Harvest Court Industries Berhad is a Malaysia-based investment holding company. The Company operates in four segments: timber product manufacturing, which is engaged in kiln drying, sawmilling, manufacturing of timber doors and related products; construction, which comprises contracting in construction works and related maintenance services; property development, which is engaged in the development of residential and commercial properties, and the provision of jetty services, and investment holding and others, which is engaged in investment in shares and securities, and the provision of marketing and management services. Some of its subsidiaries include Harvest Court (M) Sdn. Bhd., Harvest Court Marketing Sdn. Bhd., Harvest Lumber Sdn. Bhd., Harvest Court Corporation Sdn. Bhd., Harvest Exporter Sdn. Bhd., Quantum Pro Sdn. Bhd., Harvest Court Properties Sdn. Bhd., Harvest Rimba Sdn. Bhd., Harvest Court Management Sdn. Bhd., Harvest Court Development Sdn.Bhd. and Harvest Nation Sdn. Bhd.
curtlee1980The Board of Directors of Harvest Court Industries Berhad (“HCIB” or “the Company”) wishes to announce the Company was informed that two Shareholders, namely Zenith City Investments Limited (“Zenith”) and Syawaras Sdn Bhd (“Syawaras”) had advertised a Notice of Extraordinary General Meeting (“EGM”) to be convened pursuant to Section 145 of the Companies Act, 1965 (“the Act”), in New Straits Times and Utusan Malaysia dated 11 July 2014.
However, the Company is of the view that no proper EGM is convened for the 8 August 2014 for the reasons stated below: -
1. Although Zenith and Syawaras have requested for the Record of Depositors (“ROD”) on 4 July 2014, the Company should have up to 21 days to response from date of receipt of their request in accordance with Section 34 of the Securities Industry (Central Depositories) Act 1991.
2. Before the Board of Directors had the opportunity to consider the request, Zenith and Syawaras had gone ahead to advertise the Notice of EGM on newspaper on 11 July 2014 and left 4,800 copies of Notice of EGM and Circular at the Company's registered office. Therefore, the Notice of the EGM had failed to be circulated to the shareholders.
The Company is of the view that an EGM convened under Section 145 of the Act is the sole responsibility of the shareholder to organize. There is no obligation on the Company to circulate the Notice of EGM on behalf of the shareholders, Zenith and Syawaras, given that the meeting requested is not requisitioned under Section 144 of the Act; and
3. In view of the current on-going litigation between the Company and Zenith, Datuk Chai Woon Chet & 32 others (collectively as “Defendants”) as the Defendants have together acted in concert to breach Section 9(1) of the Malaysian Code on Take Overs and Mergers 2010 (“the Code”) for their failure to make a mandatory general offer to the Company’s shareholders. The litigation was announced by the Company on 14 July 2014.
This announcement is made on 23 July 2014.
1starcan interested party make MGO offer to buy out Harvest? If yes, wat is the price for this hidden jewel company?
jmstarGood question. If i am not wrong there isnt any single majority in this company therefore those interested will have to accumulate from the open market. expect this Harvest to run long haul soon anytime now
1starhope another new group may consider MGO......some VVIP??