Every recent years I voted against the Directors' remuneration during the AGM and every years they still rewarded themselves excessively while doing next to nothing !!! Where is their fiduciary duties to the minority shareholders ? Shameless bloody blood suckers !!!
Too late to careful now as company already DELISTED !!! Minority shareholders continue to be at the mercy of those useless 'Gaji Buta' Directors/management who take own sweet time to suck as much as possible the company money and assets !!!
we must make a report to the SC and BURSA against abric...prior to their delisting the payout was not in accordance to the standard practice. If abric is still a going concern then whatever proceeds or bizness left in the company is still attributal to its shareholders. In this case if the proceed of this sales can be distributed back to the shareholders.
anyone who still holds abric shares must write a complaint letter to bursa, SC, and ROC. When these bgers received too many of these letters then only then they will move their butt to act against the zzzz abric owners,
I refer to the announcement below which is clear and ARIC was delisted as at 3rd March 2017.
This announcement is dated 28 February 2017.
Reference is made to the Company’s announcement dated 18 January 2016 (“Initial Announcement”) and its subsequent announcements thereafter in relation to the Proposals. Reference is also made to the Company’s circular dated 20 April 2016 (“Circular”) and notice to shareholders dated 15 July 2016 (“Notice”) in relation to the Proposals.
Unless otherwise defined, all capitalised terms used in this announcement shall have the same meaning as defined in the Initial Announcement, Circular and Notice.
On behalf of the Board of Directors of ABRIC, AmInvestment Bank wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) had, vide its letter dated 28 February 2017, informed that:- 1.Bursa Securities has granted the Company an extension of time to defer the suspension and delisting of ABRIC Shares up to 2 March 2017 to accommodate the completion of the Proposals; and 2.Following the completion of the Distribution which is in compliance with Paragraph 8.03(9)(b) of Bursa Securities’ Main Market Listing Requirements (“Listing Requirements”) and pursuant to Paragraph 16.11(1)(b) of the Listing Requirements, the entire issued and paid-up share capital of ABRIC will be removed from the Official List of Bursa Securities with effect from 9.00 a.m., Friday, 3 March 2017.
I wish to refer to your enquiry of the management of the Company would still be in the hands of the Board of Directors and rights of shareholders would be under the Companies Act 2016 ("CA"). A delisted entity would no longer be subjected to the Listing Requirements on reporting and disclosures. However, the company would still be subject to the provisions of the CA 2016, mainly calling an EGM/AGM for shareholders' approval when undertaking any restructuring etc....They still need to convene an AGM for its annual accounts and shareholders must make it a point to attends and query the Board and Management. The rightful authority on these statutory matters would be Companies Commission of Malaysia ("CCM").
As far as to your enquiries on their future direction and plans, it is the responsibilities of the Board of Directors. Shareholders including Minority Interests ("MI") like yourself can question the BOD in the AGM on the activities of the company for an explanation or latest developments.
MI has to comply with the requirements of the CA 2016 if they want to call for an EGM for a specific purpose. These rights would best be taken upon getting an advice from a Corporate Lawyer. As to its strategy to offer an exit, it would be the decision of the substantial shareholders or other prospective investors/white knight if any etc these are matters of the BOD and Company upon receiving such offer/proposals.
I hope I have address your enquiries and if you need further clarifications you can call me at 20709090 ext 120.
very big thank you for those who have written any form of letter to any relevant parties. We should keep this up. todays bfm there is this woman talking about MSWG being there for we minority shareholders. Keep the pressure up.
sometime not long ago we suddenly received a cek from maxis...all bcoz someone took up the case against it. We should be united fighting corporate crooks.
yeap agree, we all minority share holder should stand up fight for our own benefit and ask what job still pending and how many "gaji" already angkat.....since we are boss , they should report to us kekeke
EGM for company to use sales proceeds for new business ventures and not to return to shareholders esp the minority ones as promised earlier !!! Never trust the directors who been enjoying 'Gaji Buta' for more than a year and now want to continue with their own selfish agenda !!! Please vote against new business proposal n insist on return of money as previously promised as the company is now no more listed with no protection to minority shareholders !!!
N childcare business, try kidding me !!! Shameless, what experiences have the fu****g directors in such 2 new ventures ! Just fund the business on their own if they want n return $ to us as we don't want to invest in a delisted company with fishy directors !!!
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....