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SCENE 1
Place: Meeting Room
Year: 2009
Scene Board of Director Meeting
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Present: I. Chairman Hasmidar Binti Yaha
II. !"ec#ti$e Director %#rasmah Binti Ismail
III. Managing Director &arina Binti '(d#l Mali)
I*. %on+!"ec#ti$e Director &atimah Binti ,ohari
*. Secretar Siti %#r 'ti-ah&arain Binti '.hari
*I. &inancial Director Mohammad Hanafiah Bin Senin
*II. %arrator Mohammad &irda#s Bin Da#d
Narration : /he Board of Director Besi Mas Berhad has (een decided to cond#ct a
meeting among themsel$es to disc#ss a(o#t the matters to finance the f#t#re 0ro1ect . /he
Board of Meeting is held on 2ednesda3 at 40 a.m. in meeting room of Besi
Mas Berhad.
Secretary : 'ssalam#alai)#m and good morning to all Directors. /he agenda of
this meeting toda is to disc#ss a(o#t the matters regarding o#r share ca0ital. /herefore3 I
5ill hand o$er this meeting to the Chairman of Besi Mas Berhad6 P#an Hasmidar.
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Chairman : /han) o#3 Miss 'ti-ah6 o#r Secretar of the com0an.
'ssalam#alai)#m and good morning to all that 0resent for this meeting toda. &or o#r
information3 the com0an has 0lanned to s#00l iron to Hattan S-#are Constr#ction 5hich
res0onsi(le to (#ild a large scale condomini#m in Sri Hartamas3 7#ala 8#m0#r. Since o#r
com0an doesn9t ha$e s#fficient f#nd3 therefore 5e need to ma)e consideration a(o#t to
increase o#r financing ca0ital. So3 m fello5 directors3 an idea on ho5 to increase the
ca0ital:
Man. Director : I thin) this 0ro1ect re-#ires a h#ge ca0ital to finance the s#00l.
/herefore3 I thin) 5e sho#ld increase o#r share ca0ital.
Exec. Director : I also agree 5ith P#an &arina9s s#ggestions. /his is (eca#se it is the
easiest 5as for com0an to increase the ca0ital in short 0eriod. Ho5 a(o#t o#3 Mr.
Hanafiah:
Fin Director : I9m totall agreed 5ith (oth of o#. I (elie$e 5hen 5e iss#e com0an
shares to the 0#(lic3 there 5ill man interested 0arties to (# the shares as 5ell as a(le to
enhance o#r re0#tation.
Non Exec. Director : 2ell3 there are man 5as to increase the share ca0ital. 2e can iss#e
share either thro#gh 0#(lic iss#e3 offer for sales3 right iss#e3 s0ecial iss#e or (on#s iss#e. So3
5hich one do o# g#s thin) is the most 0refera(le 5a:
Man. Director : I thin) 5e sho#ld decide in ;eneral Meeting. Since it relates to the
shareholder9s right3 5e sho#ld cond#ct an !"tra+<rdinar ;eneral Meeting =!;M> to inform
o#r shareholders a(o#t the iss#e matters. If that case3 Miss 'ti-ah co#ld o# 0lease 0re0are
the notice of !;M:
Secretary : &or s#re P#an &arina. I 5ill 0re0are the notice as 5ell as inform all
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directors incl#ding the shareholders 5ithin 24 das (efore the date of meeting.
Chairman : If there is no other agenda to (e disc#ssed in this meeting3 I9ll end the
meeting at 42 0.m. and than) o# for o#r 0resence.
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SCENE 2
Place: Besi Mas Berhad9s <ffice
Year: 2009
Scene (efore !"tra+<rdinar ;eneral Meeting =!;M>
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Present: I. Secretar Siti %#r 'ti-ah&arain Binti '.hari
II. Shareholder &atimah Binti ,ohari
III. %arrator Mohammad &irda#s Bin Da#d
Narration : /he Secretar has 0re0ared the %otice of the !;M to inform all shareholders
and Directors of the com0an for the 0#r0ose of increasing the share ca0ital. /he notice 5ill
inform them in detail a(o#t the 0artic#lars of the meeting.
