AGM Watch: Gauging effectiveness of Sapura’s RM1.3 bil savings exercise

THE progress of Sapura Energy Bhd’s Acceleration Programme which aims to generate savings of RM1.3 bil has come under the Minority Shareholders Watch Group (MSWG) scrutiny.

With more than half of the programme having been implemented to date, MSWG wants to know what is the balance of savings to be generated and when does the global integrated oil & gas (O&G) outfit targets to generate the balance of savings.

Launched in 2019, the Acceleration Programme serves as a comprehensive optimisation plan for lean and efficient operations.

“Please provide details of savings of RM430 mil from the balance of RM650 mil which the group has achieved as of April 2021?” requested the shareholders activism group.

“Will the group be able to return to profitability with the savings of the RM1.3 bil? If yes, by when?”

The Acceleration Programme encompasses initiatives such as improvements in operations productivity, supply chain optimisation and reviews of commercial opportunities within existing contracts.

Moreover, the group has also implemented salary reductions and a right-sizing exercise in FY2021.

Sapura will stage its 10th AGM virtually at 10am on July 27 (Tuesday) via virtual meeting platform https://web.lumiagm.com which is operated by Boardroom Share Registrars Sdn Bhd.

Elsewhere, MSWG is also enquiring from Tiger Synergy Bhd as to when the company expects to turnaround its business which is predominantly in property development that is facing a sluggish prospect.

This comes on the back of the company proposing a rights issue of three new shares for every four shares held at an issue price to be determined later together with three free warrants for every four shares held. The company expects to raise RM12 mil from its rights issue exercise.

“What are the measures that the group has taken to mitigate its losses and how successful have these measures been?” asked the shareholders activism group.

Tiger Synergy will stage its extraordinary general meeting (EGM) at 11am on July 29 (Thursday) via the ShareWorks Sdn Bhd online meeting platform hosted virtually at www.swsb.com.my.

On the same note, MSWG also seeks clarification from Crescendo Corp Bhd with regard to its earmarked property launches in FY2021 and the anticipated gross development value (GDV) of each project.

“Is the group looking to increase its landbank? What are the potential locations the group is looking at?” MSWG asked.

Crescendo will stage its 25th AGM virtually at 2pm on July 28 (Wednesday) via the online meeting platform provided by Boardroom Share Registrars Sdn Bhd at https://meeting.boardroomlimited.my. – July 23, 2021

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