Kuching (Sarawak), Sunday, 21 June 2020 – Following the conclusion of its virtual 45th Annual General Meeting (AGM), Cahya Mata Sarawak Berhad (CMS or the Group) has come to the fore to reaffirm the proactive actions it is taking to regain business momentum amidst the Recovery Movement Control Order (RMCO) phase.
On 18 June 2020, CMS concluded the first ever online AGM to be held by a Sarawakian public-listed company. This year, the Company out of concern for the well-being and safety of its shareholders and in compliance with MCO regulations, conducted its 45th AGM via live webcast as well as Remote Participation and Voting (RPV) facilities.
The live webcast was broadcast from the auditorium at Menara Symphony in Petaling Jaya with only a handful of CMS’ key senior management in attendance. Meanwhile shareholders participated remotely from the comfort of their smart devices or personal computer/notebooks. During the AGM proceedings, shareholders were able to ask questions in the chat box and submit their votes in real-time. To ensure the AGM proceeded smoothly, CMS allowed proxy forms to be lodged electronically via the Boardroom Smart Investor Portal while voting was conducted by way of RVP electronic polling. An independent poll administrator was appointed to scrutinise, verify and validate the poll results. The AGM saw all the 11 ordinary resolutions that were tabled duly approved by CMS’ shareholders.
Commenting on the recently concluded AGM, CMS Group Managing Director, Dato Isaac Lugun had this to say: “Even as the Covid-19 pandemic has seen the onset of whole new set of challenges for all of us, we are pleased to return to some semblance of normality by being able to conclude this AGM in a virtual manner. We are also pleased to report that despite the initial challenges of the MCO, we were still able to publish our Integrated Annual Report and Sustainability Report for 2019. Carrying the common theme “Creating Future Value”, both these reports are available for download from CMS’ corporate website at www.cmsb.my.”
Dato Isaac went on to say, “While this unprecedented crisis has taken a toll on our nation, economy and people, we are glad to see many parties proactively working together to mitigate the effect of the pandemic and challenging but necessary MCO. As the leading listed corporation in the State of Sarawak, CMS on its part has sought to protect our business and stakeholders while preserving value in several ways.”
“Firstly, we have sought to prioritise employee safety and health by adopting protective measures and working practices to ensure workplace health and safety. Employee welfare too has been prioritised with full remuneration delivered on schedule. We have also sought to ensure the welfare of our suppliers and contractors and made a special effort to settle all outstanding invoices in a speedy manner to help alleviate any financial challenges that they may be facing.”
“To preserve shareholder value, our team was busy devising response plans and protocols during the lockdown. This gave us the means to swiftly re-commence operations in mid-May during the Conditional MCO period. Today, we continue to focus on ensuring sustainable long-term growth and upholding good shareholder returns.”
“To ensure our financial resilience, we are now laser-focused on implementing catch-up strategies following the reopening of our operations across the board. We continue to enhance operational efficiencies to attain cost savings and enhance cost control measures including rationalising our capital expenditure (capex). As such, non-essential capex has been minimised, while essential capex will be implemented in stages. On top of this, we continue to preserve cash for business operations and future investment.”
Dato Isaac also highlighted that CMS is back on its feet and primed to capture opportunities in three major growth areas within Sarawak. “Opportunities abound within the Sarawak Corridor of Renewable Energy (SCORE) and CMS’ associate company, OM Materials (Sarawak) Sdn Bhd, and subsidiary, Malaysian Phosphate Additives (Sarawak) Sdn Bhd, are well positioned to capitalise on the energy-intensive industries they are engaged in within SCORE.”
“On top of this, there are ample opportunities to be tapped via the unprecedented spike in infrastructure development in Sarawak. To this end, the Group’s Cement, Construction Materials & Trading, as well as Construction & Road Maintenance Divisions are ramping up their operations to cater to market needs. Finally, as Sarawak wholeheartedly embraces the Digital Economy, CMS is ready to play a leading role in telecommunications infrastructure development activities through our strategic stake in telco player, SACOFA Sdn Bhd.”
Dato Isaac also commented on CMS’ strategy moving forward: “CMS will continue to bring into play a three-pronged strategy which will see our team working to reposition and fortify our traditional core businesses; fully implement and grow our strategic businesses; and reposition and strengthen the CMS brand.”
“Barring unforeseen circumstances, our ambition of achieving an annual PATNCI of RM500 million within five years and realising our softer target of becoming the most admired Sarawak public-listed company are still very realistic targets to us. Despite the challenges besetting our economy and many companies, we are confident of getting back on track to regain whatever momentum we have lost,” concluded Dato Isaac.