KUALA LUMPUR: The shareholders who called for the extraordinary general meeting (EGM) of Jentayu Sustainables Bhd’s (JSB) have issued a memorandum to shareholders to explain the circumstances that led to the cancellation of the EGM and to clarify several key matters that, they say, contributed to the uncertainty surrounding the meeting process.

The memorandum, signed by all convening shareholders, was issued to provide shareholders with a clearer understanding of the events leading to the cancellation of the EGM.

It also seeks to shed light on issues affecting shareholder rights and corporate governance.

In the memorandum, the convening shareholders responded to several allegations made by JSB regarding the EGM notice, including the claim that one of them had not authorised it.

They described these claims as untrue.

However, rather than becoming entangled in lengthy court proceedings that could arise from the dispute, the convening shareholders decided to call off the EGM and focus instead on a more practical and constructive path forward.

The memorandum also pointed out that the absence of a general meeting record of depositors (GMROD) as of Feb 20, 2026, would create uncertainty over who was eligible to attend and vote at the meeting.

Proceeding under such circumstances, they said, could raise questions about the EGM’s validity and usefulness.

It further noted that the board’s announcement advising shareholders not to attend the EGM would have limited shareholders’ ability to obtain direct responses to the issues raised in the notice—something the convening shareholders believe is essential for meaningful engagement.

The shareholders clarified that concerns over the validity of the EGM notice, including matters relating to shareholding thresholds, are largely technical and could be addressed by reissuing the notice if required.

Speaking on behalf of the group, Vong Chee Kian said the memorandum was prepared to give shareholders a clear and factual account of what transpired.

He said its purpose was to explain why the EGM did not proceed and to clarify the key issues that arose during the process, adding that their priority remains to ensure JSB acts in the best interests of all shareholders through transparency, sound governance, and a constructive way forward.

The convening shareholders said the memorandum was intended to give shareholders a fuller understanding of the circumstances behind the cancellation while encouraging all parties to seek a practical resolution that upholds accountability and shareholder rights.

It concluded with a call for the board to take the necessary steps and make the appropriate announcements to address the concerns raised, in the interest of all shareholders.

JSB has received a copy of the memorandum from its appointed solicitors, Messrs Kennie Ang & Co, for the purposes of announcement.

The EGM was originally called in response to shareholder concerns over governance and financial matters within the company.

Subsequent developments, including differing views on the procedural and administrative aspects of the EGM, created uncertainty about how the meeting would be conducted.

The memorandum was issued to provide shareholders with clarity and context on why the EGM was ultimately cancelled.

 The Sun Malaysia