THE Minority Shareholders Watch Group (MSWG) will query Comfort Gloves Bhd at the latter’s forthcoming annual general meeting (AGM) as to how the glove maker could have ended up with a meagre internal audit function fee of RM8,000 for its financial year ended Jan 3, 2021.
Given that the fee is unusually small (about RM700/month), the shareholder activism grouping is curious as to how the audit committee assured itself that there would be adequate and effective audit function.
On the same note, MSWG also wants to know as to why the company has proposed the appointment of KPMG to replace its outgoing auditors Baker Tilly Monteiro Heng.
“What was the reason for Baker Tilly Monteiro Heng not seeking re-appointment? Is the company aware of any reasons for the change in auditors?” asked the shareholder activism grouping.
Comfort Gloves will stage its 80th AGM virtually on June 22 (Tuesday) at 10am from its broadcast centre in Wisma Westcourt, Kuala Lumpur.
Elsewhere, MSWG is also querying Dayang Enterprise Holdings Bhd which has recognised an impairment loss of RM186.9 mil (2019: nil) for a subsidiary based on the estimated recoverable amount of the subsidiary.
“Please name the subsidiary with the impairment loss of RM186.9 mil,” requested the shareholder activism grouping. “What is the nature of the impairment loss of the subsidiary by the type of assets that were impaired? Is there any potential for the impairment loss to be reversed in the future?”
Dayang Enterprise will hold its 15th AGM virtually on June 22 (Tuesday) at 10am by utilising the online meeting platform by Tricor Investor & Issuing House Services Sdn Bhd.
Meanwhile, MSWG also seeking clarification from UEM Sunrise Bhd at the latter’s AGM with regard to the group’s plan to narrow down 11 potential business sectors to two, namely education and healthcare.
“Where does the group intend to set up the education and healthcare businesses?” asked the shareholder activism grouping.
“When does the group target to start the operation of both businesses? What is their gestation period before these businesses can become profitable?”
Additionally, MSWG wants to know if the group intends to tie up with established education and healthcare service providers and who are the targeted institutions.
UEM Sunrise will stage its 13th AGM virtually on June 21 at 10am from the Boardroom Share Registrars Sdn Bhd office at Menara Symphony, Petaling Jaya. – June 18, 2021
