09 March 2018
MSWG’S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS
MULTI-USAGE HOLDINGS BERHAD (“MUH”)
MUH has given a notice dated 5 March 2018 that its adjourned 25th Annual General Meeting will be held on 12 March 2018.
[Source: MUH’s announcement on Bursa Malaysia’s website on 2 March 2018]
The notice period for the adjourned AGM is only 7 days. This does not seem to be in compliance with Section 318 read in conjunction with 316(2)(a) of the Companies Act 2016 which states that the notice period for an AGM which is adjourned for thirty days or more should be at least 21 days.
It is imperative for the Board to explain to the shareholders the reasons for giving only 7 days for the Adjourned AGM. In the meantime, we hope the relevant regulators would look into this matter to ensure that no rules have been breached at the expense of shareholders.
We also noted that again the company is holding its Adjourned AGM at AVANI Sepang Goldcoast Resort despite we highlighted at the last AGM held on 29 December 2017 that the board should facilitate shareholder participation by conducting AGMs at a location that is conducive for shareholders to attend. The board, then, stated that it will take note of our comments.
In our opinion, AVANI Sepang Goldcoast Resort, Kg. Bagan Lalang, Sungai Pelek, Selangor is not a location that encourages shareholder participation.
MSWG representatives will be attending the proposed (adjourned) AGM to seek clarification from the board on the 7-day notice period and to monitor the conduct of the proposed (adjourned) AGM.
MSWG’S AGM WEEKLY WATCH 12 – 16 MARCH 2018
For this week, the following are the AGMs/EGMs of companies which are in the Minority Shareholder Watchdog Group’s (MSWG) watch list.
The summary of points of interest is highlighted here, while the details of the questions to the companies can be obtained via MSWG’s website at www.mswg.org.my.
Date & Time
Multi-Usage Holdings Bhd
AVANI Sepang Goldcoast Resort, Kg. Bagan Lalang, Sungai Pelek, Selangor
Hartalega Holdings Bhd
Sime Darby Convention Centre, No. 1A, Jalan Bukit Kiara 1, KL
ATTA Global Group Bhd
ATTA Global Group Berhad, Prai Industrial Estate, Prai, Pulau Pinang
The points of interest to be raised:
Points/Issues to Be Raised
ATTA Global Group Bhd (EGM)
1) The proposed diversification will mark the Company’s 1st foray into property development. Could the Board share on the following:
• the property market segment and type of development that it will focus on;
• the risks involved and how it intends to address them;
• how it intends to build the expertise required internally or externally; and
• how it intends to increase its landbank in the future and the funding required
2) The mixed development project located at the southern part of George Town City Centre, known as Bukit Kecil, Sungai Nibong will take place on a 2,918 sq. mt. piece of land with an estimated Gross Development Value and Gross Development Cost of RM72.3 million and RM55.8 million respectively.
(i) What is the market value of the land? Has there been any valuation exercise carried out recently?
(ii) What would be the targeted average selling price for the condominium and office units?
3) On page 5 of the Circular, it was stated that ATTA’s financial commitment for the property development project would be up to a maximum of RM12.1 million. It was also stated on page 6 of the Circular that the total purchase price for the 10 units of bungalows is RM10 million. Both would be funded by internally generated funds and/or bank borrowings.
Would this diversification exercise have any negative impact on the Company’s cashflow requirement for its metal scrap business which requires huge cash outlay to procure raw material?
MULTI SPORTS HOLDINGS LIMITED (“MSPORTS”)
The Board of Directors of MSPORTS (“the Board”) announced that the Company had on 21 February 2018 and 2 March 2018, submitted a request to Bursa Malaysia for further extension of time up to 11 April 2018 to allow the Company to issue all the outstanding financial reports i.e. the unaudited quarterly results for the quarter ended 30 June 2016, 30 September 2016, 31 December 2016, 31 March 2017, 30 June 2017, 30 September 2017, 31 December 2017 and the Annual Report that includes the audited financial statement for the financial year ended 31 December 2016, as it was unable to meet the submission deadline of 28 February 2018.
[Source: MSPORTS’s announcement on Bursa Malaysia’s website on 2 March 2018]
LOCAL NEWS AND DEVELOPMENTS
Fernandes not resigning, says AirAsia
Malaysia's trade exports grow 17.9% to RM82b
CPI up 2.7% in January
Malaysia February Nikkei Manufacturing PMI dips to 49.9
Maxis appoints Robert Nason as interim CEO
Malaysia Airlines stays on recovery path
US tariff on steel, aluminium imports will impact Malaysia
AOB Reprimands Two Auditors for Breaching Auditing Standards
Daya Materials share price nearly halves on PN17 status even as it bags RM104m contract
Star demands JAKS complete Tower A by June
ECRL making remarkable progress in just 13 months, says MRL CEO Darwis
EU trade commissioner: No sanctions on palm oil yet
Tycoon Ananda Krishnan's firm to lose US$7 billion on Aircel foray
Takeover offer for OldTown fair and reasonable
Lion Diversified accepts RM9.9m compensation for land acquisition under protest
Berjaya Sports Toto's Philippine unit to appeal against tribunal's ruling
Bogus Remisier Jailed One Year and Fined RM2 million For Securities Fraud
Malaysia Feb palm oil stockpiles forecast to fall to four-month low
GLOBAL NEWS AND DEVELOPMENTS
China sets GDP at about 6.5pct, omitting aim to go higher
China cuts budget deficit ratio for first time since 2012
US inflation picks up; weekly jobless claims at 48-year low
Trump vows Mexico, Canada steel tariffs without ‘fair’ NAFTA deal
China says to ‘take necessary measures’ if US harms trade
India raises import tax on palm oil to 44%, highest in a decade
UK consumer spending seen slowing this year
China looking forward to concluding RCEP
World's best performing macro hedge fund lost 16% last month
Japan is growing but wages have barely budged. Why?
BOJ must avoid premature exit from easy policy, says deputy governor nominee
Whatever happened to Australia’s 2018 interest-rate hike?
Lya Rahman, General Manager, [email protected]
Rebecca Yap, Head, Corporate Monitoring, [email protected]
Quah Ban Aik, Head, Corporate Monitoring, [email protected]
Norhisam Sidek, Manager, Corporate Monitoring, [email protected]
Wong Kin Wing, Manager, Corporate Monitoring, [email protected]
Hoo Ley Beng, Manager, Corporate Monitoring, [email protected]
Abdul Halim Alias, Manager, Corporate Monitoring, [email protected]
Mustaqim Yusof, Analyst, Corporate Services, [email protected]
Muhammad Faris bin Mohamed Yusof, Analyst, Corporate Monitoring [email protected]
DISCLOSURE OF INTERESTS
• With regard to the companies mentioned, MSWG holds a minimum number of shares in all these companies covered in this newsletter.
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