KUALA LUMPUR – Hasrat Budi Sdn Bhd said its legal action against apparent MySejahtera app licence holder MySJ Sdn Bhd was to pursue contractual rights as stated in the shareholders’ agreement between the two.
In a Bursa Malaysia filing by EcoWorld Development Group Bhd dated yesterday, Hasrat Budi has a 10% stake in MySJ and is entitled to one board seat in the company.
EcoWorld Development Group also confirmed that Hasrat Budi has recently exercised its put option to recover its investment and funding costs under the shareholders’ agreement that requires Entomo Malaysia Sdn Bhd and MySJ director Raveenderen Ramamoothie to purchase Hasrat Budi’s existing 10% stake in MySJ.
“However, as an investor, HBSB is not involved in the management or day-to-day operations of MySJ.
“We refer to the article titled MySJ shareholder seeks removal of Shahril Shamsuddin, Anuar Rozhan as directors published in The Edge CEO Morning Brief on 5 April 2022.
“The company confirms that Hasrat Budi Sdn Bhd, a wholly-owned subsidiary of the company, has filed an originating summons seeking the removal of Tan Sri Shahril Shamsuddin and Anuar Rozhan as directors of MySJ Sdn Bhd as reported in the said article.”
Registered on August 23, 2021, Hasrat Budi is one of four MySJ’s shareholders, holding on to 3.56 million of the company’s 35.5 million shares.
It recently filed a suit against MySejahtera developers Entomo Malaysia, MySJ and several others over a dispute related to a share sale agreement.
MySJ’s other shareholders are minority stakeholder P2 Asset Management Sdn Bhd, which earlier filed a similar suit against the other MySJ’s shareholders, majority stakeholder Revolusi Asia Sdn Bhd and Ganesan Shanmugam with a 1.4% stake in the company. – The Vibes, April 6, 2022
