KUALA LUMPUR (June 5): Tiger Synergy Bhd said its substantial shareholder Safari Alliance Sdn Bhd's bid for an additional Independent Scrutineer for the company's upcoming virtual annual general meeting (AGM) has been dismissed with costs by the Kuala Lumpur High Court.

In a statement today, Tiger Synergy said the High Court found there was no legal basis for Safari Alliance’s application for the appointment of an additional scrutineer for the AGM to be held on June 9, and further stated that the grounds put forward do not warrant such an appointment.

The statement came after Tiger Synergy's June 1 announcement on Bursa Malaysia that Safari Alliance had filed a lawsuit against it to seek the appointment of an independent scrutineer, Fong Choong Fook of LE Global Services Sdn Bhd, for the AGM.

“The High Court also rejected Safari Alliance’s request for an order to compel the company to respond to queries furnished by them for the Virtual AGM,” Tiger Synergy said today.

“The company wishes to reassure its shareholders that there are no practical concerns for the holding of the Virtual AGM, as alleged by Safari Alliance, as the company has appointed the independent scrutineer Cygnus IT Solutions PLT to verify the poll results, and has set up the necessary platform for all shareholders to be able to participate and vote in the Virtual AGM,” the Tiger Synergy added.

On concerns about other allegations and/or statements made by Safari Alliance in its press statement, Tiger Synergy said the company has been advised by its solicitors that it is not appropriate to respond to the same by way of a press release and will address these issues if they arise during the AGM.

Yesterday, Safari Alliance director and shareholder Goh Ching Mun said since the AGM will be conducted fully virtually, Safari Alliance is concerned about the security, reliability and accuracy of the digital voting system.

“This AGM is critical to shareholders who want Tiger Synergy to turn-around and enhance its market value in a sustainable manner. We are concerned with how Tiger Synergy has been managed,” Goh said yesterday.

“The company has raised RM84 million in new share issues but has nothing to show for it, except a RM9.3 million loss for the fourth quarter of its recent financial year,” he said, adding Tiger Synergy’s 2019 annual report also showed a hidden additional loss of RM10.2 million treated as a prior year “error”.

“These are just one of the many worrying instances that call for a change in leadership, starting with the Board of Directors,” he said.  

At the AGM, shareholders will, among others, vote whether to elect Goh and five others, namely Tan Say Cheong, Leong Keng Wai, Ng Leong Teck, Azmi Bin Osman and Yeoh Lam Huat, to the board of Tiger Synergy.

Tiger Synergy shares closed half a sen or 7.69% higher at seven sen today, valuing it at RM102.53 million.

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