Not much to comment on. Details are here, previous posting (the one below this)
In the Balance Sheet (condensed consolidated balance sheets), receivables have gone up 40% (money owed to it) from 21.5m in Dec 07 to 30.5m in 30th of Oct 08.
However Cash and its equivalents has also gone up 227%! from 24.8m to 56.4m. Cash is always good!
Borrowings gone up 44% from 54m in Dec 07 to 78m currently.
The most interesting is the "Assets held for sale" since Dec 07 (14m) and the "Liabilities associated with assets held for sale" (19m).
This is the sale of Malim Sawit, discussed here . The assets and liabilities were held seaparately pending the sale. It looks like this sale has failed though the company has yet to notify the KLSE as it should.
The last thing to note is the significant improvements on the "Net cash flows from operating activities" from the cumulative condensed consolidated cash flow statement year on year figure which has improved-9m in 30-09-07 to +39m in 30-09-08
Wednesday, November 26, 2008
Tuesday, November 4, 2008
Information on the Directors of Premium Nutrients
Got this information from here.
Baliah, Sahadivanaidu
YBhg. Datuk Sahadivanaidu a/l Baliah was appointed to the Board on 9 April 2003. He is a Director of Premium Vegetable Oils Sdn.Bhd. since 31 March 1998. He joined NLFCS in 1972, was promoted to the position of General Manager in 1985 and then promoted to the position of Chief Executive Officer in 1995. He holds the said position to date. He obtained a Diploma in Management from Malaysian Institute of Management in 1984 and a Higher Diploma in Law from University of Wolverhampton, United Kingdom (UK) in 1993. He subsequently obtained a Masters Degree in Management from Warnborough University, UK in 1999. He is a member of Nomination Committee.
Bin Mohamed Hussain, Abdul Aziz
En. Abdul Aziz Bin Mohamed Hussain was appointed to the Board on 9 April 2003. He was appointed to the Board of Premium Vegetable Oils Sdn. Bhd. on 7 April 1989. He obtained his Bachelor of Business Administration from University of Singapore, Singapore in 1973. From 1973 to 1974, he was with Sembawang Shipyard Ltd., Singapore as an Organisation and Method Analyst. He was with Pica S.A., Indonesia and Singapore from 1974 to 1976 as an Assistant Representative and an Investment Officer respectively. He furthered his studies and received a Post Graduate Diploma in Management Studies from the University of Chicago in 1978. En.Aziz was a Managing Director of Pica (M) Corporation Berhad (PMCB) from October 1992 until 4 June 1999. He is a member of Audit Committee, Remuneration Committee and Nomination Committee.
Bin Othman, Faruk
YBhg. Dato’ Faruk Bin Othman is the Director of the Company and was appointed to the Board on 9 April 2003. He graduated in Business Studies from North East Essex College, England and completed a Post Graduate Diploma in Management Studies from Brighton Polytechnic / University of Sussex, England in 1971. He has over 30 years of experience in the financial sector, mainly in the stock broking and banking industry. His involvement in banking started when he joined Standard Chartered Bank in 1971 before leaving for United Asian Bank. In 1981, he assumed the post of Assistant General Manager of Kwong Yik Bank Berhad for 8 years before taking over the post of Executive Director in Inter-Pacific Securities Sdn.Bhd. in1989. He is also the Executive Chairman of Furqan Business Organisation Berhad. He is a member of Audit Committee.
Bin Syed Ahmad, Syed Mubarak
Tuan Syed Mubarak Bin Syed Ahmad was appointed to the Board on 9 April 2003. He commenced his working career at the Inland Revenue Board (IRB) in 1967. After 5 years of service with the IRB, he joined Hanafiah Raslan & Mohamad, Chartered Accountants where he worked as a tax manager for another 5 years before he set up his own accounting /audit firm, Syed Mubarak & Co. Chartered Accountants in 1977. He retired from his accounting practice in 1999. He is a member of the Association of Chartered Certified Accountants (UK) and the Institute of Accountants and the Malaysian Institute of Taxation. He is currently practicing as an advocate and solicitor. He holds bachelors and masters degrees in law (LLB,LLM) both from University of London. He is also a barrister-at-law of Lincoln’s Inn. He is the Chairman of Audit Committee.
