SOUTH MALAYSIA INDUSTRIES BHD

KLSE (MYR): SMI (4375)

You're accessing 15 mins delay data. Turn on live stream now to enjoy real-time data!

Last Price

0.39

Today's Change

0.00 (0.00%)

Day's Change

0.00 - 0.00

Trading Volume

0

News and Blogs
Discussions
1 person likes this. Showing 50 of 819 comments

zuhutuho

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

2024-09-11 19:53

Taibfar

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

mf

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

2024-10-01 22:01

cenzur19

this counter pariah, incompetent board that cheat investors money

2024-11-08 16:35

Taibfar

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

2024-11-08 23:13

Ghazaar

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

2024-11-11 11:36

fakelok747

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

2024-11-11 17:59

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

2024-11-13 16:19

Taibfar

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

2024-11-14 15:23

Robinmoon

company ni gg

2024-11-15 18:23

stncws

hot hot

2 months ago

Lightworkss

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

2 months ago

Yusof896

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

2 months ago

mf

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

2 months ago

familymartfan99

director & management also need some firing hahaha

2 months ago

Taibfar

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

2 months 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

2 months ago

seamaninvest

management restructuring may change the company environment for the better

2 months ago

familymartfan99

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

2 months 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

2 months ago

ElijahYH

New management may save the company from its current predicament

2 months ago

chobozong

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

2 months ago

crackyoo

Flying south

2 months ago

Taibfar

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

2 months ago

Lightworkss

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

2 months ago

Ghazaar

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

https://theedgemalaysia.com/node/736079

2 months ago

Yusof896

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

2 months ago

familymartfan99

nice article sharing, kick out the incompetent mangement!

2 months ago

Taibfar

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

2 months ago

Ghazaar

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

2 months ago

KropSkin787

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

2 months ago

Taibfar

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

2 months ago

chobozong

no eye see.. Typical old man company ni

2 months ago

Ghazaar

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

https://theedgemalaysia.com/node/737305

2 months ago

Taibfar

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

2 months ago

zuhutuho

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

2 months ago

Lightworkss

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

1 month ago

Ghazaar

SMI is kena reprimanded by another major shareholder, Target 1

https://theedgemalaysia.com/node/738032

1 month ago

stncws

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

1 month ago

Taibfar

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

1 month ago

Amnesia52

hopeless company....

1 month ago

familymartfan99

Every week got drama hahaha, now target 1 joining the party

1 month ago

KropSkin787

hahaha I wish SMI really can drop to 10 sen, management really deserve it

1 month ago

Taibfar

https://www.thestar.com.my/business/business-news/2024/12/18/target-1-confirms-egm-will-proceed-as-planned

Target 1 confirms EGM will proceed as planned. Hope it run smoothly and those old crooks don't kacau

1 month ago

chobozong

another year is over & still no good result from the board... go back tanam jagung lah

1 month ago

Taibfar

IF a company is run by crappy management, it's done. NOT even have jagung to tanam

1 month ago

Taibfar

New year new hope for SMI if and only if those crappy management is voted out

1 month ago

zuhutuho

2025 also same pattern if management remain the same

1 month ago

Post a Comment