The High Court has fixed Monday to hear Seacera Group Bhd’s application for a declaration that a notice of extraordinary general meeting filed by a group of shareholders is null and void. The PN17 company said this in a filing with Bursa Malaysia today with regards to the notice of EGM dated April 30. The EGM, scheduled to be held on May 29, was requisitioned by substantial shareholder Datuk William Tan Wei Lian and six other shareholders — Datin Sek Chian Nee, Jeannie Ooi Chin Nee, Datuk Chan Chee Hong, Low Swee Foong, Liu Zhen and Ong Eng Taik. In a separate filing, Seacera said the court has fixed May 28 to decide whether or not the company has to disclose its record of depositors to the seven shareholders. The seven want the record in text format to be produced at or before 10am on May 28 “for purposes of the proposed EGM”. The seven, representing a combined stake of at least 10% in the tile manufacturing company, called for the EGM to remove eight directors from the company and appoint new ones. Rasila Hamzah, Norhanum Nordin, Halim Ismail, Mohd Fazillah Kamaruddin, Datuk Mansor Masikon, Datuk Seri Azizan Ahmad, Zulkarnin Ariffin and Datuk Seri Abdul Mohd Zabidi are the directors that they are targeting to exit the group, In their place, they are proposing Tan Lee Chin, Razvi Abdul Halim, Datin Ida Suzaini, Clarence Yeow Kong Chew, Chua Eng Chin, Marzuki Hussain, Tengku Ahmad Badli Shah Raja Hussin and Ong Eng Taik.
Appointment of Tan Lee Chin as Chairman - vote for Appointment of Tan LC as director - Vote For Appointment of Rizvi as diector - Vote for Datin Iza Suzaini - Vote for Remove Mohd Fazillah - Vote for Remove Datuk Mansor - Vote For Then.. can guess the rest
Appointment Dato T as main actor to be continue.. hehehe
Previous administration not capable enough, that's why shares drop so much la. Now change new administration, u guys should be hopeful ma. People dump a bit only everyone panic spider... aduihhhh, don't know u guys la
If new mgmt like "gillette", then they will sell off the land to cover their remuneration then become Tiger version 2... shares has lowest value in their management history.
Well I believe they have to sell something to cover the remuneration and most importantly, they have to use the proceeds from whatever they are selling to remove PN17 status of the list. And once they are cleared with whatever debts, then only they can run the company normally. Let's just observe, I'm pretty optimistic so far considering the assets they have.
One more thing, judging from the comments here. General investors here think that proceeding with the egm is a bad thing? Where's the rational here guys? We have been waiting for the company to solve their debts, but the previous mgmt wasn't even able to handle it with care and allow the company to free fall to PN17. Change is necessary and hopefully the new mgmt would be able to reorganise the capital structure to ensure healthy development of the company. Sekian terima kasih
Lets hope the situation is not the case of out of the frying pan into the fire as looking at Tiger Synergy Berhad news, share price & financials, they are not doing too well either.
zul's proxies selling, let him sell lahh. That's the reason for the dip today, but IF datuk has consolidated their power and control over the company, then we might see some price increase in the near future.
KUALA LUMPUR (May 29): Tile manufacturer Seacera Group Bhd is confident of lifting its Practice Note (PN17) status after the newly-appointed board of directors rolls out its regularisation plan in the near future.
Executive director Shirley Tan Lee Chin said the seven directors appointed at the extraordinary general meeting (EGM) today, including herself, were expected to propose a series of exercises at their first board meeting, anticipated to take place in one or two weeks’ time.
“They have plans to go for fundraising proposals to pare down the bank borrowings and to sell unutilised assets for cash to make the company stronger.
“Moving forward, there is some business in quarry which the new board is very confident could enhance the value of the company and generate profit,” she told a press conference after the company’s EGM here today.
She added that the discussion on the regularisation plan would take about six to eight months before the outcome materialised.
However, Tan did not provide a specific timeline as to when the PN17 status would be lifted.
“(This is because) the company needs to show at least two quarters of profit performance in order to [lift] the PN17 status,” she said.
Seacera, which was classified as the PN17 company last month after it defaulted on the payment of principal and profits to AmBank Islamic Bhd and not being able to provide a solvency declaration to Bursa Malaysia Securities.
The company recorded a net loss of RM43.13 million in the financial year ended Dec 31, 2018, from a net profit of RM8.92 million in the previous year.
Meanwhile, Tan said an announcement on the group’s new managing director would also be made after the first board meeting.
In a filing with the exchange today, Seacera said its group managing director Zulkarnin Ariffin had resigned today due to personal reasons.
Zulkarnin’s resignation took place a day after the company announced that the High Court had dismissed its injunction application to restrain a proposed EGM by Datuk Tan Wei Lian, the single largest shareholder who holds over a 16% stake in the company.
Besides Tan, the board members appointed at today’s EGM are Rizvi Abdul Halim, Datin Ida Suzaini Abdullah, Clarence Yeow Kong Chew, Chua Eng Chin, Marzuki Hussain and Ong Eng Taik.
According to Tan, 200 shareholders turned up to the EGM today, 87% of whom voted to pass all the resolutions.
“They have plans to go for fundraising proposals to pare down the bank borrowings and to sell unutilised assets for cash to make the company stronger."
The new board seems to plan to do a right issue exercise to raise fund. Price of share will plunge if that is the case.
Just look at what happen to Dayang & Perdana that do a right issue recently. Their share price plunge by more than 30%.
Quarterly accounts can not be submitted on time. It seems like the former directors just resigned & wash hands. The former directors it seems have inflicted much damage to the company.
The company results improved. Just because the Board is new, they need proper procedure to review and approve the results. To be fair to the new Board members
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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....
kenie
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Posted by kenie > 2019-05-29 12:19 | Report Abuse
The High Court has fixed Monday to hear Seacera Group Bhd’s application for a declaration that a notice of extraordinary general meeting filed by a group of shareholders is null and void.
The PN17 company said this in a filing with Bursa Malaysia today with regards to the notice of EGM dated April 30.
The EGM, scheduled to be held on May 29, was requisitioned by substantial shareholder Datuk William Tan Wei Lian and six other shareholders — Datin Sek Chian Nee, Jeannie Ooi Chin Nee, Datuk Chan Chee Hong, Low Swee Foong, Liu Zhen and Ong Eng Taik.
In a separate filing, Seacera said the court has fixed May 28 to decide whether or not the company has to disclose its record of depositors to the seven shareholders.
The seven want the record in text format to be produced at or before 10am on May 28 “for purposes of the proposed EGM”.
The seven, representing a combined stake of at least 10% in the tile manufacturing company, called for the EGM to remove eight directors from the company and appoint new ones.
Rasila Hamzah, Norhanum Nordin, Halim Ismail, Mohd Fazillah Kamaruddin, Datuk Mansor Masikon, Datuk Seri Azizan Ahmad, Zulkarnin Ariffin and Datuk Seri Abdul Mohd Zabidi are the directors that they are targeting to exit the group,
In their place, they are proposing Tan Lee Chin, Razvi Abdul Halim, Datin Ida Suzaini, Clarence Yeow Kong Chew, Chua Eng Chin, Marzuki Hussain, Tengku Ahmad Badli Shah Raja Hussin and Ong Eng Taik.