PETALING JAYA: Target 1 Sdn Bhd, the largest shareholder of South Malaysia Industries Bhd
(SMI) with a 30.67% stake, has clarified that the extraordinary general meeting (EGM) will proceed as scheduled, despite statements to the contrary from SMI.
Addressing recent claims and updates on the upcoming EGM, Target 1 stated in a press statement that SMI has yet to provide the required record of depositors (ROD) and general meeting record of depositors, dated Nov 22, 2024.
Initially expected to be provided by SMI before Dec 16, 2024, Target 1 noted that “it is unlikely that SMI will furnish its ROD to Target 1 to facilitate the despatch of the offer document and the implementation of the offer, as well as the dispatch of the notice of EGM to members of SMI.”
“Despite this, Target 1 remains committed to ensuring that the EGM proceeds as planned and in this regard, Target 1 will take all necessary steps in accordance with the law.
“Target 1 reaffirms its dedication to upholding the rights of all shareholders and maintaining transparency throughout this process,” it said.
In Aug 2024, Target 1– controlled by Leong Seng Wui, signed an agreement with Honsin Apparel Sdn Bhd and HiQ Media (M) Sdn Bhd to obtain control in the management of SMI.
