The 28th of June, 2023, was supposed to emerge as a pivotal crossroad in the financial narrative of Sarawak Consolidated Industries Bhd (SCIB). This date ushers in the much-anticipated Extraordinary General Meeting (EGM), which promises to significantly impact the company’s future trajectory.

At the core of this whirlwind of events is the infamous young director SCIB - Noor Azri Bin Dato’ Sri Noor Azerai, who voluntarily resigned from his own Director seat due to “unknown reason” to the public. Nevertheless, seeing the share price and financial performance of SCIB, it does not surprise me as to why he would shy away from attending the EGM.

Rewind to SCIB’s public declarations, Noor Azri was appointed on the 17th of March, 2022. This occurred when the company’s share price hovered around RM0.235 - RM0.250 range. His induction was hailed as a move set to alter SCIB’s course. Unfortunately, the promised failed to materialize, as clearly evidenced by the share price experiencing a rough slash of 20-28%, dropping to a low level of RM0.185.

Noor Azri’s tenure not only fell short of initial expectations but also brought with it allegations of potential insider trading involving another company that suffered the same fate as SCIB - Bintai Kinden Corporation Bhd (BINTAI).

However, the tide of SCIB began to turn on the fateful 13th of June, 2023.

Minority shareholders, long disenchanted with a board that under-delivered, demanded the ousting of the three directors, who had all voluntarily resigned from the board. Their collective resolve was rewarded as SCIB’s share price surged, representing a remarkable recovery of approximately RM0.435.

By no means I’m clairvoyant, and I can’t foresee the future of SCIB’s fate. But the shareholder’s spirited reactions, as mirrored in the recovering share price, underscores a renewed confidence in the prospect of boardroom restructuring.