TARGET 1 Sdn Bhd which is the largest shareholder of South Malaysia Industries Bhd (SMI) with a 30.67% stake has addressed recent claims while clarifying the on-going developments surrounding the latter’s extraordinary general meeting (EGM) slated for Jan 9, 2025 and the unconditional mandatory takeover offer for SMI shares.
Contrary to statements made by SMI that no EGM notice has been dispatched through its letter to SMI dated Nov 22 which was acknowledged by SMI on the same day, Target 1 clarified that it has further requested for the record of depositors (ROD) and general meeting record of depositors from the Main Board-listed property developer.
As a matter of fact, Target 1 claimed that it had requested SMI through its letter dated Nov 22 to provide both items – the ROD and the general meeting record of depositors – along with the dispatchment of Notice of EGM to SMI’s shareholders before Dec 16.
“As of today, SMI has yet to provide the required information and it’s unlikely that SMI will furnish its ROD to Target 1 to facilitate the despatch of the Offer Document and the implementation of the Offer as well as the dispatch of the Notice of EGM to members of SMI,” Target 1 revealed in a media statement.
“Despite this, Target 1 remains committed to ensuring that the proposed EGM proceeds as planned and in this regard, Target 1 will take all necessary steps in accordance with the law.”
Added the SMI’s largest shareholder: “Target 1 reaffirms its dedication to upholding the rights of all shareholders and maintaining transparency throughout this process.”
At the close of today’s trading, SMI was up 0.5 sen or 1.27% to 40 sen with 63,000 shares traded, thus valuing the company at RM84 mil. – Dec 17, 2024