Dhas, Festus
Mr. Festus a/l A Christ Dhas was appointed to the Board on 29 November 2005. He is an accountant by profession having graduated with Chartered Institute of Management Accountants (UK) in 1978. He is a member of the Chartered Institute of Management Accountants (UK) and also a member of the Malaysian Institute of Accountants (MIA). He has over 36 years of working experience of which, 30 years were with Tenaga Nasional Berhad (TNB). He held various Senior Management positions in TNB, and held key positions in several private limited companies. Currently, he is an Executive Director of Emrail Sdn.Bhd, a company principally involved in railway related engineering works and constructions. He is a member of Audit Committee.
Dutt, Shikha
Shikha Dutt has been appointed as Group Company Secretary of Premium Nutrients Berhad. She is Managing Director/Substantial shareholder of Wize Platform Sdn. Bhd since 2003
Seenivasagam, Subramaniam
Mr. Subramaniam a/l Seenivasagam was appointed to the Board on 9 April 2003. He is a director of Premium Vegetable Oils Sdn Bhd since 13 April 1993. He is an accountant by profession having completed his Australian Society & Accountants Professional Exams in 1961. Upon completing his professional exams, he served in the private sector for a brief period before he joined MIDA in 1966 as Deputy Director of the Tariff Division. He was then promoted to Director in MIDA in 1973 where he was responsible for setting up the MIDA office in San Francisco for promoting investments from the West Coast of the USA and Western Canada in the manufacturing sector in Malaysia. From 1978 to 1986, he was appointed as Project Director at MIDA headquaters. His last posting was as Trade Commissioner (Investment) at MIDA, London from 1986 to 1991. He retired from MIDA in 1992 and joined the private sector. Since May 1994, he served as Director of Corporate Affairs in Mahkota Technologies Sdn Bhd. He also sits on the Board of NLFCS as well as on some of its subsidiaries/associates. He is a member of Remuneration Committee.
Somasundram, K.
YBhg. Tan Sri Dato’ Dr. K R Somasundram was appointed to the Board on 9 April 2003. He is a planter by profession and is the promoter and Chairman of Premium Vegetable Oils Sdn Bhd since 1992. In 1960, he joined National Land Finance Co-operative Society Limited (NLFCS), which is involved in plantation, real estate and manufacturing as Plantation Manager and was promoted to the position of General Manager in 1974. He was subsequently appointed as Chief Executive Officer in 1984. At present he holds the position of Executive Chairman of NLFCS. He also holds directorships in several private limited companies. He was awarded a PhD in Education from Newcastle University, Australia in August 2000. He is the Chairman of Remuneration Committee and Nomination Committee.
Thillarajah, Tharumarajah
Mr. Tharumarajah a/l Thillarajah was appointed to the Board and assumed the position of Group Managing Director with effect from 2 May 2007. He did the external Council of Engineering Institute (U.K), professional course in Mechanical Engineering at University of Technology Malaysia. He commenced his working career with Sime Darby Plantations in 1971 as Trainee Engineer and held several senior management positions within this company before retiring in 2001 as General Manager of Kempas Edible Oil, a leading manufacturer of edible oils and fats. He has extensive experience in edible oils and fats business with direct involvement in international marketing. From 2001 to date of joining the Board, he was employed as Chief Executive Officer of local Engineering Company who was the exclusive agents of Silikel Germany specializing in industrial flooring system. He is a member of Remuneration Committee and Nomination Committee.
Baliah, Sahadivanaidu
YBhg. Datuk Sahadivanaidu a/l Baliah was appointed to the Board on 9 April 2003. He is a Director of Premium Vegetable Oils Sdn.Bhd. since 31 March 1998. He joined NLFCS in 1972, was promoted to the position of General Manager in 1985 and then promoted to the position of Chief Executive Officer in 1995. He holds the said position to date. He obtained a Diploma in Management from Malaysian Institute of Management in 1984 and a Higher Diploma in Law from University of Wolverhampton, United Kingdom (UK) in 1993. He subsequently obtained a Masters Degree in Management from Warnborough University, UK in 1999. He is a member of Nomination Committee.
