SERI KEMBANGAN: Sentoria Group Berhad (“Sentoria”) reached a significant milestone today as it successfully held its Extraordinary General Meeting (EGM), marking a crucial step in the company’s journey towards financial revitalization. The virtual EGM saw strong participation from Sentoria’s esteemed shareholders, including the State Investment Agencies of Pahang, highlighting their unwavering commitment to the company’s strategic direction.
Under the leadership of Sentoria’s Chairman, Datuk Ras Adiba Radzi, and with the attendance of all board members, the EGM centered on securing shareholders’ approval for Sentoria’s Redeemable Convertible Bond (RCB) issuance alongside a Shares Consolidation initiative. The overwhelming support, with nearly 99.9% of eligible registered shareholders backing the resolutions, including full endorsement from Pahang State Investment arm as the second largest shareholder, signifies a strong vote of confidence in Sentoria’s rejuvenation efforts.
With conditional approval from Bursa Malaysia granted last month, contingent upon shareholders’ endorsement, today’s successful resolution paves the way for Sentoria to proceed with its first issuance of the three-tranche structured RCB, ensuring compliance with regulatory standards.
Expressing gratitude for the awaited approval of the RCB proposal, Dato’ Loh Yuen Tuck, the Group’s CEO, emphasized the pivotal role of the RCB in revitalizing Sentoria’s cash flows, meeting financial obligations, advancing housing projects in Morib Bay, Selangor, and rejuvenating theme parks through strategic partnerships. The approval enables Sentoria to fulfill commitments to homebuyers, address legacy issues with bank loans, fund new projects in Morib, and revive theme park operations in Gambang Pahang and Samariang Sarawak, thereby enhancing property values and delivering sustainable returns to shareholders and fair returns to supporting banks.
The RCB issuance, coupled with a share consolidation exercise of four to one, demonstrates Sentoria’s dedication to financial flexibility and disciplined management. The RCB, already fully subscribed, is structured to be convertible to a maximum of 306,690,544 new ordinary shares, in addition to Sentoria’s consolidated shares. The infusion of RM 150 million funds will support development initiatives, improve cash flows, reduce bank borrowings, and strengthen working capital, crucial elements of Sentoria’s strategic turnaround.
Chairman Datuk Ras Adiba Radzi reaffirmed the new Management Team’s commitment to integrity and transparency in utilizing RCB funds, highlighting Sentoria’s dedication to realizing its full potential and creating value for stakeholders. The new team extends gratitude for continued support from shareholders, partners, suppliers, bankers, and stakeholders, emphasizing the importance of ongoing collaboration in achieving Sentoria’s turnaround objectives.
