Multi Sports’ major shareholder seeks to add five new directors

Scene in the factory of the subsidiary of Multi Sports Holdings Ltd in Jinjiang, China.

KUALA LUMPUR: A major shareholder of Multi Sports Holdings Ltd, a China-based shoe manufacturer whose share trading on Bursa Malaysia has been suspended since two weeks ago, has requested for an EGM seeking to appoint five new directors.

Multi Sports told the stock exchange that Paramjit Singh Gill - who, according to Bloomberg data, owns a 11.9% stake and is the company’s single biggest shareholder - nominated Kasinathan Tulasi, Naren Anand Gill, Clarence Yeow Kong Chew, Cheh Chee Mun and Guan Swee Kee to the board.

Further, the abovementioned directors are also to be added as nominees to become directors in the company’s subsidiaries, namely Pak Sing Shoe Material (H.K.) Ltd, Jinjiang Baixing Shoe Material Co Ltd, Fujian Qingte Investment Ltd, Fujian Evidoma Ltd and Quanzhou Sinte Tradind Ltd with immediate effect.

Bursa Malaysia suspended the trading of Multi Sports securities from May 10 (until further notice) due to the company’s failure to submit on time its annual report, which includes the annual audited financial statements together with the auditors’ and directors’ reports for the financial year ended Dec 31, 2015.

Two of Multi Sports’ five board members resigned last month due to personal reasons.

Multi Sports said it would make further announcements to Bursa in due course on the notice to convene a special general meeting.