Major Institutional Investors’ Slip-Up Once Too Often

PSCI AGM Fiasco

Analysts and Fund Managers were baffled at the PSC Industries Bhd’s (PSCI) shareholders’ meeting, the outcome of which revealed that the country's biggest corporations are being derelict and the whole episode looks farcical.

The three musketeers are Boustead Holding Bhd, Danaharta and Telekom Malaysia Bhd – which together holds a total of about 42% of PSCI – were denied entry to the meeting due to non compliance of the AGM rules.

Interestingly, Monday’s turn of events were similar to what happened 3 years ago when Telekom squared off against Tajudin Ramli at the –Telekom-Danaharta-Celcom take-over saga. At the shareholders’ meeting, Tajudin blocked proxies of Telekom due to incorrectly-filled forms, a move that allowed Tajudin to retain control of TRI’s board. TRI was then the controlling shareholder of Celcom.

Ignorance, once too often? All these organizations have scores of legal advisors and experts to know what they need to comply to attend this AGM. It just goes to tell what are the attitudes of the experts we have produced. Even a company secretary will know the requirements.

Malaysia Boleh; GLC lagi Boleh!!!