KUALA LUMPUR (Feb 24): Northeast Group Bhd (KL:NE) said its shareholders rejected a motion to re-elect executive director Chong Ewe Hean on Tuesday.

A group of 22 shareholders that accounted for 89% of the voting shares decided against Chong’s re-election at the company's annual general meeting. Following the rejection, Chong, 54, retired from the precision engineering firm he co-founded with managing director Ng Chay Chin.

Chong has more than three decades of industry experience and had been leading Northeast’s business development efforts including market expansion, strategy formulation, and cultivating new opportunities.

The company did not immediately respond to The Edge's request for comment.

He has a direct 3.5% stake and indirect 54% stake in Northeast through Mountain Range Sdn Bhd, a vehicle he jointly controls with Ng and other shareholders. Chong is the second-largest shareholder of Mountain Range with a 26.7% stake, according to its initial public offering prospectus in 2024.

Meanwhile, shareholders approved the remaining seven resolutions tabled at the AGM. These included the re-election of independent non-executive chairman Datuk Seri Lee Kah Choon, chief marketing director Yin Thien Hee and chief operating director Ng Chai Hee.

Shareholders also approved the payment of directors’ fees amounting to RM198,500 for the financial year ending Sept 30, 2026 (FY2026), as well as directors’ benefits of up to RM26,600.

In addition, Messrs BDO PLT were re-appointed as auditors until the conclusion of the next annual general meeting.

Shares of Northeast Group were one sen or 1.59% lower at 62 sen at Tuesday’s noon break, valuing it at RM455.16 million.