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d_trade

d_trade | Joined since 2018-10-19

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Stock: [SEACERA]: SEACERA GROUP BERHAD

2019-04-18 23:47 | Report Abuse

yes.... with d assets reported, should d drama end well. but who knows......

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Stock: [SEACERA]: SEACERA GROUP BERHAD

2019-04-18 23:21 | Report Abuse

Dato’ William Tan Wei Lian, the single largest shareholder of SEACERA Group Berhad (SEACERA) with over 16% shares owned as of 17 April, 2019 pledges to invest RM30 million or more into SEACERA to resolve the company’s cash flow and credit liability, if need be.

This is in response to SEACERA’s management voluntary announcement to Bursa Malaysia ihttp://www.bursamalaysia.com/market/listed-companies/company-announcements/6129925 for the shareholders of the Company to assess and make their own decision in view of the potential material implications as follows:

In the event of the default in payment and the Company’s inability to provide the Solvency Declaration, the Company will trigger the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(f) of Practice Note 17 of the Listing Requirements. Thereafter, as an affected listed issuer, the Company will be required to amongst others, regularise its condition within the time frames permitted by Bursa Securities, failing which Bursa Securities may:-

(i) suspend the trading of the Company’s listed securities on the 6th market day after the date of notification of suspension by Bursa Securities; and

(ii) de-list the Company subject to the Company’s right to appeal against the delisting which appeal by the Company must be submitted to Bursa Securities within 5 market days from the date of notification of de-listing by Bursa Securities.inary shares in SEACERA as consideration at an issue price of RM0.21 per new SEACERA share (“Proposed Capitalisation”)

Said Dato’ William Tan, “This is obviously a scare tactic which is uncalled for. The company has, as of 31 December, 2018 net assets amounting to approximately RM838 million and 501 acres land free from encumbrances with a book value of approximately RM784 million.”

“SEACERA’s receivables amounts to approximately RM90 million. In addition, the company raised approximately RM15 million from the issuance of the Employee Share Option Scheme (ESOS) within February and March this year,” noted Dato’ William.

“Any business owner will know the company has stable financials to grow and sustain itself without being declared insolvent,” he affirmed.

It is very obvious from the company’s announcement to Bursa Malaysia, the current Management of SEACERA has failed the shareholders in acting in their interest. “Since, the current Board of Directors are so incompetent in managing the company, they should voluntarily step down and pave the way for new batch of Directors to take over the helm and resolve the company’s financials,” he quipped.

Dato’ William Tan again urge all shareholders to attend the EGM on 15 May, 2019 at Sheraton Imperial Hotel at 11.00am to remove eight (8) of SEACERA’s current 10 directors.

A total of 45 shareholders representing more than 50% (RM240 million) of SEACERA’s shares out of a paid up capital of RM474 million, attended the EGM called by the company on 16 April, 2019 and unanimously voted against and rejected the resolutions.

Dato’ William Tan has given two notices of intention to move resolutions requiring special notice pursuant to Sections 206 (3) and 322 of the Companies Act 2016 and to give notice of intention to move resolutions for removal of Directors from Office and to propose persons for election for Directors.

The six new directors proposed are Ms. Shirley Tan Lee Chin, Encik Rizvi Abdul Halim, Datin Ida Suzaini Abdullah, Mr. Clarence Yeow, Mr. Chua Eng Chin and Encik Marzuki bin Hussain.