Secretary : M 5or)s almost done. So3 I ha$e 0re0ared the %otice of !;M. %o53 I need
to distri(#te this notice to all Director and shareholders 5ithin 24 das (efore the date of
meeting. /herefore3 I need to 0ass this notice as soon as 0ossi(le.
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=2hile o0ening the en$elo0e>
Shareholder : <h m...letter from Besi Mas Bhd. /his m#st (e the notice to attend the
meeting. Yeah3 m instinct correct? H#rmm...So3 I3 P#an &atimah Binti ,ohari as the
shareholders of the Besi Mas Bhd ha$e to attend meeting to (e held on
Date : 2@ ,#ne 2009
/ime : 40.00 a.m.
Place : Bili) SBS3 ,.2.Mariott Hotel3 7#ala 8#m0#r.
'genda : /o consider a(o#t the increasing and ho5 to iss#e share
Ca0ital
Since I ha$e no occasion on that da3 I can attend the meeting 5itho#t re0resent the 0ro".
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SCENE 3
Place: Meeting Room
Year: 2009
!"tra+<rdinar ;eneral Meeting
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Present: I. Chairman Hasmidar Binti Yaha
II. !"ec#ti$e Director %#rasmah Binti Ismail
III. Managing Director &arina Binti '(d#l Mali)
I*. Shareholder 4 &atimah Binti ,ohari
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*. Shareholder 2A%arrator Mohammad &irda#s Bin Da#d
*I. Shareholder B Mohammad Hanafiah Bin Senin
*II. Secretar Siti %#r 'ti-ah&arain Binti '.hari
%arration : In a meeting room of !;M3 the secretar 0asses the agenda of the meeting
according to the names and ens#res that the mem(ers sit according to their names.
Secretar : 'ssalam#alai)#m and good morning to e$erone here. /he reason 5h 5e are
here toda is to disc#ss a(o#t the increasing and ho5 to iss#e share ca0ital. /herefore3 I 5ill
hand o$er this meeting to the chairman of Besi Mas Berhad6 P#an Hasmidar.
Chairman : /han) o#3 Miss 'ti-ah. 'ssalam#alai)#m and good morning e$erone. &or
o#r information3 from the 0re$io#s meeting3 the Board of Director ha$e decided to increase
o#r financing ca0ital since o#r com0an has 0lanned to s#00l iron to Hattan S-#are
Constr#ction.
Man. Director: 2e need the o0inion of o#r shareholders (efore 5e can to 0roceed 5ith
iss#ance of shares. In order to raise the share ca0ital 5e can iss#e thro#gh se$eral forms s#ch
as 0#(lic iss#e3 offer for sales3 right iss#e as 5ell as (on#s iss#e. So3 5hat o#r o0inion a(o#t
this P#an &atimah3 Mr &irda#s and Mr Hanafiah: 2hat )ind of form that all of o# 0refer:
Shareholder B: It is li)e that: H#rmmm.. /here are so man 5as 5e can increase o#r share
ca0ital. B#t I reall need to )no5 5hat the difference (et5een each of them is:
Man. Director: <)3 Mr Hanafiah.. 8ets me e"0lain a(o#t that. /here are difference (et5een
0#(lic iss#e and offer of sale. P#(lic iss#e is 5hen the com0an create ne5 shares for sales to
the 0#(lic. /he com0an 5ill 0#(lishes and offer ( #sing 0ros0ect#s to in$ite the 0#(lic to
s#(scri(es the shares. 2hereas3 offer for sales mean a (loc) of shares (elonging to the
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e"isting shareholder is offered for sales to the 0#(lic.
!"ec. Director. Yo# are right3 P#an &arina. In addition3 the right iss#e is the iss#e of ne5
shares to the e"isting shareholder for cash. Instead that3 for the s0ecial iss#e3 %ational
De$elo0ment Polic =%DP> B#mi0#tra !-#it 0artici0ation has set a minim#m of B0C. <nl
B#mi0#tra instit#tion and indi$id#al are eligi(le for this s0ecial iss#e. 8astl3 (on#s iss#e is
also referred to as a scri0 iss#e or ca0itali.ation iss#e. It re0resents onl an ad1#stment to the
acco#nt of the com0an and no additional is raised.