Bin Mohamed Hussain, Abdul Aziz
En. Abdul Aziz Bin Mohamed Hussain was appointed to the Board on 9 April 2003. He was appointed to the Board of Premium Vegetable Oils Sdn. Bhd. on 7 April 1989. He obtained his Bachelor of Business Administration from University of Singapore, Singapore in 1973. From 1973 to 1974, he was with Sembawang Shipyard Ltd., Singapore as an Organisation and Method Analyst. He was with Pica S.A., Indonesia and Singapore from 1974 to 1976 as an Assistant Representative and an Investment Officer respectively. He furthered his studies and received a Post Graduate Diploma in Management Studies from the University of Chicago in 1978. En.Aziz was a Managing Director of Pica (M) Corporation Berhad (PMCB) from October 1992 until 4 June 1999. He is a member of Audit Committee, Remuneration Committee and Nomination Committee.
Bin Othman, Faruk
YBhg. Dato’ Faruk Bin Othman is the Director of the Company and was appointed to the Board on 9 April 2003. He graduated in Business Studies from North East Essex College, England and completed a Post Graduate Diploma in Management Studies from Brighton Polytechnic / University of Sussex, England in 1971. He has over 30 years of experience in the financial sector, mainly in the stock broking and banking industry. His involvement in banking started when he joined Standard Chartered Bank in 1971 before leaving for United Asian Bank. In 1981, he assumed the post of Assistant General Manager of Kwong Yik Bank Berhad for 8 years before taking over the post of Executive Director in Inter-Pacific Securities Sdn.Bhd. in1989. He is also the Executive Chairman of Furqan Business Organisation Berhad. He is a member of Audit Committee.
Bin Syed Ahmad, Syed Mubarak
Tuan Syed Mubarak Bin Syed Ahmad was appointed to the Board on 9 April 2003. He commenced his working career at the Inland Revenue Board (IRB) in 1967. After 5 years of service with the IRB, he joined Hanafiah Raslan & Mohamad, Chartered Accountants where he worked as a tax manager for another 5 years before he set up his own accounting /audit firm, Syed Mubarak & Co. Chartered Accountants in 1977. He retired from his accounting practice in 1999. He is a member of the Association of Chartered Certified Accountants (UK) and the Institute of Accountants and the Malaysian Institute of Taxation. He is currently practicing as an advocate and solicitor. He holds bachelors and masters degrees in law (LLB,LLM) both from University of London. He is also a barrister-at-law of Lincoln’s Inn. He is the Chairman of Audit Committee.
Dhas, Festus
Mr. Festus a/l A Christ Dhas was appointed to the Board on 29 November 2005. He is an accountant by profession having graduated with Chartered Institute of Management Accountants (UK) in 1978. He is a member of the Chartered Institute of Management Accountants (UK) and also a member of the Malaysian Institute of Accountants (MIA). He has over 36 years of working experience of which, 30 years were with Tenaga Nasional Berhad (TNB). He held various Senior Management positions in TNB, and held key positions in several private limited companies. Currently, he is an Executive Director of Emrail Sdn.Bhd, a company principally involved in railway related engineering works and constructions. He is a member of Audit Committee.
Dutt, Shikha
Shikha Dutt has been appointed as Group Company Secretary of Premium Nutrients Berhad. She is Managing Director/Substantial shareholder of Wize Platform Sdn. Bhd since 2003
Seenivasagam, Subramaniam
Mr. Subramaniam a/l Seenivasagam was appointed to the Board on 9 April 2003. He is a director of Premium Vegetable Oils Sdn Bhd since 13 April 1993. He is an accountant by profession having completed his Australian Society & Accountants Professional Exams in 1961. Upon completing his professional exams, he served in the private sector for a brief period before he joined MIDA in 1966 as Deputy Director of the Tariff Division. He was then promoted to Director in MIDA in 1973 where he was responsible for setting up the MIDA office in San Francisco for promoting investments from the West Coast of the USA and Western Canada in the manufacturing sector in Malaysia. From 1978 to 1986, he was appointed as Project Director at MIDA headquaters. His last posting was as Trade Commissioner (Investment) at MIDA, London from 1986 to 1991. He retired from MIDA in 1992 and joined the private sector. Since May 1994, he served as Director of Corporate Affairs in Mahkota Technologies Sdn Bhd. He also sits on the Board of NLFCS as well as on some of its subsidiaries/associates. He is a member of Remuneration Committee.
