‘Virtual AGM a step for CMS in returning to normality’

Dato Isaac Lugun

KUCHING: Cahya Mata Sarawak Bhd (CMS) has reaffirmed its proactive actions towards regaining business momentum amidst the Recovery Movement Control Order (RMCO) phase, following its recently-held virtual 45th annual general meeting (AGM).

On June 18, the group conducted its AGM via live webcast with Remote Participation and Voting (RPV) facilities, out of concern for the well-being and safety of its shareholders and also in compliance with the RMCO.

The live webcast was broadcast from the auditorium at Menara Symphony in Petaling Jaya, with only a handful of members of CMS’ key senior management in attendance; the shareholders participated remotely from the comfort of their smart devices or personal computer or notebooks.

CMS Group managing director Dato Isaac Lugun remarked: “Even as the Covid-19 pandemic has seen the onset of a whole new set of challenges for all of us, we are pleased to return to some semblance of normality by being able to conclude this AGM in a virtual manner.

“We are also pleased to report that despite the initial challenges of the Movement Control Order (MCO), we were still able to publish our Integrated Annual Report and Sustainability Report for 2019. Carrying the common theme ‘Creating Future Value’, both these reports are available for download via CMS corporate website,”

Adding on, Isaac said as a key listed corporation in Sarawak, CMS on its part had sought to protect its business and stakeholders, and at the same time preserve its value in several ways during ‘this unprecedented crisis’.

He said to preserve shareholder’s value, the CMS team had been busy devising response plans and protocols during the partial lockdown.

This, he said, gave them the means to swiftly re-commence operations in mid-May during the Conditional MCO period.

“To ensure our financial resilience, we are now laser-focused on implementing catch-up strategies following the reopening of our operations across the board. We continue to enhance operational efficiencies to attain cost savings and enhance cost control measures, including rationalising our capital expenditure (capex).

“As such, non-essential capex has been minimised, while essential capex will be implemented in stages. On top of this, we continue to preserve cash for business operations and future investments.”

Isaac also highlighted CMS as ‘being primed’ to capture opportunities in three major growth areas within Sarawak.

“Opportunities abound within the Sarawak Corridor of Renewable Energy (SCORE) and CMS’ associate company, OM Materials (Sarawak) Sdn Bhd, and subsidiary, Malaysian Phosphate Additives (Sarawak) Sdn Bhd – all are well positioned to capitalise on the energy-intensive industries they are engaged in within SCORE.

“On top of this, there are ample opportunities to be tapped via the unprecedented spike in infrastructure development in Sarawak. To this end, the group’s cement, construction materials and trading, as well as construction and road maintenance divisions are ramping up their operations to cater to market needs. Finally, as Sarawak wholeheartedly embraces ‘Digital Economy’, CMS is ready to play a leading role in telecommunications infrastructure development activities through our strategic stake in telco player, Sacofa Sdn Bhd,” he added.

The post ‘Virtual AGM a step for CMS in returning to normality’ appeared first on Borneo Post Online.

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