Perak MB directs PKNP to reject Perak Corp's proposed directors fees

  • Corporate News
  • Thursday, 28 Jun 2018

In a filing with Bursa Malaysia, Country View said that the acquisition

IPOH: Menteri Besar Ahmad Faizal Azumu has reiterated his directive for the Perak State Development Corporation (PKNP) to reject Perak Corp Bhd's (PCB) proposal on directors' fees and remunerations.

He said the proposal was approved during PCB's annual general meeting (AGM) yesterday.

“As Chairman of PKNP, which is a majority shareholder in the PCB group, I am directing PKNP to reject the proposal,” he said in a statement today.

During the AGM, PCB approved the proposal on directors' fees and remunerations of RM441,650 and RM150,000, respectively, for the financial year ended Dec 31, 2017 (FY17).

 “The PCB group recorded a loss of RM340.6 million for FY17, and its liabilities amounted to RM158.5 million, which is more than its assets. As such, it is unfair for PCB directors to be paid such a large amount,” said Ahmad Faizal.

The PCB is a key subsidiary of PKNP which conducts strategic business activities of the group, focusing on three key areas such as real estate development, port and logistics, as well as hospitality and tourism.

On Monday, the Menteri Besar had also directed PKNP to reject proposals made by Majuperak Holdings Bhd (MHB) during the company's AGM.  - Bernama

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