AGM Watch: Is a turnaround in sight for Parkson?

THE Minority Shareholders Watch Group (MSWG) is seeking an answer from Parkson Holdings Bhd with regard to the company’s plans to improve its loss-making position given that it has recently triggered one of the prescribed Practice Note 17 (PN17) criteria.

Specifically, MSWG wants to know plans put in place by the department store operator in terms of cost management measures and how it intends to improve its operational efficiency.

“What is the expected impact on the company’s cash flow position, particularly in the next 12 months?” asked the monitoring body.

Parkson will be broadcasting its AGM virtually on Nov 25 (Wed) at 10.30am from the Lion Office Tower at No. 1 Jalan Nagasari, Kuala Lumpur.

Elsewhere, MSWG will be probing Padini Holdings Bhd on measures to control cost, optimise working capital, preserve cash and streamline its operations given the current business challenges posed by the COVID-19 pandemic.

The relevant questions include:

  • What are the measures being undertaken to streamline the company’s operations?
  • Does Padini expect to close down any of its existing stores?
  • Has the company’s product supply chain faces any disruption?
  • What are the issues on the demand and supply side of its products? How does the company plan to mitigate these issues?

The fashion retailer will stage its virtual AGM on Nov 24 (Tues) at 10am from its headquarters at No. 19, Hicom Glenmarie Industrial Park in Shah Alam.

With regard to Karex Bhd, MSWG wishes to enquire plans to address external challenges that have dampened the company’s bottom line (i.e complicated tender and commercial market landscape, volatile commodities prices and social compliance cost on the employment of foreign labour).

On the same note, the monitoring body also wishes to know how effective are current strategies that the company which is touted as one of the world’s largest condom manufacturers have to reverse its declining bottom line.

Karex will be broadcasting its virtual AGM on Nov 27 at 10am from its headquarters in Menara Symphony, Jalan Prof. Khoo Kay Kim, Petaling Jaya. – Nov 20, 2020        

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