KUALA LUMPUR (March 21): Classita Holdings Bhd executive chairman Ng Keok Chai has resigned from the boards of CSH Alliance Bhd, Hong Seng Consolidated Bhd, Ingenieur Gudang Bhd and Green Packet Bhd, effective Tuesday (March 21).

In a filing on Tuesday, CSH Alliance said Ng resigned from his post as independent and non-executive director of the pottery, porcelain and ceramic wares maker “to focus on his executive chairman role at Classita (formerly known as Caely Holdings Bhd)”.

Meanwhile, Ng resigned from the independent and non-executive director position at Hong Seng Consolidated, Ingenieur Gudang and Green Packet “due to his personal matters and other work commitments”.

It is worth noting that last Friday (March 17), Ng acquired 13.86 million shares or a 4.09% stake in Classita. Prior to the purchase, he held no shares in the company.

Days prior, Ng returned to being Classita’s executive director after being redesignated to the post, from his former post of non-executive chairman. He had previously held the executive chairman post from August 2022 to February this year.

Classita is currently facing a suit from five shareholders, who collectively own 67.2 million shares or a 19.82% stake in the company.

The shareholders sought, among others, permission from the court to initiate legal action on behalf of Classita against the company’s board as well as a vendor for breach of fiduciary duties, fraud, unjust enrichment and conspiracy to injure the company in relation to its acquisitions of shares in Kepayang Heights Sdn Bhd and other related transactions.

Ng is one of the board members the shareholders wished to sue. The others are executive director Francis Leong Seng Wui, Kang Chez Chiang, Krishnan Dorairaju, Chong Seng Ming, Datuk Mior Faridalathrash Wahid, Kenny Khow Chuan Wah and Chin Boon Long, as well as Kepayang Heights and the vendor Harvest Miracle Capital Bhd.

The shareholders who initiated the suit are Datuk Seri Tee Yam, Datuk JP Low Kok Chuan, Leow Boon Kin, Zhang Jia and former executive chairwoman Datin Seri Jessie Wong Siaw Puie.

Tee Yam is the largest shareholder among the five, holding 49.38 million shares or a 14.57% stake in Classita.

Shares in Classita closed unchanged at 16.5 sen, giving the company a market capitalisation of RM54.47 million.