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Glovely Bhd is a public company incorporated in early 2021 to venture into the manufacturing of disposable rubber gloves, driven by the surging demands for

Glovely Bhd is a public company incorporated in early 2021 to venture into the manufacturing of disposable rubber gloves, driven by the surging demands for the products due to the COVID-19 pandemic. However, this year, the shares of the company has dropped by more than 50% as the global demand for disposable gloves eases following the roll out of the COVID-19 vaccinations worldwide. The average selling price of the disposable gloves is expected to continue to decline due to the emergence of other competitors in the market. The company also faces shortage of labour and raw materials for gloves production. Due to these, the shareholders of the company are mulling the idea of winding up the company even though it is still solvent. Rahmat, a member of the company seeks your advice on whether the company may undergo a voluntary wind up and the necessary procedures for that purpose. Advise Rahmat with reference to the relevant provisions under the Companies Act 2016

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