THE Minority Shareholders Watch Group (MSWG) is seeking an answer from oil & gas (O&G) service provider Dialog Group Bhd as to why its New Zealand-based subsidiary Dialog Fitzroy Ltd (DFL) has been exploring opportunities outside the sphere of the O&G sector.
Puzzled as to why Dialog Fitzroy has continuously been looking for business in the dairy and pharmaceutical realm (page 55 of Dialog Group’s Annual Report 2020), MSWG wants to know what are the competitive advantages DFL has over other competitors in the dairy and pharmaceutical businesses.
Additionally, MSWG is also probing if DFL has secured any contract from the diary and pharmaceutical businesses as well as the contract value and duration (if there is any).
Dialog Group will be conducting its virtual AGM from the broadcast venue at Dialog Tower, Mutiara Damansara, Petaling Jaya on Nov 18 (Wed) at 10am.
Elsewhere, MSWG is seeking clarification from Ucrest Bhd (formerly Palette Multimedia Bhd) with regard to its revenue which has declined significantly to RM12.3 mil (FY2019: RM28.8 mil) with a net loss of RM20.7 mil (FY2019: profit of RM6 mil) (page 53 of Ucrest’s Annual Report 2020).
Ucrest has attributed the issue to high impairment loss on trade receivables and intangible assets. Additionally, the group has also recorded a negative net cash flow from operating activities of RM1.1 mil (page 58 of AR2020).
“Given that current trade payables increased to RM16.2 mil (2019: RM8.5 mil) (Note 16 on page 116 of AR2020) and that there was negative net cash flow, how will the group prepare itself to meet its trade payables obligations on a timely manner?” MSWG further asked.
Ucrest will be staging its AGM at the Tropicana Golf & Country Resort in Petaling Jaya on Nov 17 (Tues) at 11am.
MSWG is also seeking feedback from Ageson Bhd (formerly Prinsiptek Corp Bhd) as to why the company’s administrative expenses and other operating expenses have increased in FY2020 by 94.6% and 57.2% to RM4.05 mil (FY2019: RM2.08 mil) and RM9.16 mil (FY2019: RM5.83 mil) respectively.
“Does the group expect these expenses to increase further in FY2021? If so, what is the estimated increase?” MSWG further asked.
Ageson will be holding its virtual AGM from the broadcast venue at No. 17-12, Q Sentral, Kuala Lumpur Sentral on Nov 18 (Wed) at 9am. – Nov 13, 2020
