Shareholders of G Neptune Approved its Regularisation Plan

The non-interested shareholders of G Neptune Berhad have approved its proposed regularisation plan during the extraordinary general meeting (EGM) held today. The shareholders’ approval marks a key milestone for G Neptune’s proposed regularisation plan which is expected to address the Company’s Guidance Note 3 (GN3) status as well as return it to a stronger financial standing as well as profitability.
An integral part of the approved regularisation plan is the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million to be satisfied through the issuance of 1.68 billion shares.

Southern Score is a construction management services company with a recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial year ended 31 December 2019, 2020 and 2021 respectively. Super Advantage, being the vendor of Southern Score, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024. Super Advantage is held by Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score, a veteran in the construction and property development industries with more than 30 years’ experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score.

Shareholders also approved to change the Company’s name to “Southern Score Builders Berhad”, a move undertaken by the Company to better reflect G Neptune’s new corporate identity moving forward.

Commenting on the shareholders’ approval, Gan Yee Hin said, “We would like to thank the shareholders for putting their trust and confidence in us. This is a key milestone towards the long-awaited completion of the regularisation plan. With the injection of Southern Score, we believe that G Neptune will be in a stronger financial standing and profitability, thereby benefiting all stakeholders.”

Other than the proposed acquisition and proposed change of name, shareholders also approved the following proposals which are part of the proposed regularisation plan:

– proposed consolidation of every 10 existing G Neptune’s shares into one share;
– proposed debt settlement amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of G Neptune, via the issuance of 20.67 million shares;
– proposed private placement to raise at least RM108.6 million through the issuance of 543.05 million shares to investors to be identified later and;
– proposed exemption from the obligation to undertake a mandatory takeover offer for the remaining G Neptune shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin.

Gan Yee Hin added, “The shareholders’ approval obtained today heralds a new beginning for Southern Score as we gain a step closer towards obtaining a listing status via GNB. We intend to leverage on our listing status to further grow our business for which our shareholders will also be able to partake in. We expect Southern Score’s growth to be fuelled from growth in the construction sector where construction activities is expected to increase in tandem with economic growth following the reopening of the economy and country borders.”

Kenanga Investment Bank Berhad is the principal adviser and sponsor for the proposed regularisation plan as well as placement agent for the proposed private placement while Malacca Securities Sdn Bhd is the independent adviser for the proposed exemption.

G Neptune Berhad: 0045 [BURSA: GNB], https://www.gneptune.com/
Southern Score: https://southernscore.com.my/






Topic: Press release summary

Pirelli: Shareholders’ Meeting Called for 18 May 2022

PARTICIPATION OF SHAREHOLDERS WILL BE THROUGH DESIGNATED REPRESENTATIVE

Milan – WEBWIRE



Pirelli & C. S.p.A. today called – in ordinary session – a Shareholders’ Meeting in Milan at the Notary Office Marchetti, Via Agnello 18, at 10.30 a.m. on Wednesday 18 May in sole call.


As well as resolutions regarding the approval of the 2021 Financial statements and the allocation of the result and dividend distribution, the Shareholders’ Meeting will be called to approve the remuneration policy with regard to 2022, express itself through an advisory vote on compensation paid in 2021 and approve, stating that part of the incentive is linked to a Total Shareholder Return objective, the adoption of the monetary incentive plan for the 3-year period 2022-2024 (LTI 22-24) earmarked for the group management in general and linked to the targets of the Strategic Plan 2021-2022|2025. The Shareholders’ Meeting will also be called to approve the mechanisms for the eventual adjustment of the sole quantification of the targets included in monetary incentive plans for the 3-year periods 2020-2022 and 2021-2023, in line with the remuneration policy with regard to 2022


The Shareholders’ Meeting will also include the presentation of the Report on the Responsible Management of the Value Chain and the annual Report on corporate governance and share ownership.


On the same date as publication of the notice of call, the Company has made the proposed resolutions and documentation relative to the items on the agenda available to the public at the Company headquarters in Milan at Viale Piero e Alberto Pirelli 25, Borsa Italiana S.p.A, via the eMarket Storage authorized storage mechanism (emarketstorage.com) and the Company website www.pirelli.com.


How the Shareholders’ Meeting will be conducted


With the aim of avoiding the risks associated with Covid-19, the Company has chosen the option of providing that the interventions of those with the right to vote at the Shareholders’ Meeting will take place exclusively through the Appointed Representative without physical participation by those with the right to be there. For any additional information about the Shareholders’ Meeting, please refer to the notification and indications on the Company website in the section dedicated to the event.

Shareholders and senior management show confidence in China Risun by increasing stakes recently

Key shareholders and senior management of China Risun Group Limited (“China Risun”, or the “Group”, stock code: 1907), a leading integrated global coke, coking chemicals and refined chemicals producer and supplier and relevant operation management service provider, have recently time and again increased shareholdings in the Group, indicating their confidence in the Group’s development prospects.
China Risun’s controlling shareholder Texson Limited and Yang Xuegang, Chairman of the Board and CEO of the Group, bought a total of 2.18 million shares of China Risun in the market on average at HK$4.7028 per share and HK$4.54 per share on 27 and 28 October. Subsequently, Texson Limited and Mr. Yang now hold 3.122 billion China Risun shares, and their shareholding together has increased to 70.32%.

