THE Minority Shareholders Watch Group (MSWG) is seeking feedback from PLB Engineering Bhd at its forthcoming extraordinary general meeting (EGM) as to why the company selected China Railway Engineering Corporation (M) Sdn Bhd (CRECM) to undertake the management, implementation and construction of its rehabilitation works.
In this regard, MSWG has requested PLB to name other contractors who had tendered to undertake the said project.
“What are the competitive strengths that CRECM has over the other competitors in the rehabilitation works?” asked the shareholder activism group.
“And what is the expected compensation to be paid by CRECM if it fails to complete the construction of the rehabilitation works within the stipulated period as agreed upon?”
PLB will be conducting its extraordinary general meeting (EGM) virtually on March 8 at 3pm from its headquarters at Taman Chai Leng in Prai, Penang.
Elsewhere, MSWG will also be probing Hubline Bhd over a material uncertainty highlighted by the company’s independent auditor pertaining to the incurrence of RM60.8 mil net loss during its FY2020.
Given that the group’s current liabilities exceeded its current assets by RM62.2 mil, concern abounds that a material uncertainty may exist which cast significant doubt on the group’s ability to continue as a going concern.
“When is the group expected to be in a position that does not warrant a statement from the independent auditor that there is ‘a material uncertainty exists that may cast significant doubt on its ability to continue as a going concern’?” asked the shareholder activism group.
Hubline will stage its 45th annual general meeting (AGM) virtually on March 11 at 11am from its head office at Jalan Datuk Abang Abdul Rahim in Kuching, Sarawak.
Also in relation to material uncertainty, MSWG is seeking an explanation from Asdion Bhd at its forthcoming AGM with regard to the company incurring a net loss of RM4 mil on top of a net current liabilities position of RM5.6 mil.
This follows the material uncertainty disclosure by CAS Malaysia PLT related to a going concern in its independent auditors’ report.
“Is there sufficient working capital to meet the group’s expenses and finance cost for the next 12 months?” asked MSWG. “When is the company expected to come out of the ‘material uncertainty related to going concern’?”
Asdion will stage its 18th AGM virtually on March 10 at 10am from Bangsar South City, Kuala Lumpur. – Mar 5, 2021