Posted by keanurune > 2 months ago | Report Abuse

Fast fast take over, so much hassle

Posted by ChunWong93 > 2 months ago | Report Abuse

SMI has turned things around. It seems that Techbase's takeover is a good start

Posted by Lightworkss > 2 months ago | Report Abuse

SMI management just give up lah, one good quarter cant change the fact...

Posted by KarmaS > 2 months ago | Report Abuse

actually decent result, no wonder techbase want to take over la

Posted by Yusof896 > 2 months ago | Report Abuse

Ini adalahlah satu permulaan yg baik utk syarikat ni. Tengok macam mana ia akan berkembang seterusnya

Posted by AmySee > 2 months ago | Report Abuse

Better let Techbase take over completely and lead this company to a better future 🙂

Posted by mrkhoi306 > 2 months ago | Report Abuse

overall the situation doesn't look good for SMI.... suddenly pattern a lot.... current SMI management is fishy af

Posted by cashflowman > 2 months ago | Report Abuse

Amysee, be careful what you wish for. Its like from the frying pan into the fire.

Posted by TopKey > 2 months ago | Report Abuse

Gaduh sudah start, I bet techbase gonna win! SMI management no power at all

Posted by Taibfar > 2 months ago | Report Abuse

The involvement of new major shareholders is necessary

Posted by chillib3an > 2 months ago | Report Abuse

No update yet? Takeover done??

Posted by AmySee > 2 months ago | Report Abuse

It's still under negotiation, I think ..

Posted by keanurune > 2 months ago | Report Abuse

not yet, but very likely since old management all talk but no action

Posted by Kkristal > 2 months ago | Report Abuse

old management are useless, seal the deal & let techbase take over

Posted by Welsonnotwell > 2 months ago | Report Abuse

Big chance for takeover SMI. Francis Leong and two subsidiaries of Techbase Industries Bhd—are offering 45 sen per share to acquire the remaining shares they do not already own, according to its filing with Bursa Malaysia Securities. They now control more than half of the issued shares in SMI.

Posted by yifeng > 2 months ago | Report Abuse

Pack it up SMI... fast fast complete the takeover deal

Posted by KropSkin787 > 2 months ago | Report Abuse

An Open Letter to Bursa Malaysia, SC, MSWG, SSM on Transparency Issue of South Malaysia Industries Berhad (SMI)

https://klse.i3investor.com/web/blog/detail/RCKT1/2024-09-10-story-h468377297-An_Open_Letter_to_Bursa_Malaysia_SC_MSWG_SSM_on_Transparency_Issue_of_So

Posted by Taibfar > 2 months ago | Report Abuse

Bursa Malaysia certainly needs to explain the mandatory general offer (MGO) announced by SMI a month ago, otherwise similar situations will happen to other companies in the future ...

Posted by chobozong > 2 months ago | Report Abuse

Where's the update from SMI? Typical old management with lack of communication...

Posted by zuhutuho > 2 months ago | Report Abuse

what u expect, incompetent management mah. no surprise kena take-over

Posted by Taibfar > 1 month ago | Report Abuse

As retail investors, we find ourselves in a state of confusion regarding the ongoing Mandatory General Offer (MGO) of South Malaysia Industries Berhad (SMI). The recent flurry of announcements and legal disputes surrounding the MGO has left us questioning whether this offer is still proceeding and why the communication from SMI’s management and Board of Directors appears to be unclear and contradictory.

A Confusing Situation for Investors?

On 20 August 2024, the Unconditional Mandatory Takeover Offer was issued by Target 1 Sdn Bhd (T1) through TA Securities Holdings Berhad, offering to acquire all the remaining ordinary shares of SMI at RM0.45 per share. For many of us, this initially presented a clear opportunity to evaluate our position in SMI and decide whether to tender our shares. However, things became much more complicated soon after.

In late August, it was announced that Mr. Mah Sau Cheong, a minority shareholder, had filed an interim injunction to halt the MGO process, seeking clarity and protection for shareholders while the court deliberates on the offer. The situation was further complicated when, on 5 September 2024, the court dismissed the ad interim injunction. Despite this, SMI’s Board of Directors agreed to “prayer (b)” of the Plaintiff’s application, which restrains the company from taking further steps under the MGO until the matter is resolved.

Adding to the confusion, on 13 September 2024, SMI made an announcement stating that, despite the dismissal of the injunction, they would not proceed with the MGO until further court directions are provided following the next hearing, scheduled for 27 October 2024.

Is the MGO Still Ongoing?

From a retail investor’s perspective, this conflicting information is deeply concerning. On the one hand, we were told that the MGO was moving forward after the dismissal of the ad interim injunction. Yet, on the other hand, SMI has agreed to halt the process until further court orders are issued. This mixed messaging has left investors wondering: Is the MGO still on, or has it been effectively paused?

Furthermore, the legal back-and-forth raises a critical question: Why is the management and Board of Directors of SMI, who are responsible for ensuring transparency and protecting shareholder interests, seemingly contributing to the confusion? Instead of providing clear guidance on the MGO’s status, they appear to be adding layers of complexity, making it difficult for retail investors to make informed decisions about our holdings.

A Call for Clarity

As minority shareholders, we expect transparency and timely communication from SMI’s management, especially when it comes to such a significant event as a Mandatory General Offer. Unfortunately, this has not been the case, and we find ourselves in a state of uncertainty. We are left in limbo, unsure whether to act on the RM0.45 offer or wait for the court’s decision at the end of October.

We urge the Board of Directors and management of SMI to clarify the situation. Is the MGO still ongoing? If so, what should we, as shareholders, expect? If not, why has there been such a lack of clear communication to date? We seek answers, not further complications.

With legal actions pending and conflicting announcements being made, it is imperative for Bursa Malaysia, the Securities Commission Malaysia (SC), and the Minority Shareholders Watch Group (MSWG) to step in and ensure that SMI acts in the best interests of all shareholders. The current uncertainty and lack of transparency are unacceptable, and retail investors like ourselves deserve better.

We hope that the upcoming court hearing on 27 October 2024 will provide much-needed clarity. Until then, we continue to monitor the situation closely, but our confidence in the company’s leadership is waning.

https://klse.i3investor.com/web/blog/detail/LETTER/2024-09-18-story-h469212536-A_Concerned_Investor_s_Perspective_Uncertainty_Surrounding_SMI_s_Mandato

Posted by stncws > 1 month ago | Report Abuse

be patient, be happy

Posted by mf > 1 month ago | Report Abuse

BREAKING
Dow falls 250 points as oil spikes on rising Middle East tensions

Posted by cenzur19 > 1 week ago | Report Abuse

this counter pariah, incompetent board that cheat investors money

Posted by Taibfar > 1 week ago | Report Abuse

Hopeless already this counter and the management is not willing to change their incompetent attitude

Posted by Ghazaar > 6 days ago | Report Abuse

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. Buta gaji and company is going to tutup kedai. ha

Posted by fakelok747 > 5 days ago | Report Abuse

what u expect, garbage company comes with garbage CEO. stay away from SMI!!

Posted by zuhutuho > 3 days ago | Report Abuse

Sorry for Your Loss, Shareholders of SMI - “CEO” for leading the company for multi-year losses.

https://klse.i3investor.com/web/blog/detail/Therealinvestor/2024-11-09-story-h473746561-Sorry_for_Your_Loss_Shareholders_of_South_Malaysia_Industries_SMI

Posted by Taibfar > 2 days ago | Report Abuse

Poor shareholders, they originally believed in SMI, but were betrayed by the failed management team

Posted by Robinmoon > 1 day ago | Report Abuse

company ni gg