In addition, according to CCASS public data, the executive directors and senior management of Risun Group have continued to increase their holdings of the company’s shares since June 2021.

The fundamentals of China Risun remain strong. Currently, the coke inventory of steel mills is at an absolute low level, meaning there is the need for replenishment. In addition, as the winter replenishment gradually starts, the demand for coke is expected to stay stable. Thus, with the current supply and demand situation considered, the spot price of coke is expected to remain strong in the short to medium term. As the business volume and price of coke are expected to be stable, plus the Group has continued to increase production capacity by expanding operation management services and through mergers and acquisitions, its results are set to grow in the medium to long-term.

Hydrogen energy business is another growth driver of the Group. In recent years, the Group has made deployment and pursued hydrogen production, storage, transportation and refuelling projects. The first phase of the Dingzhou Hydrogen Energy Base has been completed, with supply covering the Beijing-Tianjin-Hebei region. Furthermore, the Group has also actively participated in hydrogen industrialization projects in Hohhot, Inner Mongolia and Xingtai, Hebei (a hydrogen demonstration city in China). At present, the Group’s hydrogen energy business plan in advancing in steady pace with projects gradually implemented and strategic partnerships forged with a good number of companies. As the Group has leading edge when it comes to hydrogen production cost (RMB 0.7-1 m3 only) and craftsmanship, it needs to only fine tune its existing hydrogen production process to produce hydrogen for fuel cells and high purity hydrogen, which have a vast market and very promising prospects.

About China Risun Group Limited
China Risun Group Limited is the world’s largest independent producer and supplier of coke by volume in 2020, according to Frost & Sullivan. China Risun is an integrated coke, coking chemicals, refined chemicals and hydrogen energy products producer and supplier and relevant operation management services provider in China and occupies leading positions in a number of refined chemicals sectors both in China and globally. The vertically-integrated business model together with more than 26 years of experience in the coal chemicals industry production chain has enabled China Risun to further tap the downstream refined chemicals markets and hence diversify its income sources and create greater value.

China Risun has been listed on the main board of the Hong Kong Stock Exchange since March 2019 and is now included in various index series, including the Hang Seng Composite Index, Hang Seng Stock Connect Hong Kong Index, Hang Seng Stock Connect Hong Kong MidCap & SmallCap Index, Hang Seng Stock Connect Hong Kong SmallCap Index, Hang Seng SCHK Mainland China Companies Index, and Hang Seng SCHK ex-AH Companies Index. For more details, please visit http://www.risun.com/En/


Topic: Press release summary

Leon Fuat Berhad Shareholders Pass Resolution to Acquire Factory for Rm28.0 Million

Leon Fuat Berhad (“Leon Fuat”), a manufacturer and trader of steel products, specialising in rolled long and flat products, is pleased to announce today that all the resolutions of the Group’s 14th AGM and EGM for the financial year ended 31 December 2021 has been passed by shareholders at a virtual meeting.

Leon Fuat Executive Director, Mr. Calvin Ooi

Shareholders passed a resolution for Supreme Steelmakers Sdn Bhd, a wholly-owned subsidiary of the Group, to acquire a factory, warehouse and office on a parcel of freehold land in Kajang, Selangor for RM28.0 million from Leon Fuat Holdings Sdn Bhd, a privately-held company in which several directors and major shareholders have interests in.

Other resolutions passed included the re-elections of Mr. Ng Kok Teong and Mr. Ooi Shang How, who were both due for retirement, as executive directors of the Group’s board of directors. Shareholders also re-elected as well as retained Mr. Chan Kee Loin as an independent director while Dato Ng Ah Hock @ Ng Soon Por, Mr. Tan Did Heng and Mr. Tan Sack Sen were also retained as independent directors of the board.

Among the other resolutions up for voting, shareholders reappointed Baker Tilly Monteiro Heng PLT as the Group’s auditors and authorised the directors to fix the remuneration of the auditors.

Executive Director of Leon Fuat, Mr. Calvin Ooi said, “We are pleased that the 14th AGM and EGM went smoothly on the virtual platform. Shareholders were delighted with our performance for 2020 despite the challenges posed to the operating environment. We believe that the Group can sustain the business based on the satisfactory performance of the first quarter ended 31 March 2021.”

“However, we continue to be cautious given that COVID-19 infection rates remain high and cannot rule out a possible slowdown in activities from the industries that may lead to a drop in demand for steel products. We continue to take proactive measures such as negotiating forward contracts, prudent inventory management and cost-management to mitigate any negative impact while monitoring steel prices and related foreign currencies.”

Please contact below for more information:
Hakim Juraimi
Tel: +60 12-318 5410
Email: h.juraimi@swanconsultancy.biz


Topic: Press release summary