KUALA LUMPUR (June 28): Sentoria Group Bhd (KL:SNTORIA) announced on Friday that its chief executive officer (CEO) Datuk Loh Yuen Tuck will resume his duties immediately after a one-month suspension, due to alleged misconduct.
“The board further announced that the company has decided to proceed with the inquiry and discussion internally with the affected parties to form an amicable decision or solution in the best interest of the company,” the property developer and resort operator told Bursa Malaysia.
As such, the appointment of an external inquiry team (EIT) will be “unnecessary”, said the company.
To recap, Sentoria had on May 29 informed the stock exchange that Loh would be suspended from his duties for three months, pending review by an EIT.
The inquiry covers Loh’s alleged absence from office without notice since May 17, abuse of authority, and other misrepresentation and irregularities.
Loh assumed the role of Sentoria CEO on January 12 this year.
During Loh’s suspension, his duties were overseen by the group’s joint managing directors, Datuk Chan Kong San and Gan Kim Leong, also Sentoria’s co-founders. They control the group through Sentoria Capital Sdn Bhd, holding a 35.8% stake.
In a separate filing with Bursa Malaysia, Sentoria said the company has decided not to proceed with the implementation of its proposed share consolidation and its proposed issuance of redeemable convertible bonds to raise RM150 million.
Both proposals were announced on January 18, six days after Loh was appointed Sentoria’s new CEO.
Sentoria has been loss-making since 2019. For the second quarter ended March 31, 2024, the company posted a RM15.73 million net loss on the back of revenue of RM5.16 million.
As of end-March, the company had RM3.66 million cash and bank balances, against RM439.28 million short-term borrowings. Its accumulated losses stood at RM191.65 million.
Sentoria, which has fallen 50% year-to-date, closed unchanged at 4.5 sen on Friday. This gives the Main-Market listed company a market capitalisation of RM28.03 million.
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