Chairman : /han) o# for o#r e"0lanation3 P#an &arina and P#an 'smah. So3o#r
shareholders3 5hat do o# thin) the (est choice that 5e need to ta)e:
Shareholder 4 : 2ell3 is it necessar to increase the share ca0ital: I9m afraid it 5ill 1eo0ardi.e
o#r stat#s and rights as shareholders in this com0an. Ho5 a(o#t o# Mr &irda#s and Mr
Hanafiah:
Shareholder 2: I don9t thin) it 5ill 1eo0ardi.e o#r right3 P#an &atimah. 2e can ha$e eno#gh
ca0ital to finance the 0ro1ect 5itho#t financial (arriers. 2e can get (enefit from that as 5e
can earned more ret#rn from o#r in$estment. In m o0inion3 it is a good decision if 5e iss#e
of shares ( 0#(lic iss#e.
Shareholder B: P#(lic iss#e: 2h not 5e iss#e thro#gh offer for sale: 2e can allot the shares
to the stoc)(ro)ers and the can iss#e a 0ros0ect#s in$iting the 0#(lic to s#(scri(e the shares.
!"ec. Director: I don9t thin) so3 Mr Hanafiah. If 5e iss#e thro#gh offer for sales3 shares
(elonging to the e"isting shareholders 5ill (e offered to the 0#(lic. /his might affect the
shareholder9s right. So3 I agree 5ith the s#ggestion ( Mr &irda#s to iss#e the share ( 0#(lic
iss#e.
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Man. Director : I also agree 5ith P#an 'smah. I thin) if 5e iss#e the shares thro#gh 0#(lic
iss#e3 o#r com0an9s re0#tation can (e increased.
Chairman : So3 5hat can I see here3 the $oting is more to iss#e the share thro#gh 0#(lic iss#e.
It is an other s#ggestion or o0inion on ho5 man shares that 5e need to increase:
Man. Director : Based on o#r com0an9s financial statements3 I s#ggest that 5e increase o#r
share (et5een 430003000 to 230003000 of ordinar shares of RM 4 each 5hich is not more
than o#r a#thori.ed ca0ital of 4030003000 of ordinar share of RM 4 each.
Shareholder 2 : I thin) 5e sho#ld increase 230003000 of ordinar shares of RM 4 each. 2hat
do o# thin):
Shareholder 4: H#rm.. I also agree 5ith o#r o0inion3 Mr &irda#s. I thin) it 5ill (e s#fficient
to finance the 0ro1ect.
Chairman : 'lright3 5e are decided to iss#e of shares thro#gh 0#(lic iss#e ( iss#ing
230003000 of ordinar shares of RM 4 each. So3 Miss 'ti-ah 0lease file &<RM 44 =%otice of
Resol#tion> 5ith the CCM 5ithin 4D das after 0assing the resol#tion. Is there an -#estion:
'll mem(ers : %o..
Chairman : If there is no more -#estion3 I ended this meeting and than)s to e$erone for o#r
co+o0eration.
%arration : /he com0an has decided to iss#e the shares thro#gh 0#(lic iss#e and also has
chosen to enter 'C! Mar)et 8isting '00lication. /he 0ros0ect#s iss#ed in con1#nction 5ith
the listing m#st (e registered 5ith Sec#rities Commission. Ho5e$er the IP< Pros0ect#s is not
re-#ired for a00ro$al. IP< is s#(1ect to Sec#rities Commission Re$ie5 5ith the 0rocess that
5ill ta)e D0 5or)ing das from s#(mission of Registra(le Pros0ect#s.
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'fter the 0ros0ect#s has (een registered 5ith the CCM3 CCM 5ill iss#e a &<RM 24'
=Certificate of Registration of Pros0ect#s>. /hen3 the 0ros0ect#s 5ill (e iss#ed together 5ith
an a00lication form to the 0#(lic.