Somasundram, K.
YBhg. Tan Sri Dato’ Dr. K R Somasundram was appointed to the Board on 9 April 2003. He is a planter by profession and is the promoter and Chairman of Premium Vegetable Oils Sdn Bhd since 1992. In 1960, he joined National Land Finance Co-operative Society Limited (NLFCS), which is involved in plantation, real estate and manufacturing as Plantation Manager and was promoted to the position of General Manager in 1974. He was subsequently appointed as Chief Executive Officer in 1984. At present he holds the position of Executive Chairman of NLFCS. He also holds directorships in several private limited companies. He was awarded a PhD in Education from Newcastle University, Australia in August 2000. He is the Chairman of Remuneration Committee and Nomination Committee.
Thillarajah, Tharumarajah
Mr. Tharumarajah a/l Thillarajah was appointed to the Board and assumed the position of Group Managing Director with effect from 2 May 2007. He did the external Council of Engineering Institute (U.K), professional course in Mechanical Engineering at University of Technology Malaysia. He commenced his working career with Sime Darby Plantations in 1971 as Trainee Engineer and held several senior management positions within this company before retiring in 2001 as General Manager of Kempas Edible Oil, a leading manufacturer of edible oils and fats. He has extensive experience in edible oils and fats business with direct involvement in international marketing. From 2001 to date of joining the Board, he was employed as Chief Executive Officer of local Engineering Company who was the exclusive agents of Silikel Germany specializing in industrial flooring system. He is a member of Remuneration Committee and Nomination Committee.
An Announcement - An Independent Adviser is appointed to evaluate the Recurrent Party Transactions in Premium Nutrients
This is related to what I posted here . An independent? adviser has finally been appointed. Now they would need to call an EGM. I don't think this can be put off till the middle of next year when they have their AGM.
I wonder if these transactions are still occuring?
Remember, at the EGM, NLFCS and all related parties will not be able to vote (all the directors who have shares in the related entities), that is about 45% of the shares, so small shareholders will really have a unique opportunity to voice their displeasure and make a difference.
General Announcement
Reference No CP-081103-61704
Company Name : PREMIUM NUTRIENTS BERHAD
Stock Name :PREMIUM
Date Announced :03/11/2008
Type :Announcement
Subject : INDEPENDENT ADVISER FOR RATIFICATION OF RECURRENT RELATED PARTY TRANSACTIONS
Contents : The Board of Directors of Premium Nutrients Berhad ("Premium") is pleased to announce that Aminvestment Bank Berhad is appointed as Independent Adviser ("IA") to the non-interested Directors (are they? after 10 + years on the board, they can't really qualify as independent directors, they are not going to go back and review the decisions they are responsible for as well. I think it is good practice for the independent directors to be replaced every 2 years, that way, they stay independent) and non-interested Shareholders of the Company for the ratification of Recurrent Related Party Transactions involving the sale of Palm Kernel Pellets ("PKP")("RRPTs")vide their letter of offer and the acceptance of the appointment by the Board.
I wonder if these transactions are still occuring?
Remember, at the EGM, NLFCS and all related parties will not be able to vote (all the directors who have shares in the related entities), that is about 45% of the shares, so small shareholders will really have a unique opportunity to voice their displeasure and make a difference.
General Announcement
Reference No CP-081103-61704
Company Name : PREMIUM NUTRIENTS BERHAD
Stock Name :PREMIUM
Date Announced :03/11/2008
Type :Announcement
Subject : INDEPENDENT ADVISER FOR RATIFICATION OF RECURRENT RELATED PARTY TRANSACTIONS
Contents : The Board of Directors of Premium Nutrients Berhad ("Premium") is pleased to announce that Aminvestment Bank Berhad is appointed as Independent Adviser ("IA") to the non-interested Directors (are they? after 10 + years on the board, they can't really qualify as independent directors, they are not going to go back and review the decisions they are responsible for as well. I think it is good practice for the independent directors to be replaced every 2 years, that way, they stay independent) and non-interested Shareholders of the Company for the ratification of Recurrent Related Party Transactions involving the sale of Palm Kernel Pellets ("PKP")("RRPTs")vide their letter of offer and the acceptance of the appointment by the Board.
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