ABRIC (7061) Overview - ABRIC BHD

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 !!!

2017-12-14 10:36

WTF ?? now proposed new investment management advisory services to makan our 0.05 ? 15M wtf wtf ???

2017-12-14 13:35

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 !!!

2017-12-14 14:52

Lodged complaints simultaneously with MSWG, Bursa & SC today !!! & will vote against the proposed 2 new ventures on 27 December !!!

2017-12-14 15:02

taitaumau

All minority shareholders shall unite together to vote against new businesses. Hopefully , Mr. Pui , the largest shareholder (per 2015 AR) can help to protect our minority interests.

2017-12-14 15:31

lextcs

good...what happened to the land deal?

2017-12-14 15:46

Landed properties to be sold to GDEX but blood sucking Directors want to use it as risk capital for their 2 new so-call ventures to further siphon out the money into their pockets !!!

2017-12-14 17:33

abric director 欺骗小股东的血汗钱，生孩子没屁股！

2017-12-14 20:27

taitaumau

With reference to circular issued to shareholders dated 20/4/2016, prior to delisting of the company

The following are some relevant extractions for perusal:

(A) RATIONALE OF THE PROPOSALS (Page 5)

In view that there is no assurance that the Company will be able to regularise its PN16 condition in the near future, and it has been more than one (1) year since the receipt of proceeds from the Major Disposal, the Board is of the opinion that it is in the shareholders’ interest to distribute the Company’s assets back to its shareholders. The Proposed Distribution represents an expedient way to distribute substantially all the Company’s cash reserves back to its shareholders.

(B) IMPLICATION OF THE PROPOSED DISTRIBUTION AND PROPOSED DELISTING TO THE
SHAREHOLDERS OF ABRIC (Pages 6 & 7)

(i) In the Initial Announcement, it was announced that upon completion of the Proposed Distribution
and the Proposed Delisting, the Board intends to sell the remaining assets of ABRIC and
voluntarily wind-up ABRIC. To clarify, the said intention of the Board is preliminary, and shall be
subject to various aspects and the actual circumstances given at the relevant time, including,
without limitation, any present or future obligations or viable opportunities presented or offered to
the Company which the Board shall take into consideration before deciding on the appropriate
measures to be undertaken by the Company post implementation and completion of the
Proposals. Such measures may or may not include, amongst others, the liquidation or sale of the
Company. The approval of shareholders and/or the necessary regulatory authorities will be
sought, if required.

(ii) At this point in time, the Board has not made any plans for ABRIC going forward. The Board will
only be in a position to make plans to go forward after the shareholders’ decision for the
Proposals is known. Assuming the Proposals are approved by shareholders and implemented
and completed, the Board shall consider, among others, the market conditions and the options or
opportunities available to ABRIC at that material point in time which could include the orderly
disposal of the remaining assets in the Company.

(iii) Should the Board decide post-completion of the Proposals that liquidation or winding-up of the
Company is the most appropriate measure to be undertaken by the Company, the Company will
dispose of and realise the assets (in particular, the assets set out in Section 5(a) above) of the
ABRIC Group before initiating the winding-up procedures in accordance with the Act. Subject to
the orderly disposal and realisation of the assets of the ABRIC Group, the Company would
thereafter be wound-up voluntarily by way of special resolution.

(iv) In the case of a voluntary winding-up, the Board would make a Declaration that ABRIC can pay
its debt in full within a period of twelve (12) months from the date of commencement of windingup
by lodging the Declaration with the Registrar of Companies in accordance with Section 257 of
the Act. The Board must convene an EGM at a date not more than five (5) weeks from the date
when the Declaration is made, and the resolution for voluntary winding-up and the resolution for
appointment of a liquidator will be tabled to the shareholders for approval at the said EGM to be
convened. Upon approval of the shareholders, the liquidator will notify his appointment to the
relevant parties and commence the liquidation process by winding-up the affairs of the Company,
and making the relevant payment and distributions accordingly. The entire process of members’
voluntarily winding-up could take up to a period of twelve (12) months.

In view of the latest development, my doubts on the main intention of the BOD in the said circular:-

(1) Whether are there any intention on the part of BOD to mislead shareholders into believeing
that the company will be winding-up post completion of proposals.
(2) Whether acquisition of proposed businesses fits in the exemption clause (B) (i) above

What say u

2017-12-14 23:49

I can't attend the EGM but i want to appoint proxy to VOTE AGAINST the proposed new childcare business & proposed new investment management advisory services business!!! Anyone can help?

