Sorry for Your Loss, Shareholders of South Malaysia Industries (SMI)
Today, it has come to my attention that there really are management and board members of a Public Listed Company that would disregard all honesty and free will of shareholders.
On a publication by Minority Shareholders Watch Group (MSWG) dated back to 17th May 2024, the ousted director Leow Thang Fong was reappointed by the company as a ridiculous key management role — Chief Executive Officer (CEO) despite 51.2% of the shareholders wanted him out during the 52nd AGM of the company.
There is no reason whatsoever SMI needed a “CEO” for leading the company for multi-year losses.
Next, the company also published their annual report for FYE2024, which further raised the eyebrows of many investors of the company.
During the AGM held on 27th March 2024, the shareholders of the company had clearly rejected the total remuneration package, inclusive of director fees of SMI. However, under the helm of “smart” board members and management of the company, they had effectively moved the director fees away from director fees, into the handsome package of emoluments.
The new “CEO” of the company received a total of RM1.1 million in remuneration package by SMI despite the significant losses of the company. Imagine what would happen if these funds could be used for recovering the financials of the company!
Hence, I’m sorry for the loss of SMI shareholders on this matter, and hopefully, MSWG together with Bursa Malaysia could do something to the current incompetent management and board members.
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