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SCENE 4
Place: Besi Mas Berhad9s <ffice
Year: 2040
Shares B# Bac)
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%arration : 'fter the 0ro1ect has (een com0leted3 the net 0rofit after ta" of the com0an at the
ear end B4 Decem(er 2009 is RM D32003000 and the (an) (alance of the com0an is RM
23B003000. /he (oard of the director has no intention to declare di$idend for the ear ended
2040.
Present: I. Chairman Hasmidar Binti Yaha
II. !"ec#ti$e Director %#rasmah Binti Ismail
III. Managing Director &arina Binti '(d#l Mali)
I*. Shareholder 4 &atimah Binti ,ohari
*. Shareholder 2A%arrator Mohammad &irda#s Bin Da#d
*I. &inancial Director Mohammad Hanafiah Bin Senin
*II. Secretar Siti %#r 'ti-ah&arain Binti '.hari
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Secretar : 'ssalam#alai)#m3 P#an Hasmidar.
Chairman : 2aalai)#msalam3 Miss 'ti-ah. Ha$e a seat.
Secretar : /han) o#3 0#an.
Chairman : So3 5hat is m sched#le for toda:
Secretar : <)a3 toda o# ha$e meeting at Padang Resort 5ith Dato9 Y#sof 'snan at 40 am
to disc#ss a(o#t the 0ro1ect 5ith Besi 7arat Bhd and then3 o# 5ill ha$e to attend meeting
5ith o#r s#(sidiar3 Besi 7el#li sdn (hd. /hat all3 0#an.
Chairman : H#rm.. than) o#.. ( the 5a3 5e need to cond#ct general meeting to call all
(oard of director to disc#ss a(o#t the share (# (ac) of the com0an share. Do o# ha$e sent
the notice of !"tra ordinar meeting to (oard of director:
Secretar : Yes3 I ha$e done it 0#an.
Chairman : <)a3good.. 0lease ma)e s#re that the recei$e the notice 5ithin 24 das.
Secretar : <)a3 P#an Hasmidar. /hat all P#an:
Chairman : Yes3 that all. /han) o#.
'fter 24 das3 at the meeting.
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SCENE 5
Place: Padang Resort
!"tra+ <rdinar ;eneral Meeting
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Present: I. Chairman Hasmidar Binti Yaha
II. Shareholder 4 &atimah Binti ,ohari
III. Shareholder 2 Mohammad &irda#s Bin Da#d
I*. Managing Director &arina Binti '(d#l Mali)
*. Secretar Siti %#r 'ti-ah&arain Binti '.hari
*I. &inancial Director Mohammad Hanafiah Bin Senin
*II. %arrator Mohammad &irda#s Bin Da#d
*III !"ec#ti$e Director %#rasmah Binti Ismail
Narration : Secretar 0re0ared the 0lace and arranges the sit according to the 0osition of
the shareholder. 'fter a 5hile3 all shareholders come in and the meeting is start.
Chairman: 'ssalam#alai)#m and good morning e$erone. %o5 let (egin o#r meeting toda
5ith #mm#l )ita( 'l+&atihah. %o53 I in$ited Com0an Secretar Miss 'ti-ah to (riefl
e"0lain o#r agenda for toda meeting.
Secretar: /han) o# P#an Hasmidar. Yo# can loo) at the co0 of the agenda as I had
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0re0ared. So3toda meeting 3 5e 5ill disc#ss and get the declaration ( directors to alter the
com0an 'rticles <f 'ssociation to ma)e a share (# (ac). /han) o#.
Chairman: /han) o# Miss 'ti-ah3 as has (een 5ritten in the hand+o#t that has (een gi$en to
o#3 the com0an in a sol$ent condition as the 0rofit for the ear ended 2040 is high. 's
s#ch3 I 0ro0osed the com0an to 0#rchase (ac) the share. /he reason to 0#rchase (ac) o#r
share is to (# (ac) o#r o5n com0an share and to 0ro$ide financial assistance to an
0erson3 ( mean of ma)ing of a loan3 the gi$ing of a g#arantee3 the 0ro$ision of sec#rit to
an 0erson for the 0#r0ose of 0#rchasing its o5n shares.
Shareholder 4: I agree 5ith the 0ro0osed to (#(ac) share of the com0an since 5e ha$e
s#r0l#s in ca0ital and good in 0erformance3 5e do not need financial assistance from o#tside
0arties.
