KUALA LUMPUR (Oct 31): Perak-based lingerie and apparel manufacturer Caely Holdings Bhd will hold its next annual general meeting (AGM) presided by its seven new directors led by its executive chairman Ng Keok Chai on Nov 28.

At the AGM, shareholders are set to deliberate on 10 resolutions including the re-election of four existing directors Francis Leong Seng Wui, Kenny Khow Chuan Wah, Datuk Pahlawan Mior Faridalathrash Wahid and Chong Seng Ming.

Shareholders will also vote on whether to pay directors' fees of up to RM435,000 and benefits of up to RM100,000 for the financial year ending June 30, 2023 until the conclusion of the company's next AGM and to authorise the directors to allot and issue new shares, as well as to re-appoint Messrs PKF PLT as auditor of the company.

A special resolution to change the company's name to Classita Holdings Bhd will also be raised at the upcoming AGM.

Since February, Caely has been embroiled in a legal case of misappropriation of funds which involves Caely’s founder and former executive director Datin Fong Nyok Yoon and her husband Datuk Alan Chuah Chin Lai as well as the group’s former board of directors.

The couple are alleged to have misappropriated RM30.55 million from Caely's wholly owned subsidiary Caely (M) Sdn Bhd through 10 questionable related-party transactions.

On Aug 29, a change in Caely's boardroom following a Kuala Lumpur High Court ruling took place, which saw the entire former board members, excluding Fong, removed. However, Fong resigned from the board on Sept 15 citing health issues. Ng, Leong, Datuk Kang Chez Chiang and Krishnan Dorairaju were appointed as the new directors. An additional three members — Khow, Chong and Mior — were appointed to the board on Sept 27.

At noon break on Monday, Caely shares closed unchanged at 29 sen, giving the company a market capitalisation of RM74.89 million.