After getting impatient and uneasy, maestro Koon Yew Yin finally stood up and asked the Board of Xinquan at this morning's AGM.
Koon : ....this AGM's turnout is even better than IJM......I see so many frustrated shareholders here....why keep talking about how you want to build the brand as an outdoor leisure garments player?.......and why the continuous bombardment of questions from the shareholders here talking about the accounting? Because we are all very frustrated looking at the shares price now.....despite the mountainous cash that the company proclaimed to have, why don't you pay us dividend?.........After long six years of pitiful dividends received......why don't you try not paying salary to all of you for six years......? I invested in Xinquan because my cousin was the founder of Xinquan's auditor......if you all check the annual report, you can see that my name appeared in the substantial shareholders list...............if you have the cash then pay us the dividend.......even if you can't use the cash that you said you have got, then go and borrow the money from the banks and pay us our dividend!..........we have so many big companies in Malaysia that have big cash pile but they also borrow big monies......nobody do business without bank loans......either you don't know how to do business or you can't borrow.........
There were thunderous applauses from all the uncles and aunties shareholders after he confronted the Board. Then there was at least 5 minutes of silence, only to see all the board members feeling uneasy and deliberating how to react next. The Executive Chairman Dato' Wu then picked up the mic to try to defuse the tensed atmosphere.....But he talked 3 talked 4 again, about the macro economy in China and why he needed to keep the supposedly there cash pile of one over billion RMB.......
Then.......
Uncle Koon also beh tahan liao, he stood up with his wife........
and walked out of the AGM, right infront of the Board that manages his substantial shareholdings in Xinquan.......
Lastly, all the shareholders were grossly disappointed, as Xinquan this year no longer hands out AGM door gift (Gertop shirts) like it used to previously...........(that coincided with a shareholder's question : how come Xinquan inventory is literally negligible despite the common believe that apparel and garment companies tend to have very high level of stocks in their inventory).
Your imagination can run wild now.....no cash to distribute.....not even Gertop shirts to give also now.....
Good luck to all......
XINQUAN (5155) - XINQUAN, Koon Yew Yin Walks Out of the AGM
http://klse.i3investor.com/blogs/ddsqwdwc/88943.jsp
KLSE:XINQUAN