Shareholder 2: <)e then3 from 5hich 0arties that 5e 5ant to (# (ac) and ho5 man #nit
of share:
&in Director: 2e (etter 0#rchase (ac) o#r com0an9s share from 'd#d# Sdn Bhd3 Bo(o
!nt3 ;o0al Sdn Bhd and Is)etamBola Sdn Bhd is the (est choice (eca#se each of them hold
2E 000 #nit of o#r share at he mar)et 0rice of RM 2.E0 5ill (e the (est and ideal amo#nt to (e
0#rchase. Beside that3 the seem interested to sell the share if 5e offer the 0rice.
Man. Director : B#t3 if 5e 0roceed 5ith the 0ro0osed 5ill the com0an (e insol$ent since 5e
has less asset:
!"ec. Director: %o (eca#se I (elie$e Besi Mas Berhad 5ill still get 0rofit since 5e ha$e enter
0ro1ect s#00l iron to Hattan S-#are Constr#ction that gi$e high ret#rn and (esides that 5e
had good management team that manage the com0an efficientl and effecti$el.
Chairman : /han) o# Mr Hanafiah. So let 5e $ote for the 0#r0ose meeting to (#(ac)
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com0an share. 2e 5ill $ote ( hand. Please rise o#r hand if o# agree 5ith the 0ro0osed
to (#(ac) share. So since the F of the -#or#m agree 5ith the 0ro0osed3 I in$ite the director
of Besi Mas Bhd P#an &atimah to declare on the 0#r0osed iss#e.
Shareholder 4: /han) o#3P#an Hasmidar. I3 &atimah Binti ,ohari as a shareholder also
director of Besi Mas Bhd agree and declare the Besi Mas Bhd9S 'rticles of 'ssociation 5ill
(e amend thro#gh the insertion of a ne5 'rticles 4E' of GBHYB'C7 '%D &I%'%CI'8
'SSIS/'%C!9 and (# (ac) the com0an share. P#rs#ant to Para 42.09 of the main listing
re-#irement3 a com0an m#st not 0#rchase its o5n shares as treas#r share if this res#lt in the
aggregate of the shares 0#rchased or held e"ceeding 40C of its iss#ed and 0aid+#0 ca0ital.
'nd according to Para 42.4I a listed cor0oration ma onl sell its treas#r shares at the
disco#nt is not more than EC of the E das 5eighted a$erage mar)et 0rice. /han) o#.
Chairman: <)a Miss 'ti-ah 0lease 0re0ared all doc#ments to (e sent to CCM for the
0#r0ose of (# (ac) the com0an share. 2ith that3 I end the meeting toda no5 at 42.00
noon.
Narration: 'fter get the a00ro$al and declaration from the B<D in the meeting3 the
secretar ad$ertises the notice of general meeting in the dail 0ress. 2ithin B das of the
(#(ac)3 Miss 'ti-ah need to ma)e a00ro0riate ad1#stment to its Register of S#(stantial
Shareholders and sent a notice to each of the s#(stantial shareholders to notif them of the
ad1#stment made on the register. Besides that 5ithin 4D das after shares are 0#rchased3 she
also need to lodge a &<RM 2I' =%otice of share (#(ac) ( the com0an> and &<RM 2IB
=%otice of sale of cancellation of treas#r shares> to CCM3 B#rsa Malasia and Sec#rit
Commission.
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SCENE 6
Iss#ing 40C redeema(le de(ent#res
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Present: I. Chairman Hasmidar Binti Yaha
II. !"ec#ti$e Director %#rasmah Binti Ismail
III. Managing Director &arina Binti '(d#l Mali)
*. Secretar Siti %#r 'ti-ah&arain Binti '.hari
*I. &inancial Director Mohammad Hanafiah Bin Senin
*II. ShareholderA%arrator Mohammad &irda#s Bin Da#d
*III %on+ !"ec#ti$e Director &atimah Binti ,ohari
Narration: 'fter im0lementing the first 0ro1ect3 Besi Mas Berhad 0lanning to s#00l iron to
Ma1# ,aa !nter0rise. Since the com0an (# (ac) the shares 0re$io#sl3 th#s c#rrenc the
com0an has ins#fficient f#nd to finance the ne5 0ro1ect. /herefore3 the decide to iss#e
RM I00 000 40C Redeema(le De(ent#res.
