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KUALA LUMPUR (June 23): Talam Transform Bhd (KL:TALAMT) said the High Court on Monday approved the holding of an extraordinary general meeting (EGM) sought by a group of shareholders seeking to remove the company's board while imposing restrictions to preserve the status quo pending the meeting.
In a Bursa Malaysia filing, the property developer said both parties agreed to court-ordered terms regulating the convening and conduct of the EGM on July 10, after hearing competing injunction applications.
Under the order, Talam Transform's directors are restrained from appointing any additional directors or altering the composition of the board before the EGM. The board is also barred from issuing, converting or dealing with any shares that could affect shareholders' voting rights or influence the outcome of the meeting.
The court also directed the company to provide the electronic record of depositors, mailing labels and related shareholder information to the plaintiffs' solicitors. The chairman of the EGM is to be appointed in accordance with the company's constitution while two representatives appointed by Talam Transform will be allowed to observe and scrutinise the polling process and access the ballots.
The latest development stems from an ongoing dispute between Talam Transform and three shareholders — Ang Lam Poah (who is also the CEO of Jaks Resources Bhd), Loo Leong Fatt and Loo Foong Luan — who are seeking to remove the company's existing board and appoint new directors.
Together with M&A Nominee (Tempatan) Sdn Bhd, the trio had issued a notice to convene an EGM under the Companies Act 2016, claiming to hold a combined shareholding of not less than 10% of Talam Transform's paid-up share capital.
Earlier this month, Ang, Leong Fatt and Foong Luan filed a lawsuit against Talam Transform and its directors, seeking to restrain them from taking actions that could affect the outcome of the EGM. In response, the company filed a defence and counterclaim, contending that the EGM notice was invalid and seeking damages while also applying for an injunction to restrain the meeting or obtain court directions on its conduct.
The shareholder move marks a second attempt to challenge the board in recent months. In December last year, the same group requisitioned an EGM to appoint a forensic auditor, but shareholders overwhelmingly rejected all resolutions relating to the appointment of an auditor and audit firm at a meeting held on May 14.
Leong Fatt emerged as a substantial shareholder in Talam Transform after acquiring 134.99 million shares through a private placement in August 2025. He currently controls 143.01 million shares, equivalent to a 4.457% direct stake and an 8.164% indirect stake in the group.
Talam Transform's largest shareholder is non-independent non-executive director Puan Sri Thong Nyok Choo, who held a 17.51% direct stake and a 4.94% indirect stake as at end-January. She is the widow of the late Talam founder Tan Sri Chan Ah Chye @ Chan Chong Yoon.
The court has fixed July 29 for the next case management to provide further directions on the main action and counterclaim.
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