SHAREHOLDERS of social media company YuuZoo Networks Group - which has been under investigation by the Commercial Affairs Department (CAD) for possible breaches of the Securities and Futures Act since 2018 - has requested the company board to call for an extraordinary general meeting (EGM) "as soon as possible", YuuZoo Shareholders Association (YSHA) announced on Monday (Jan 17).

In its letter, the YSHA called for the board meeting to get the company's trading suspension lifted, elect a new board, and restart operations. Previously named YuuZoo Corporation, the company has been under mandatory suspension since March 19, 2018.

The Singapore Exchange-listed company last requested to lift its trading halt on Oct 24, 2019, according to regulatory filings. It was YuuZoo's third such request, stating that the suspension was "unjustified and deeply damaging to YuuZoo shareholders".

The association, which is open to all share and option holders, also raised the issue of electing a new board, restarting operations, possible refinancing and changing the company name.

"In view of the travel restrictions that still are in place because of the global pandemic, YSHA wants the EGM to be held as an online event open to all shareholders," it said.

YSHA members are from Europe, USA, Australia and Asia, representing more than 1/3 of outstanding shares and options.

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