Thursday, 15 January 2015

Tanjung Offshore: some shareholder activism (3)

In my previous posting about Tanjung Offshore I wrote:

".... what are "matters arising from recent media reports on the Company"? How do we know which media reports the Board of Directors has knowledge off? Why do they not just list the matters at hand, what exactly is the Independent Committee going to review?"

That question is answered in the latest announcement by the company:

"The duties and responsibilities of the Independent Committee shall be as follows:-

i) To investigate any unauthorized dissemination of Company’s confidential information to the media in the past twelve (12) months and any officer’s breach of fiduciary duty;

ii) To investigate the dissemination of misleading information to the media resulting in negative investor perception of the Company upon publication in the media over the past twelve (12) months

iii) To review the Bourbon transaction based on minutes of the recent Management Committee meeting dated 26 December 2014;

iv) To review the acquisition of the remaining 49% stake in Gas Generators (M) Sdn Bhd which was completed in October 2013, the acquisition of a property in the United Kingdom in 2014 and the resource trading operations in The Philippines; and

v) To engage professionals to perform independent valuation of the said transactions undertaken by the Company (if necessary).

The Independent Committee shall commence its first meeting on 15 January 2015 and is expected to complete this review by end of January 2015."

Hopefully (an extract of) the report regarding the review will be published on Bursa's announcements website shortly after the review has been finished.


  1. KW. I'm a regular on your blog and also have found you some time ago due to another issue with another listed company. Was doing some research on them then found your blog.

    Tan Sri Tan Kean Soon's greed for power takes has made him fall this time. In 2014 he acquired ~800k shares via his son's name, to realise that he is trying to 'front' a deal elsewhere.

    And he belakang-main the Petronas deal for his own sake, only to get caught *announced* 1+ year later.

    See for yourself how the news unfolds. Time will tell you it's soon to be out in the open.

    1. Been reading up, could Bourbon deal part of his doing?

  2. He has so much experience in this industry. y wanna waste time doing this?

  3. That's y.. he has experience so he know the back way la..