TY forced MAA to buy 91 million KNM shares at double the market price with an immediate loss of RM 7,280,000 because TY made a personal deal with his friend to help him win the KNM EGM? How can the MAA shareholders absorb a loss like this without shareholder approval? I thought this was a public company. Can we hold the Board personally liable for this loss? how can Bursa allow this? Where is the SC? T. YAACOB VIA MAA PURCHASE OF 2.25% STAKE IN KNM ON 8.02.2024 Ref. is made to the 2.25% KNM stake purchase at double market price by T. Yaacob, equivalent to 91,000,000 KNM shares. This off-market deal at 0.165sen/share follows the announced intention to deal within a closed period (announced on 6.02.2024) and was made on 8.02.2024 with MAA Berhad (TY) increasing its stake in KNM at the same price paid in October 2023 by Datuk Seri Mahmood Taib, who entered as significant shareholder with a 5.06% stake, later reduced below the threshold amount of 5%. T. Yaacob was committed to buying back all of DS Mahmood shares at the same price paid by the latter. This deal represents for MAA a loss of 0.080 per share [0.165sen less 0.085sen].
However during the AGM Q & A session, the minority shareholders would not enquire about the KNM share purchase at double its market price but would rather enquire whether MAA would consider giving free door gifts during the next AGM.
in the next AGM, shareholders should raise the question of risk management to safe guard company from expose to PN17 co by limiting the total investment or % of stake.
Badly managed resulting in losses and not taking care of the shareholders' interest. Shameful. The board of directors should resign immediately and allow a more capable team to manage the company.
Hippopotamuska, this expected to happen when they cannot privatize the company as some smart people blocked the deal. The only to eat the meat is to bite the meat slowly until it is gone. The same group of people cannot do anything now as they are not major shareholder. You can only watch the meat being beaten slowly and feel the pain
Is there any regulatory body in Malaysia that will look into this matter? Really shameful to allow it to happen. Who is looking after the corporate government of the public listed companies? Who is taking care of the minority shareholders' interest?
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....
TheContrarian
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Posted by TheContrarian > 2 months ago | Report Abuse
Yesterday managed to buy more MAA at 39 sen.