Yesterday, I attended the 17th AGM of Focus Point Berhad together with my wife. Once we have registered our names at the counter, each of us is given a goodie bag, with 3 pastries (KOMUGI brand) + 1 dry-eye wrapper inside the bag. The quality of the bag is not bad indeed.
After registration, as usual, we are invited to enjoy the breakfast served beside the Ballroom. Foods served are nasi lemak, fried "lao shu fen (老鼠粉)" and Komugi pastries. I saw many uncle-auntie tapao back those pastries... The taste of the food served is better than that of YSPSAH's AGM held one day before.
Besides food, there is a eye-screening counter beside the breakfast venue. The eye-screening machine is called AI-doc, which could help to diagnose disease such as hypertension, glaucoma (青光眼), diabetes, cholesterol, etc. from a simple eye screening (1-2 minutes). The staff claimed that it is > 90% accurate. Take note that if you do this AI-doc screening from Focus Point outlet, they would charge you RM 60 per screening if I am not mistaken. But as a shareholder attending the AGM, we can get our eyes screened for free.... A detailed eye screening report will be sent to our email box as well, after the on-site explanation from the optometrists.
In fact, I did not prepare any questions to the Board, as I am satisfied with their performance in general. Optical segment (except F&B) is growing, good dividends, generous dividend policy, apa nak complaint lagi right?
I saw a familiar guy during the AGM. He is James Hay, a fund manager from Pangolin Fund. Wow... he started to look into this company already. I saw him before during the DKSH AGM held last week. Indeed, his investment pattern is similar as mine, looking into undervalued and good company.... Buffet-gang...
He posted a lot of questions to the Board. One of his questions that grasped my attention is the membership of Golf club. He questioned why this membership is there? Any relevancy? The Board said that the membership is open for the Directors, as well as business discussion with vendors and customers.
Another Indian shareholder also questioned the Board on why there are overlapping resolutions. For example, there is a resolution that propose share-buy-back. At the same time, there are another resolutions revolving around Dividend Reinvestment Plan (DRP) and allot/grant shares. The Management mentioned that these resolutions are proposed just to give them flexibility to execute one of them whenever necessary.
I also ask one question to the Board at the end of the session, questioning on the synergy behind the optical and F&B businesses. Datuk President mentioned that it is purely for diversification purpose. I told him that I could not find a big crowd in Komugi Mid-valley as compared to other outlets like Aeon Bakery, Lavender, etc. He agreed with me. The CFO mentioned to me that they will focus on cost control and expand the B2B F&B business.
We left the AGM around 11 AM after voting.
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