SMI (4375): Annualized Results

Bursa Malaysia certainly needs to explain the mandatory general offer (MGO) announced by SMI a month ago, otherwise similar situations will happen to other companies in the future ...

2024-09-11 11:58

chobozong

Where's the update from SMI? Typical old management with lack of communication...

2024-09-11 16:38

zuhutuho

what u expect, incompetent management mah. no surprise kena take-over

2024-09-11 19:53

As retail investors, we find ourselves in a state of confusion regarding the ongoing Mandatory General Offer (MGO) of South Malaysia Industries Berhad (SMI). The recent flurry of announcements and legal disputes surrounding the MGO has left us questioning whether this offer is still proceeding and why the communication from SMI’s management and Board of Directors appears to be unclear and contradictory.

A Confusing Situation for Investors?

On 20 August 2024, the Unconditional Mandatory Takeover Offer was issued by Target 1 Sdn Bhd (T1) through TA Securities Holdings Berhad, offering to acquire all the remaining ordinary shares of SMI at RM0.45 per share. For many of us, this initially presented a clear opportunity to evaluate our position in SMI and decide whether to tender our shares. However, things became much more complicated soon after.

In late August, it was announced that Mr. Mah Sau Cheong, a minority shareholder, had filed an interim injunction to halt the MGO process, seeking clarity and protection for shareholders while the court deliberates on the offer. The situation was further complicated when, on 5 September 2024, the court dismissed the ad interim injunction. Despite this, SMI’s Board of Directors agreed to “prayer (b)” of the Plaintiff’s application, which restrains the company from taking further steps under the MGO until the matter is resolved.

Adding to the confusion, on 13 September 2024, SMI made an announcement stating that, despite the dismissal of the injunction, they would not proceed with the MGO until further court directions are provided following the next hearing, scheduled for 27 October 2024.

Is the MGO Still Ongoing?

From a retail investor’s perspective, this conflicting information is deeply concerning. On the one hand, we were told that the MGO was moving forward after the dismissal of the ad interim injunction. Yet, on the other hand, SMI has agreed to halt the process until further court orders are issued. This mixed messaging has left investors wondering: Is the MGO still on, or has it been effectively paused?

Furthermore, the legal back-and-forth raises a critical question: Why is the management and Board of Directors of SMI, who are responsible for ensuring transparency and protecting shareholder interests, seemingly contributing to the confusion? Instead of providing clear guidance on the MGO’s status, they appear to be adding layers of complexity, making it difficult for retail investors to make informed decisions about our holdings.

A Call for Clarity

As minority shareholders, we expect transparency and timely communication from SMI’s management, especially when it comes to such a significant event as a Mandatory General Offer. Unfortunately, this has not been the case, and we find ourselves in a state of uncertainty. We are left in limbo, unsure whether to act on the RM0.45 offer or wait for the court’s decision at the end of October.

We urge the Board of Directors and management of SMI to clarify the situation. Is the MGO still ongoing? If so, what should we, as shareholders, expect? If not, why has there been such a lack of clear communication to date? We seek answers, not further complications.

With legal actions pending and conflicting announcements being made, it is imperative for Bursa Malaysia, the Securities Commission Malaysia (SC), and the Minority Shareholders Watch Group (MSWG) to step in and ensure that SMI acts in the best interests of all shareholders. The current uncertainty and lack of transparency are unacceptable, and retail investors like ourselves deserve better.

We hope that the upcoming court hearing on 27 October 2024 will provide much-needed clarity. Until then, we continue to monitor the situation closely, but our confidence in the company’s leadership is waning.

https://klse.i3investor.com/web/blog/detail/LETTER/2024-09-18-story-h469212536-A_Concerned_Investor_s_Perspective_Uncertainty_Surrounding_SMI_s_Mandato

2024-09-18 19:04

stncws

be patient, be happy

2024-09-23 11:29

BREAKING
Dow falls 250 points as oil spikes on rising Middle East tensions

2 months ago

cenzur19

this counter pariah, incompetent board that cheat investors money

1 month ago

Hopeless already this counter and the management is not willing to change their incompetent attitude

1 month ago

The new “CEO” of the company received a total of RM1.1 million in remuneration package by SMI despite the significant losses of the company. Buta gaji and company is going to tutup kedai. ha

1 month ago

fakelok747

what u expect, garbage company comes with garbage CEO. stay away from SMI!!