2017-12-15 14:52

jack8, it is not necessary to name a proxy and if u don't mentioned the proxy name, the Chairman of the EGM will vote according to your wishes on your behalf as your proxy if u put 'X' in the column under 'against' in the proxy form in the EGM Circular. But make sure u complete all other details, signed n then send Proxy Form to the Registrar, Tricor Investor, to reach them at least 2 days before the EGM date on 27 December !

2017-12-15 15:39

Kris Wong, noted with thanks

2017-12-15 15:53

Kris wong , may i know how to complaint to SC ? Is complaint to SC useful ? if yes will write in email to shoot them as well

2017-12-15 16:50

Noted - Thanks for info, Currently in hand i having 500,000 unit to vote against resolution 2 & Resolution 3 ! Since we all minority in same boat, perhaps we all disclosure how many unit we have here so to see any hope to vote against ^^

2017-12-15 18:11

Current BOD comprises Ong 'Con' Family members have about 30+% total shareholdings n for us to be quite sure to win 'against' we need the assistance of Mr. Pui, the only other major shareholder with about 25% !!!

2017-12-15 18:56

As of what "can see" from annual report showing "30+%" , what about those " hidden " which might out of sudden 51% ? who know
If 51% vote against option 2 n option 3 not sure how soon will return our $$ too

2017-12-15 20:26

Whether win or lost, those attending the EGM should suggest to the BOD to have a possible escape route to those who do not wish to continue to hold shares in an unlisted company such as maybe those majority shareholders/ directors made proposal to buy out all those dissenting shareholders shares at a certain price acceptable to both parties or other acceptable solutions !!!

2017-12-15 21:43

YES ! Agree ! hope biggest shareholder Mr Pui also don't wish to continue to hold shares in an unlisted company , what a joke proposal 2 & proposal 3....nonsen think we so stupid ???

2017-12-15 21:52

I have sent over the form to vote against resolution 2 & resolution 3.. I got 200k unit only.. Hope more shareholders are aware of it and in time to vote against it

2017-12-18 16:10

I just drop my proxy form into the box at Tricor today without name of proxy. OK rite? 1. FOR, 2 & 3 AGAINST

2017-12-20 16:31

Same !!! Should be OK !!!

2017-12-21 13:06

Anyone know the outcome of the EGM?

2017-12-27 16:23

90% pass for resolution 1
80% pass for resolution 2 & resolution 3 shit ! wtf

2017-12-28 00:44

What happened ? Mr, Pui also voted in favour ? Worst news just before new year with no escape route for dissenting shareholders !!!

2017-12-28 14:46

Con job; Before delisting :Winding up + further distribution, after delisting : continue with new dubious ventures !!!

2017-12-28 16:47

Ridzwan Afif

I am of the view that
1. The majority shareholder is working in concert with the minority shareholder(s) that collectively hold big percentage
2. These people will agree to the proposed scheme or which behind the scene arrangements are taking place
3. These few minority shareholders will then for company(ies) on the pretext of providing services related to the proposed schemes where the fees are inflated. So that these people will then share among themselves the monies from the sale of the property until all these monies are exhausted.

2018-01-05 10:33

Investors21

http://www.enanyang.my/news/20180104/%E5%B0%8F%E8%82%A1%E4%B8%9C%E7%9A%84%E7%9F%9B%E4%B8%8E%E7%9B%BE%E9%BB%84%E4%BA%91%E6%B5%A9/
For shareholder who want to know more about what happen in EGM, can read this news. Sorry, it is only available in mandarin.

2018-01-05 10:51

Would really appreciated a kind person to give a brief precise translation on what happened in the EGM as reported in Nanyang !!!

2018-01-05 22:17

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)GD EXPRESS CARRIER BHD ("GDEX" OR "THE COMPANY")CONDITIONAL SHARE SALEAGREEMENT ENTERED BY GD FACILITIES & ASSETS MANAGEMENT SDN BHD AND ABRIC BERHADYou are advised to read the entire contents of the announcement or attachment.To read the entire contents of the announcement or attachment, please accessthe Bursa website at http://www.bursamalaysia.com

2018-01-16 17:06

Does this mean we are also shareholder of GD Facilities & Assets..? :)

2018-01-17 17:42

All minority shareholders adversely affected by Abric decision to continue operation as an unlisted company must grouped together to lodge a complaint or proposal to Securities Commission and Bursa to get Abric to give an escape route for dissenting shareholders to exist the company by selling their now delisted shares to the major shareholders !

