NWP minority shareholders should actively defend their rights/frontline checks May 31, 2021
The term “turbulence” is suitable to describe the current turmoil of NWP Holdings (NWP). Recently, the board of directors of this timber manufacturing and trading company is facing a new round of challenges from shareholders.Read More
On April 15, 2021, two shareholders, Datuk Mak Hanliang and Chen Weide (both names are transliterated) claimed to hold more than 10% of the NWP equity, and therefore requested the company to convene an extraordinary general meeting to seek approval of 11 proposals, including the appointment of 3 New directors (including two applicants) and the removal of 7 current directors. According to a statement from the exchange, the mega will be held in a virtual meeting on May 19, 2021. At the time of writing, NWP had not yet made an announcement to replace any directors based on the mega-results. This shows that the company does not accept the huge result.
In another statement filed with the exchange, the board of directors of NWP questioned the validity of the mega, and emphasized that the notice of mega was invalid.
On May 24, NWP announced that the extended mega-large will be held on June 11, 2021, in the form of a virtual meeting. However, the applicant emphasized that the results of the May 19 meeting are valid and should be recognized.
