TARGET 1 Sdn Bhd who is the largest shareholder of South Malaysia Industries Bhd (SMI) with a 30.67% stake has unveiled six new to the board of the property developer following the successful conclusion of the latter’s extraordinary general meeting (EGM) today (Jan 9).
During the EGM, all six resolutions to appoint new directors to the SMI board were passed.
“Members present at the EGM by proxies who collectively hold a total of 105,078,800 (105.08 million) shares or 50.05% of SMI’s total issued shares of 209,940,112 (209.94 million) have voted in favour of all resolutions,” Target 1 pointed out in a media statement.
“This has resulted in a 100% approval rate from the members.”
The six newly appointed directors are (i) Datuk Pahlawan Mior Faridalathrash Wahid; (ii) She Pei Sze; (iii) Lee Keng Fatt; (iv) Datuk Sok One A/L Esen; (v) Ho Pui Hold; and (vi) Leong Weng Loong.
In November 2024, Target 1 secured the consent of Securities Commission Malaysia for the appointment of these six individuals as directors of SMI under the Rules on Take-overs, Mergers and Compulsory Acquisitions.
“The newly appointed directors bring a wealth of experience and expertise, promising to ensure proper corporate governance and oversight of SMI and safeguarding the interest of all shareholders, especially those of other minority shareholders,” added Target 1.
Recall that on Dec 18 last year, SMI again insisted that no EGM of the company would take place today (Jan 9) amid the on-going clashes between two shareholder groups vying for control of SMI.
This came about a day after Velocity Capital Sdn Bhd which had called the EGM on behalf of Target 1 placed an advertisement in the New Straits Times notifying shareholders of the EGM.
In a Bursa Malaysia filing, SMI had deemed the advertisement as “misleading the public and shareholders” by clarifying that no official EGM notice has been circulated to shareholders as required under Section 321 of the Companies Act 2016 and the company’s constitution.
At the close of today’s (Jan 9) trading, SMI closed untraded at 39.5 sen which gave the company a market capitalisation of RM83 mil. – Jan 9, 2025