2018-02-20 10:48

Ridzwan Afif

Am of the view the mgt team and the majority shareholers may gang-up with some minority shareholders (whom cud be nominees to the majority shareholder) to pass the resolution held late last year. Do not discount that thay may appoint a number of consultants (similar to Peneng Undersea Tunnel modus operandi) where these consulats are conduit (in fact a fly by nite companies) to siphon the proceeds from sale of the properties to G-Dex.

2018-02-21 12:27

Minority shareholders concerned need to do something by say grouping together to voice out their collective objections by reporting to the relevant authorities, newspapers etc before their share of money from sale of properties to GDex vanished into thin air very soon !!!

2018-02-22 11:48

As of now, minority shareholders have only themselves to blame as they r not united enough to present a collective complaint to SC/Bursa etc to open investigation on Abric/Directors who had 'misled' them to vote 'for' the EGM's proposals in 2016 in that the 'main intention' under the then proposals is for the company to be wound up n any sale proceeds to be distributed to shareholders. In addition, there r never any specific proposal then that the company also alternatively can continue operation with new venture as an unlisted company using 'funds' from sales proceeds of remaining assets.

2018-02-26 09:34

master_shifu

I am one of the minority. Is there any effective way to get ABRIC investigated? Create group chat or web chat? Open letter? Online petition? Get more signatures from minorities? Attend annual meeting is only once a year, by then it is already over. I have only 29,000 units.

2018-02-27 13:57

Not sure of any further response from Bursa and Securities Commission (as my complaint still under review by them) but I have been complaining non stop to them to investigate Abric and its Directors. Hope all other minority shareholders unite together to also complaint to draw the attention of Bursa and Securities Commission to further investigate Abric.

2018-03-30 10:18

For those minority shareholders who r attending the company's AGM on 16 May, pls note that independent auditors' report has clearly stated it was the decision of the BOD to wind up the Company after delisting n the financial statements been prepared on a non going concern basis (pg. 7 n 18 of Annual report 2017). This should provide further basis to argue n vote 'against' the company to continue new proposed business operation as an unlisted company during the AGM as the BOD had misled many minority holders to vote 'for' the delisting exercise during the EGM in May 2016 when the intention then let known to shareholders as per the EGM's Circular was to wind up and not to continue business operation after delisting. I will also lodge further complaint to SC and Bursa based on this new information.

2018-05-02 15:31

Hi Kris Wong, so far you have any new updates for us from SC or bursa since your last complained.

2018-05-24 15:58

Both SC and Bursa as usual taking their own sweet time to investigate and provide updates. If not more minority shareholders complaint, the result likely may not be favourable to us ! More shareholders should complaint as unity is our only strength here in order to get the necessary response from SC & Bursa.

2018-06-08 10:15

Although belated, in future, if anyone see any of the present BOD's name in any private or public companies, just let the public aware of their 'job' on Abric minority shareholders !!!

2018-09-05 17:40

Steve99

F/Ye 2016 Net Asset RM22.51M Loss RM0.157M NA/Per Share RM0.158
F/Ye 2017 Net Asset RM22.36M Loss RM1.056M NA/Per Share RM0.157
F/Ye 2018 Net Asset RM19.76M Loss RM8.467M NA/Per Share RM0.139

Ordinary Shares Unit as at 31-12-18 147,181,574

I just obtain the latest 2018 Audited a/c , 3 year straight in losses , NA/Per Share keep decling !!

Is there anyway kick out this fxck BOD ?

1) Minority call for EGM eliminate them
2) Minority attend this coming AGM 11-6-2019 (3.00Pm) , as a group lodge a complaint to relevant authorities SC, Bursa & etc
3) Reflect this matter to social media or Reporter , make Public aware about it .

Kris Wong still there ?

2019-05-31 09:40

Steve99

Minority shareholder must gang up together, otherwise another 2-3 year our money all will be burn !!

Could we meet at this coming AGM 11-6-19 , discuss a solution !!

2019-05-31 09:59

lavenderong

It's delisted. What happened to the rest of our shares?

2019-05-31 18:16

lavenderong

Aren't they doing something to buy back the balance of the shares?

2019-05-31 18:17

Still here but don't know what need to be done further as both Bursa n SC seems not interested to take any action in this case to protect the interest of minority shareholders as the company is now delisted !!! Look like the BOD determines to siphon whatever fund in the company over the next few years unless someone with necessary connections can expose the directors evil scheme in various medias !!! BTW, anyone attended AGM on 11.6.19 n what stupid excuses the directors gave for the con job !!!

2019-07-04 15:01