KUALA LUMPUR (Sept 17): Greenyield Bhd (KL:GREENYB) has rejected a request by a group of shareholders to convene an extraordinary general meeting (EGM) to remove the company's chief executive officer Tham Kin-On from his position.

The board of directors is of the view that the resolutions proposed in the notice of requisition dated Sept 8 are unclear and not in the best interest of the company, said Greenyield in a bourse filing on Wednesday.

The requisition was filed by seven shareholders holding a collective 51.1% stake in Greenyield, including three of Kin-On's uncles, namely Tham Chong Sing (who holds a direct 13.1% stake in the company), Tham Foo Choon (13%), and Tham Fau Sin (10.9%).

The other shareholders in the group were Chew Kee Foo (5.6%), Foong Sai Cheong (4.4%), DKIC Capital Sdn Bhd (3.5%), and Voon Sze Lin (0.6%).

The group sought to remove Kin-On from all his positions within the company and its subsidiaries, citing unsatisfactory performance and declining shareholder confidence under his leadership.

The shareholders also called for the immediate appointment of Tham Kin Wai, Tham Kinyiq and Chong Sin Hao as new directors.

Kin-On, who joined the board on Dec 20, 2016, was made the CEO on Feb 12, 2025. He is the son of non-executive chairman Tham Foo Keong, who holds a direct 17.69% stake in the company. Foo Keong also holds an indirect 7.077% held via his wife Twong Yoke Peng and Kin-On. Foo Keong, Chong Sing, Fau Sin and Foo Choon are siblings.

Greenyield, founded by the Tham family in 1937, manufactures agricultural systems, products, and services based on agro-technology. Greenyield shares last closed at 20 sen, valuing the company at RM111 million.

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