KUALA LUMPUR (May 15): Loss-making Wintoni Group Bhd has received a requisition from two shareholders of the company to convene an extraordinary general meeting (EGM) seeking to replace three board members.

According to the special notice, Cheah Kwong Lee (who holds a substantial 10.17% stake in Wintoni) and Chan Chong Loong expressed their intention to remove three directors, namely its non-executive chairman Datuk Seri Mohd Shariff Omar and executive directors — Ahmad Amryn Abdul Malik and Raja Kamarudin Raja Adnan.

They are requesting to appoint three new ones in their place, namely Cheah himself, as well as Chong Seng Foo and Wong Mei Thien.

In a filing with Bursa Malaysia today, Wintoni said in the event that the company fails to do so within 14 days of the date of the requisition, then both Cheah and Chan will proceed to convene such a meeting.

For the financial year ended Dec 31, 2015 (FY15), the ACE Market-listed group suffered a loss of RM56.91 million against a profit of RM4.41 million in FY14. The substantial loss suffered was mainly due to writing off of assets which no longer appear to be usable and unable to generate any economic benefit for the group.

Revenue for FY15 dropped to RM5.4 million from RM25.36 million in FY14.

Trading in Wintoni securities has been suspended since May 9 after it failed to submit its annual report for FY16 within the April 30 deadline. It last traded at four sen, bringing it a market capitalisation of RM17.96 million.