THE Minority Shareholders Watch Group (MSWG) is probing Nestle (M) Bhd at its forthcoming annual general meeting (AGM) with regard to reasons for the significant increase in its “other expenses” which have surged 220% to RM52.4 mil in FY2020 from RM16.4 mil in FY2019.
The shareholder activism group also wanted to know the purposes of those expenses and whether they were one-off or recurring expenses.
“If they were recurring expenses, how will the additional expenses impact the group’s operating margin in FY2021?” asked MSWG.
On the same note, the shareholder activism group also enquired the multinational dairy producer the nature of trade receivables that have been written off following declaration that the group has written off trade receivables of RM1.13 mil in FY2020 (FY2019: RM683,000).
“What actions have been taken to recover the said amount prior to writing off?” asked the shareholder activism group.
The company will hold its 37th AGM at Menara Symphony in Section 13, Petaling Jaya on April 28 (Wednesday) at 10am.
Elsewhere, MSWG is also probing Westports Holdings Bhd over its accumulated impairment loss on trade receivables which have risen significantly to RM8.1 mil in FY2020 (FY2019: RM1.9 mil).
It wanted to know the reasons for the high impairment loss on trade receivables and what actions have been taken to recover the said amount.
“What is the percentage of the impairment loss of RM8.1 mil that is expected to be uncollectable?” asked the shareholder activism group. “How much of the impaired trade receivables have been recovered to-date?”
Westports will hold its 28th AGM virtually on April 27 (Tuesday) at 2pm from its broadcast venue in Port Klang.
In a related development, MSWG is also seeking an answer from Bintulu Port Holdings Bhd over the decline of its cargo throughput and container throughput in FY2020 by 5.05% to 47.61 million tonnes and 1.7% to 339,660 TEUs (twenty-foot equivalent unit) respectively compared to the previous financial year.
“In view of the on-going COVID-19 pandemic which is affecting the global supply chain in the port services industry, what is the outlook on cargo and container throughput growth for Bintulu Port and Samalaju Port in 2021?” asked MSWG.
Bintulu Port will hold its 25th AGM virtually on April 28 (Wednesday) at 5pm from its broadcast centre from the Tricor Business Centre in Bangsar South, Kuala Lumpur. – April 23, 2021
