Serba Dinamik hidden nominees and hidden proxy(ies) concealed themselves from view at the AGM

By Pearlwhite 7^th February 2022 10.38 AM

The highly anticipated ruckus at Serba Dinamik’s AGM on 31^st January 2022 did not materialise.  What also didn’t materialise was that the hidden nominees and hidden proxy(ies) of Serba Dinamik revealed themselves.  Why?

1. To protect the capital market regulators which had protected and concealed the identities of the certain nominees and proxy(ies) in the first place

If they had voted (either for, against or abstained), as revealed and fact checked by independent media here, Serba Dinamik hidden nominees and hidden proxy(ies) will reveal themselves, would have exposed them and the capital market regulators to the vested interest in determining the outcome to the on-going saga with Serba Dinamik.

Many did not realise that despite the attendance of more than 500 attendees, only approximately 390 voted (for, against, abstained).  A total of 110 to 210 attendees did not utilise the voting system to avoid being accounted for.  In essence, they attended as spectators.

We know that the Employees Provident Fund Board, Kumpulan Wang Persaraan (Diperbadankan), Permodalan Nasional Berhad (PNB), SBB Dana-Al-Ihsan, Lembaga Tabung Haji and the unknown hidden proxy holds approximately 1.12185 billion shares or approximately 30.16% of Serba Dinamik.

2. To gauge the level of support for the Board of Directors / Management of Serba Dinamik prior to their request for an EGM and to avoid disrupting Serba Dinamik’s Business

From the results of the vote, the following can be noted.

• Approximately 1 billion shares (out of the approximately 1.4 billion shares) from the 3 Executive Directors were utilised for the AGM.
• More than 2/3 of attending retail investors (approximately 220 million out of 250 million shares) supported Serba Dinamik - Ordinary Resolution 6 - Proposed Renewal of Shareholders' Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature.
• A mixed number of attending retail investors had varying support for different directors – Ordinary Resolution 1-3.

It can be deduced that the Board of Directors and Management of Serba Dinamik would have approximately 1.6 billion (1.4 billion plus 200 million from retail) of share support against approximately 1.1 billion shares from the hidden nominees and hidden proxy(ies).  That is a total of 2.7 billion of shares held by attendees that day.

The actions of the concealed attendees suggest that Serba Dinamik's business is important to them and is worth preserving.  Rather, they have their sights on their Board of Directors and Management of Serba Dinamik (as witnessed in the voting for Ordinary Resolution 1-3).

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It is not recommend that consultations be made with Certified Financial Analyst, Brokers, Traders and/or MBA/MA Finance Graduates as they are deemed not to have the necessary competency and skills to evaluate and advise on such matters discussed in the article.