SBM shareholders headed for showdown at upcoming meeting

Further to the chaotic adjournment of its Annual Meeting of the Shareholders (AMS) on June 23, 2022, SBM Holdings has announced it will hold the meeting again on Wednesday August 31, 2022 at 10h30 at Landscope Mauritius – Ebène Cybercity, Mauritius.

The agenda will include the examination of the company’s Annual Report for the year ended December 31, 2021, consider and adopt the Audited Financial Statements, re-appoint Deloitte as Statutory Auditors and the election/re-election of Directors.

Outspoken shareholder Nassir Ramtoola told Defi Media that they intend to raise several questions during the meeting.

These include a recent ruling by Kenya’s Supreme Court ordering SBM Kenya to  pay Rs300million to AfrAsia and “losses of Rs12.8billion”.

Another shareholder, Bissoon Mungroo, said he will “vote against the re-election of certain directors. We will show them their failures and that some shareholders do not condone this situation. The money disbursed to invest or pay penalties belongs to shareholders and to all Mauritians.”

Some other shareholders have called for the outright revocation of the current Board.

Sought for a comment, an unnamed Board member was cited as telling Defi Media that some shareholders “always complain – they are eternally dissatisfied.”

Back in June, the 12th Annual Meeting of Shareholders was terminated as soon as Chairman
Sattar Hajee Abdoula began to deliver his welcome speech.

According to l’Express, this was triggered by an objection from shareholder Nassir Ramtoola who claimed that the meeting could not be held as the shareholders did not receive the annual report and the audited accounts of the company within the time limits prescribed by law.

The chairman reportedly said he relied on legal advice to maintain that the assembly could
indeed be held despite the objection. Ramtoola walked out insisting that this assembly was illegal.

L’Express said while Sattar Hajee Abdoula pursued his welcome speech, he was interrupted by his legal adviser. After being shown certain documents, he later eventually told the crowd that the meeting was being postponed.

In a communique published soon after, SBM Holdings said that the meeting could not be held “due to unforeseen technical issues which arose in the process of convening the meeting”.

Inputs from Defi Media, l’Express