THE Minority Shareholder Watch Group (MSWG) is seeking an update from Icapital.Biz Bhd at the latter’s forthcoming annual general meeting (AGM) with regard to the status of its judicial review (JR), which was filed in the High Court of Malaya Kuala Lumpur on March 2 last year.

To re-cap, the IR is intended to review the decision made by Securities Commission (SC) in respect of the 20% shareholding limit as provided under Paragraph 3.7.1(iii) of Securities Commission Guidelines for Public Offerings of Securities of Closed-end Funds and Paragraph 7.40 of Bursa Malaysia Securities Bhd Main Market Listing Requirements.

“The JR is related to the acquisition of icapital’s shares by City of London Investment Management Limited (CLIM) through its nominees,” MSWG pointed out.

“Icapital claims that CLIM’s equity interest in the Fund has breached the regulatory 20% shareholding limit while CLIM stated that it has not breached any SC guideline.”

Icapital.Biz will be staging its 17th AGM fully virtually on Nov 20 (Saturday) at 9am via the https://meeting.boardroomlimited.my domain.

Elsewhere, MSWG is enquiring from Sime Darby Bhd at its forthcoming AGM about how the latter’s bottom line in FY2022 will be affected by the special one-off cukai makmur (prosperity tax) which was recently announced during the tabling of Budget 2022.

“How and to what extent will it impact the group’s dividend payout for financial year ending 2022? Will shareholders be able to continue enjoying similar dividend payouts or even better, notwithstanding the higher taxation to be paid by the group?” asked the shareholders’ activism group.

For the record, Sime Darby’s net profit for its FYE5/2021 jumped 74% year-on-year to RM1.4 bil (2020: RM820 mil) on the back of strong performance from its motors division, particularly in China. Its total dividend pay-out for FY5/2021 amounted to RM1.02 bil, equivalent to over 70% of the group’s net profit for the year.

Sime Darby will be holding its 15th AGM virtually on Nov 18 (Thursday) at 10am from the broadcast venue in Menara Sime Darby at Ara Damansara, Selangor.

Finally, MSWG will also quiz Media Prima Bhd at its forthcoming extraordinary general meeting (EGM) with regard to the utilisation of internal funds which are expected to result in the reduction of funds available for working capital purposes while having an effect on the group’s cash flow position.

“What are the strategies being developed by the group for prudent cash flow management to avoid business failure due to cash flow crises in the future?” asked the the shareholders’ activism group.

Media Prima will stage its virtual EGM on Nov 17 (Wednesday) via an online meeting platform provided by Boardroom Share Registrars Sdn Bhd. – Nov 12, 2021

https://focusmalaysia.my/agm-watch-mswg-wants-to-know-icapital-bizs-judicial-review-status/