Shares of Artroniq Bhd fell 4.3% in early trading today after a group of shareholders applied for the removal of four directors of the company yesterday.
At 9.35am, the counter dropped two sen to 45 sen with 473,700 shares traded.
In a statement yesterday, Artroniq said four shareholders of the company asked for four directors to be replaced.
Tee Yen Chong, Yeoh Guan Fook, Lee Pei Mei and Chew Hun Seng who collectively own at least 10% stake in the company, have written a letter to Artroniq’s board of directors stating their intention to reshuffle the board during the extraordinary general meeting ( EGM) on May 17.
They want to get rid of directors Steven Wong Chin Fung, Choy Eng Lun, Tan Tian Wooi and Lam Kwan Siew to replace them with Rahimi Ramli, Andrea Huong Jia Mei, Tan Teck Khong and Chin Yew Thong.
Artroniq added that the four shareholders also demanded that every director appointed between today and the EGM be removed immediately.