In the meetin o! "#D
Chairman: ;ood morning to all of o# and than) o# for attending this meeting. %o5 I 5ill
let o#r com0an secretar to 0oint o#t the agenda for toda.
Secretar: /han) o# P#an Hasmidar. ;ood morning to all of o#. /he main agenda for
toda9s meeting is to disc#ss the matter regarding of 5as to increase o#r ca0ital to finance
the in$estment in the 0ro1ect of s#00l iron to Ma1# ,aa !nter0rise.
Man. Director: 8adies and gentlemen3 as o# )no5 the 0re$io#s 0ro1ect s#00l iron at Hattan
S-#are Constr#ction has s#ccessf#ll ma)e #s to (e one of the main s#00lier. /his
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achie$ement has led #s to contin#all s#00ling more iron in other com0an and for that 5e
choosing Ma1# ,aa !nter0rise as o#r secondar mar)et.
!"ec. Director: In the 0re$io#s B<D meeting 5e alread iss#es IP< to the 0#(lic ho5e$er
this financing ins not s#fficient to s#00ort the 0ro1ect. I thin) 5e need to find o#t other
alternati$es in order to finance this high cost 0ro1ect.
%on !"ec. Director: P#an Hasmidar3 I s#ggest that 5e need to increase o#r ca0ital ( iss#ing
de(ent#res.
Chairman: es3 I thin) it is good idea as iss#ing de(ent#res it means 5e are (orro5ing mone
to 0#(lic. /h#s3 it does not effect the controlling interest of o#r e"isting shareholders.
&in Director: Ho5e$er ( iss#ing the de(ent#res it 5ill ma)e #s to ha$e more creditors.
Besides that3 5e also ha$e to 0a them interest on de(ent#res. Yet3 de(ent#re is one of the
sec#red creditors and th#s 5e ha$e an o(ligation to 0a them interest e$en tho#gh 5e are not
ma)ing an 0rofits.
Shareholder: I (elie$e that this 0ro1ect 5ill gi$e #s a lot of 0rofit and it can com0ensate the
cost of interest that 5e ha$e to 0a.
%on+!"ec. Director: if 5e choose to iss#es de(ent#res then 5hat t0e of de(ent#res that 5ill
carr the most (enefits to #s:
!"ec Director: I s#ggest that 5e sho#ld iss#e RMI00 00 Redeema(le De(ent#res as 5e can
redeem it (ac) at the mat#rit 0eriod. So3 5hen o#r financial has sta(le then 5e can (#
(ac). 's for interest3I thin) 40C 5o#ld (e 0resenta(le as it can attract the 0#(lic to in$est in
o#r com0an.
Shareholder: ho5 a(o#t the charge of the de(ent#res 3its fi"ed charges or floating charge:
2ho is res0onsi(le to register the charge:
&in. Director: I thin in o#r c#rrent sit#ation3 fi"ed charge 5ill (e more effecti$e rather than
floating charge as it is a mortgage on a s0ecific fi"ed asset s#ch as a 0arcel of land to sec#re
the re0ament of loan.
!"ec. Director: It means in this arrangement3 the asset is signed o$er the de(ent#re holders
and 5o#ld need their 0ermission to sell it. !ither the de(ent#re holder or #s can (e the one
5ho 5ill register the charge against the asset 5hich remains in force #ntil the loan is re0aid
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according to Section 409 =4> of the 'ct.
Chairman: so 5e can 0roceed 5ith the $oting to decide 5hether 5ee 5ant to iss#e
redeema(le de(ent#res or not:
$he re%&lt o! the 'otin: Ma(ority ha'e areed to i%%&e redeema)le de)ent&re%.
Chairman: I 5ill as) the com0an secretar to 0roceed 5ith the register of the de(ent#res and
the register of the charges. /herefore3 I ad1o#rn this meeting. /han) o#.
.
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