a move to remove Pensonic Holdings Bhd’s Group Chief Executive Officer and director, Dato’ Chew Chuon Jin, by requisitioning an extraordinary general meeting (EGM) and issuing a special notice to table the proposed resolutions before shareholders.
In documents submitted through RHB Nominees (Tempatan) Sdn Bhd, Sphere Corporation instructed the nominee to exercise all rights attached to its 26 million ordinary shares in Pensonic, which are held under a pledged securities account. Sphere Corporation is the beneficial owner of the shares.
The shareholder authorised RHB Nominees to requisition an EGM in accordance with the Companies Act 2016 and Pensonic’s Constitution, issue the statutory special notice, sign and serve all related documents to the company’s board, and undertake all necessary actions to convene the meeting.
Separately, Sphere Corporation also submitted a special notice requesting that three ordinary resolutions be tabled at the proposed EGM.
The first resolution seeks the removal of Dato’ Chew Chuon Jin as a director of Pensonic pursuant to Section 206 of the Companies Act 2016, with immediate effect.
The second resolution proposes that Dato’ Chew cease to hold the office of Group Chief Executive Officer immediately upon the passing of the first resolution.
The third resolution seeks to authorise Pensonic’s board of directors and company secretary to take all necessary actions to implement the resolutions and make the required statutory and regulatory filings.
The requisition and accompanying special notice represent a formal shareholder attempt to effect changes to Pensonic’s board and executive leadership through an EGM.
Under the Companies Act 2016, shareholders holding the requisite voting rights may requisition an EGM and propose resolutions, including the removal of directors, subject to the statutory procedures and timelines prescribed by law.
