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MSWG Weekly Newsletter 15 February 2019 (English)

15 February 2019

MSWG'S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS

PERMAJU INDUSTRIES BERHAD ("PERMAJU")

 

RESIGNATION OF AUDITORS

The Board of Directors of Permaju had on 11 February 2019 announced that the Company had on that day received a notice in writing dated 8 February 2019 (“Notice”) from Messrs. Ernst & Young (“the Auditors”) of their intention to resign as Auditors of the Company.

The reason for the resignation was due to the Company’s wish to appoint another auditor.

Save for the above, the Board of Directors informed that the Company is not aware of any other matters that need to be brought to the attention of the shareholders of Permaju.

MSWG Weekly Newsletter 25 January 2019 (English)

25.01.2019

MSWG’S WATCHLIST

SELANGOR PROPERTIES BERHAD

Part A - Circular to Shareholders in relation to Proposed Selective Capital Reduction and Repayment Exercise of Selangor Properties Berhad ("SPB") pursuant to Section 116 of the Companies Act, 2016 ("Proposed SCR") Part B - Independent Advice Letter from Mercury Securities Sdn Bhd to the Disinterested Shareholders of SPB in relation to the Proposed SCR

Recommendation by Mercury Securities Sdn Bhd:

Premised on the above and our evaluation as a whole, although the Proposed SCR is deemed not fair, we are of the view that the Proposed SCR is reasonable.

Accordingly, we recommend that the disinterested shareholders of SPB VOTE IN FAVOUR of the Special Resolution in respect of the Proposed SCR to be tabled at the forthcoming EGM.

MSWG Weekly Newsletter 18 January 2019 (English)

18.01.2019

MESSAGE FROM THE CEO

 

General meetings in Remote Locations

Multi-Usage Holdings Berhad (MUH) held its 26th Annual General Meeting on 27 December 2018 at 9 am. What is peculiar is that the AGM was held in Avani Sepang, Gold Coast Resort, Sungai Pelek, Selangor.

Now, that can be deemed as a remote location for a Penang-based company which probably has most of the shareholders in Kuala Lumpur vicinity or worse still if most are in Penang. It is highly unlikely that most of the shareholders are in the Sungai Pelek vicinity which is far from Kuala Lumpur and takes easily more than an hour to reach. Many may not have even heard about the area.

This is not the first time that General Meetings were held at that venue. In fact, the AGM last year was also held at the same venue. MSWG representatives raised the issue of ‘remote location’ and the Board stated that they would take note of it.