Points To Consider:
- Net electrical current assets of Seacera was RM838m, largely backed yesteryear its 501 acres of province inwards Semenyih.
- Current management together with CEO proposed to exercise a jv on that province alongside Duta Skyline (OCR)
- Datuk William Tan is the unmarried largest shareholder alongside a 16.4% block together with has pledged to inject RM30m into the society to resolve the company's cash flow. Tan basically was against the jv.
- Seacera simply defaulted on an RM25,451 payment for its Ambank Islamic loan, putting it into PN17.
- Tan too mentioned that if he manages to cause got over the society he volition declare a 10 sen exceptional dividend afterward tyke property sales.
Commentary:
- Obviously Tan has other plans to educate the 501 acres, obviously alongside potent Red People's Republic of China involvement (Country Garden). So who is to tell which jv is better? The CEO has the correct to telephone telephone the shots here.
- However, the CEO together with acquaint management totally ignore their largest shareholder's pledge to inject RM30m. How to justify the "silly" missed payment of simply RM25,451? Cutting the leg to larn rid of an itch!!!
- Should the SC pace in? In this instance, at that spot appears that at that spot may live on a case that the CEO may not cause got been acting inwards the company's best interest. On that note, the board of directors should cause got a lot to answer equally well.
- This is an interesting province of affairs where the shareholdings are splintered together with no ane actually has effective control. What are the rights of the largest shareholder then?
Seacera right away a PN17 company
KUALA LUMPUR: Seacera Group Bhd has croak an affected listed issuer nether Practice Note 17 (PN 17) nether the Main Market Listing Requirements of Bursa Malaysia Securities.It said on Fri that it had triggered the prescribed criteria afterward it defaulted inwards the payment of chief together with profits to AmBank Islamic Bhd together with it was too unable to furnish a solvency announcement to Bursa Securities.
Trading inwards the securities of Seacera was halted at 11.48am on Friday. The tile maker's part cost was apartment at 31.5 sen earlier its asking for voluntary suspension.
The tile maker has 12 months to regularise its fiscal condition. It too has to submit a regularisation innovation to the Securities Commission if the innovation volition termination inwards a pregnant alter inwards the trouble organisation management or policy of the company.
However, Datuk William Tan Wei Lian (Chen Wei Nan), the unmarried largest shareholder of Seacera alongside a 16.4% stake, pledged to inject RM30mil, or to a greater extent than into the society to resolve its cash menstruation together with credit liability, if require be.
The society had attracted involvement next Tan's motion to telephone telephone for an EGM to take away several directors.
In the latest development, Seacera announced that its application for injunction inwards honor of the expose of EGM issued yesteryear Tan together with 3 others was heard on Th earlier the High Court judge.
Seacera had withdrawn the application on the task provided yesteryear Tan together with 3 others that "they volition non jointly or severally number whatsoever fresh expose of EGM until together with unless they are members of at to the lowest degree 10% of the company".
Apart from that, Tan together with 3 others had too withdrawn the expose of EGM dated Apr 15, which the society reserves its rights.
Read to a greater extent than at https://www.thestar.com.my/business/business-news/2019/04/26/seacera-suspends-trading-ahead-of-fresh-news/#lcjGHfAueZ0IkefT.99
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