Target 1 Sdn Bhd, a major shareholder of South Malaysia Industries Berhad (SMI) with a 30.67% stake, has addressed recent claims and provided updates on the upcoming Extraordinary General Meeting (EGM) scheduled for January 9, 2025, as well as the mandatory takeover offer for SMI shares.

In response to SMI's assertion that no notice was issued regarding the EGM, Target 1 clarified that it had formally requested the Record of Depositors (ROD) and the General Meeting ROD of SMI, both dated November 22, 2024. The company emphasised that it had asked SMI to provide this information by December 16, 2024, to facilitate the dispatch of the Notice of EGM to shareholders.

However, Target 1 noted that as of today, SMI has yet to furnish the requested documents. This delay, according to Target 1, has hindered the process of dispatching the Offer Document for the mandatory takeover and sending the EGM notice to SMI's shareholders. The company expressed concern that SMI may not provide the necessary ROD in time, potentially impacting the execution of the takeover and the scheduled EGM.

Despite these obstacles, Target 1 reaffirmed its commitment to ensuring that the EGM proceeds as planned. The company stated that it will take all necessary steps within the bounds of the law to move forward with its obligations and the mandatory takeover process.

Target 1's proactive stance reflects its determination to address the situation transparently while adhering to legal and regulatory requirements. The company remains focused on fulfilling its responsibilities to SMI's shareholders and advancing the takeover process as outlined.