1 month ago

zuhutuho

Sorry for Your Loss, Shareholders of SMI - “CEO” for leading the company for multi-year losses.

https://klse.i3investor.com/web/blog/detail/Therealinvestor/2024-11-09-story-h473746561-Sorry_for_Your_Loss_Shareholders_of_South_Malaysia_Industries_SMI

1 month ago

Poor shareholders, they originally believed in SMI, but were betrayed by the failed management team

1 month ago

Robinmoon

company ni gg

1 month ago

stncws

hot hot

1 month ago

Lightworkss

better give up on this company, no future with this kind of management

1 month ago

Yusof896

Kaunter ni belum muflis ? Sudah mengalami kerugian secara berturut-turut sejak tahun 2019 😅

1 month ago

14m ago
Dozens of projectiles fired into Israel from Lebanon, army says

1 month ago

director & management also need some firing hahaha

1 month ago

Better fire all the directors and management, so that SMI can survive from bankruptcy

1 month ago

seamaninvest

The largest shareholder of SMI has called for an upcoming extraordinary general meeting (EGM) scheduled for Jan 9, 2025, to appoint six new directors to the company’s board, including former Perak police chief Datuk Pahlawan Mior Faridalathrash Wahid

https://theedgemalaysia.com/node/735102

3 weeks ago

seamaninvest

management restructuring may change the company environment for the better

3 weeks ago

Finally some good news, better get rid of the current management !!

3 weeks ago

KropSkin787

South Malaysia Industries Bhd will hold an EGM on Jan 9, 2025, called by its largest shareholder, Target 1 Sdn Bhd, to appoint six new directors, including former Perak police chief Datuk Pahlawan Mior Faridalathrash Wahid.

Dday for the management in 1 month time

3 weeks ago

ElijahYH

New management may save the company from its current predicament

3 weeks ago

chobozong

Typical trash management, another "excellent" qr by them. Just step down and save your own face

3 weeks ago

crackyoo

Flying south

2 weeks ago

The company surely will present good financial performance next year after those incompetent management is replaced

2 weeks ago

Lightworkss

as long current management remains, the company will keep going downhill!!! Let the new blood change the old blood!

2 weeks ago

SMI slams EGM advert as ‘misleading’, seeks SC clarification over director appointments ... This company is done

https://theedgemalaysia.com/node/736079

2 weeks ago

To people who are concerned : https://klse.i3investor.com/web/blog/detail/LETTER/2024-12-04-story-h475708831-Frankly_Speaking_Is_the_Board_of_Directors_of_South_Malaysia_Industries_

2 weeks ago

Yusof896

Mampus. Tangguh lagi ... tak ada EGM bulan depan ... Pengurus x mau tangani masalah

2 weeks ago

nice article sharing, kick out the incompetent mangement!

2 weeks ago

The dispute between the board of directors and the major shareholder still continues ..

2 weeks ago

No amicable solution was reached between them and SMI will continue to hibernate

1 week ago

KropSkin787

this company no future lah, management too rotten in their roots

1 week ago

This company will sink into PN17 then go delisted. All thanks to those management 😵

1 week ago

chobozong

no eye see.. Typical old man company ni

1 week ago

Drama continues. SMI seeks to strike out lawsuit over proposed EGM ...

https://theedgemalaysia.com/node/737305

1 week ago

Non-stop lawsuit ... .... South Malaysia Industries Berhad is doomed

1 week ago

zuhutuho

making themself look bad again hahaha, nobody trusting them now just step away & dont keep shaming urself

1 week ago

Lightworkss

many drama lah, with this kind of management see you at 0.30

5 days ago

SMI is kena reprimanded by another major shareholder, Target 1

https://theedgemalaysia.com/node/738032

5 days ago

stncws

asiapac,smi, under target 1...soon...

4 days ago

Share price is free falling now. It will fall to 10 cents and its market cap will be less than RM30 mil

3 days ago

Amnesia52

hopeless company....

3 days ago