iDimension stakeholders seek Board changes

KUALA LUMPUR: Some stakeholders in iDimension Consolidated Bhd  are seeking an extraordinary general meeting (EGM) for the removal and appointment of directors to its Board.

The shareholders calling for the EGM hold a combined 18.01% equity interest in the company, and are submitting resolutions to remove Tan Kian Meng and Pang Lee Fung as executive directors of the company.

Further to this, the resolutions seek to appoint Ang Beng Leong and Yap Tet Soon as new executive directors to the Board.

According to iDimension’s 2016 annual report, Pang is the co-founder of the company and was appointed to the board on Dec 20, 2010, while Tan was appointed to the board on Feb 11, 2011. Tan was also appointed chief operating officer on Feb 24, 2017.

Ang Boon Leong, who is seeking appointment to the board of directors, first came into iDimension as a substantial shareholder following iDimension’s stake purchase of online games distributor IDB Interactive Sdn Bhd in June 2014.

He was one of the vendors of the stake, and was paid with cash and stock in iDimension. According to filings, Ang currently holds a 6.06% direct stake and a 3.47% indirect stake in the company.

ACE Market-listed iDimension is involved in the development of in-house software and customised solutions as well as the distribution of online games and ICT products.

The company made its foray into online gaming via its purchase of a 20% stake in IDB Interactive in 2013. It subsequently upped its stake in the online games distributor in May 2014 and became the sole owner of the company in June 2015.

IDB Interactive has exclusive distribution rights to popular game titles from US online games publisher Valve Corp.

In the second quarter ended June 30, 2017, the group recorded a net loss of RM621,000 compared to a net loss of RM15,000 in the previous corresponding quarter, owing to “lower profit margin in the IT business segment and the high operation cost in the online games business segment”.

As at 3.25pm, the counter was trading unchanged at 6.5 sen a share on low volume.