KUALA LUMPUR: Focus Dynamics Technologies Bhd's shares were actively traded for the fourth consecutive trading day, after two of its shareholders requested a special shareholders meeting to remove the company's chairman.
Punters chased the stock, betting that a proxy fight for control of the company was brewing.
The stock rose 2 sen to 13 sen on heavy volume. It was among the most actively-traded stocks yesterday.
This was also the second day running, where more than 30 million shares traded. Focus was trading at 8.5 sen at the end of last month.
Last Friday, shareholders Lean Mun Huat and Lee Fong Peng, who own not less than 10 per cent of Focus Dynamics, had written in seeking an extraordinary shareholders' meeting to remove chairman Datuk Manan Md Said from the board.
The duo are also seeking a board position for Lean and that from any party appointed to the board from October 24 onwards to be removed from their positions.
Lean emerged as a substantial Focus shareholder early this month by buying 18 million shares from the open market and has a 6.17 per cent stake in the loss-making electric products maker.
Manan is not a substantial Focus stakeholder, with a filing to the stock exchange on June this year showing that he only owns 2,000 shares.
In August this year, Lai Soon Yip quit as non-executive director, and in the following month, as chairman of the audit commitee.
Tan Aik Heang replaced Lai as audit commitee chairman.
In December last year, Kee Twuan Tee had quit as chief executive of the company.
Punters chased the stock, betting that a proxy fight for control of the company was brewing.
The stock rose 2 sen to 13 sen on heavy volume. It was among the most actively-traded stocks yesterday.
This was also the second day running, where more than 30 million shares traded. Focus was trading at 8.5 sen at the end of last month.
Last Friday, shareholders Lean Mun Huat and Lee Fong Peng, who own not less than 10 per cent of Focus Dynamics, had written in seeking an extraordinary shareholders' meeting to remove chairman Datuk Manan Md Said from the board.
The duo are also seeking a board position for Lean and that from any party appointed to the board from October 24 onwards to be removed from their positions.
Lean emerged as a substantial Focus shareholder early this month by buying 18 million shares from the open market and has a 6.17 per cent stake in the loss-making electric products maker.
Manan is not a substantial Focus stakeholder, with a filing to the stock exchange on June this year showing that he only owns 2,000 shares.
In August this year, Lai Soon Yip quit as non-executive director, and in the following month, as chairman of the audit commitee.
Tan Aik Heang replaced Lai as audit commitee chairman.
In December last year, Kee Twuan Tee had quit as chief executive of the company.
