Do you believe this stupid guy running your company?
Try to be smart by serving order on the day of the EGMs, ended up with irritating voters, don't have time to appeal when the order is lifted and ousted by 95,6% of the voters.
KAJANG: Construction and property firm Protasco Bhd’s shareholders have voted to remove Tey Por Yee and Ooi Kock Aun from its board with immediate effect.
At its rescheduled extraordinary general meeting (EGM) yesterday, 95.6 per cent of the shareholders who attended and collectively own 170.4 million shares, voted for their removal, compared with 4.3 per cent (7.7 million shares) who opposed the motion.
Protasco has some 6,000 shareholders with the top 200 owning a combined 78 per cent stake.
Its executive vice-chairman and group managing director Datuk Seri Chong Ket Pen said the move reflected the shareholders’ support and confidence in the firm’s good track record over the past 20 years.
“With this trust and confidence, I will now focus on growing the company,” Chong said after the EGM, here.
The drama-filled EGM was supposed to convene on Wednesday but was adjourned to yesterday when Tey’s lawyers had on late Tuesday served an injunction filed at the Kuala Lumpur High Court against the firm, Chong and Tan Heng Kui, another director.
The injunction had prevented Chong, who owns 22.4 per cent of the infrastructure group, and Heng Kui, who owns 1.7 per cent, from voting on two resolutions to remove Tey and Ooi at the extraordinary general meeting (EGM) on Wednesday.
The company’s lawyers, however, successfully set aside the injunction yesterday and, thereby, paving the way for the rescheduled EGM.
Tey and Ooi again walked out of the EGM yesterday, accusing chairman Tan Sri Dr Hadenan A. Jalil as biased for not adjourning the EGM to give them time to appeal the lifting of the injunction.
“We are long-term investors in the company and we are not here for the short stint.
“When we were appointed to the board in 2012, the company’s share price was only RM0.90. It has now risen to RM2.10,” said Ooi.
Meanwhile, Tey and Ooi have requisitioned to hold their EGM today to oust Chong and Heng Kui from the board.
Chong has declined to speculate on what would happen if he was removed today.
Protasco had in September filed a suit against Indonesia’s oil and gas firm PT Anglo Slavic Utama to recover US$27 million (RM91 million) in monies paid, and against Tey and Ooi.
Protasco had attempted to buy a 63 per cent stake in PT Anglo Slavic Indonesia, but the deal was terminated after fraud was allegedly discovered.
In return, Tey filed a derivative action early this week against six board members of RS Maha Niaga Sdn Bhd, including Chong, to recover RM10 million for Protasco.
@86, that's not how accounting works. Protasco loss is because they invest money but has yet seen the return so it's accounted as loss...but it's not a real loss per se. It's like when you but lots of shares but has not seen the profits...they money you used to buy is counted as a loss.
TPY and OKA will hold his shares to annoy Protasco.
I m a NG shareholder. Like it or not , wishing ur share will go up will not help; go n start buying some more. Seriously, why isn't TPY out here giving the assurance to his loyal shareholders despite all the nonsence some people had been spewing, one might even say it is defamatory or pure abuse. I hope TPY will do something abt this person's not so complimentary remarks.
U r correct Marina; this is juz a forum for us to share our views/info. Some mayb helpful n some r not. As i noticed d share price has dropped to 8 sen 2day n people will tend 2 believe d negatives as it was being repeated over n over again. Dun underestimate a forum like this.
So if u believe so much in dis counter then do a bit of research n check if d accounts of NG has been correctly n accurately presented. Then share in dis forum. I personally will appreciate ur efforts.
Let me share a personal experience. There was a penny counter who was suppose 2 hv a joint press conference at a hotel 2 announce a jv. This foreign company is a well known company. I took d trouble to check with d hotel n discovered dat the press room where the pc was 2 b held did not exist n d floor where d pc was 2 b held was a parking area! I alerted my friends n sold d shares. Yes, Marina, dun believe everything u read. Pls check also.
Dont bother prostaco, we bot nexgram shares ... Till to date tis counter is still profitable cash on hand good land in cyber jaya ... Sensor link profit.... Angkasa projects
Marina.............. A while ago, i mentioned that since owner got credibility problems, i said get out but nobody listened. Many here say buy some more.It was at 14 sen, now 8 sen. That translates to a 43% loss of investment. I have many such experiences & am also careful when this sort of news is out.
I am not rubbing salt into the wound, but sharing my experiences. Pls learn from this.
I believe TPY's rival is purposely dumping Nexgram to irritate him and uses to aggreviate the price by predicting is one cent.I wish to buy further when it drops to 1c.Nexgram owns many assets so I am not worry.
U r correct Steve. Some people juz want to create a negative perception of NG via their directors. As i c it TPY has done well for NG in d case of the purchase of d 11 storeys building in Bangsar South. Frankly i dun care what he does outside of NG. Now part of d drop in price recently was due to TPY selling his shares, mayb to buy Protasco's shares.
What NG needs is an Investor's relations department which can also come out to give the correct picture of its company. I hope NGs employees r reading my recommendation.
if you see the Q block...script has been change...just wait...must confident....if not today...next week...next month or next year...need some holding power...u be rewarded...
Ejsaham if you see the Q block...script has been change...just wait...must confident....if not today...next week...next month or next year...need some holding power...u be rewarded... 28/11/2014 10:47
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
chebicef
174 posts
Posted by chebicef > 2014-11-28 00:30 | Report Abuse
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1808661