Pansar Berhad 2026 AGM Circular: Proposed Share Buy-Back and Shareholders’ Mandate for Related Party Transactions

Pansar Berhad Shareholder Circular – Investor Report

Pansar Berhad Shareholder Circular – Key Investor Insights (29 July 2026)

1. Overview and Purpose of the Circular

Pansar Berhad has released a detailed shareholder circular ahead of its Fifty-Second Annual General Meeting (AGM) scheduled for 27 August 2026. Two major proposals are up for approval:

Renewal of Authority to Purchase Its Own Shares (Share Buy-Back)
Renewal of Shareholders’ Mandate for Recurrent Related Party Transactions (RRPT)

2. Proposed Share Buy-Back – Key Points & Price Sensitivity

Scope: Authority to buy back up to 10% of total issued share capital via Bursa Malaysia.
Maximum Share Buy-Back: With a current issued share capital of 699,014,150 shares, the maximum buy-back (including existing treasury shares) is 69,901,415 shares.
Funding: Primarily from internally generated funds. As at 31 March 2026, retained profits stand at RM10,951,783. Buy-back is not expected to materially affect cash flows, even if partly funded by borrowings.
Pricing Policy: Buy-back price cannot exceed 15% above the 5-day weighted average market price. Resale of treasury shares must be at least at the 5-day average price, or up to 5% below, under certain conditions.
Potential Impact:
- Reduction in liquidity and working capital.
- Potential increase in Earnings Per Share (EPS) and share price if shares are cancelled.
- Treasury shares may be distributed as dividends or resold to realise gains.
- Careful monitoring to ensure minimum public shareholding spread (currently 27.96%).
Share Price History: Last traded at RM0.455. 12-month high was RM0.600 and low RM0.415.
No Buy-Backs in FY2026: No buy-backs were made in the preceding year. 4,023,150 shares are held as treasury shares.
Director and Major Shareholder Impact: Buy-back will proportionately increase their shareholdings. No direct interests in the buy-back except this.
Take-Over Code: Buy-back will not trigger a mandatory general offer.

3. Renewal of RRPT Shareholders’ Mandate – Key Points & Price Sensitivity

Scope: Mandate renewal for transactions between Pansar Group and Related Parties that are necessary for day-to-day operations and conducted at arm’s length.
Nature of RRPT: Includes rental of premises, sale and purchase of products, provision of services, and construction contracts involving subsidiaries, associates, and joint ventures of Pansar.
Estimated Transaction Values: Total estimated RRPT for the coming period reaches into the tens of millions of ringgit. For example, rental of premises alone amounts to RM309,600/month.
Review & Controls:
- Transactions are compared with at least two unrelated third-party deals to ensure fairness.
- Internal control policies, quarterly review by Audit and Risk Management Committee (ARMC).
- Disclosure in Annual Report if any RRPT exceeds 10% of estimated values.
Receivables: As at 31 March 2026, RM3.274 million in related party receivables exceed credit terms. Major portion owed by PE Land Sdn Bhd, with partial settlement and ongoing collection efforts.
Director and Major Shareholder Interests: Multiple directors and major shareholders (including their family members and connected persons) have direct or indirect interests in RRPTs, and will abstain from deliberation and voting on resolutions related to these mandates. Full list and nature of interests are disclosed.
No Material Impact: RRPT mandate is not expected to affect issued capital, net assets or earnings, but ensures operational flexibility and cost efficiency.

4. Administrative and Legal Updates

Material Litigation: Ongoing settlement regarding RM1.455 million owed to PCSB from a 2005 court case. Board expects no material adverse impact.
Material Contracts: No new material contracts outside of ordinary business in past two years.
Documents Available: Constitution, audited financials for FY2025 & FY2026, quarterly results, and cause papers for litigation available for inspection at registered office.

5. Key Shareholder Actions

AGM will be held on 27 August 2026, 9:00 a.m. at Tanahmas Hotel, Sibu, Sarawak.
If unable to attend, shareholders should submit the proxy form at least 48 hours before the AGM.

6. Potential Price Sensitivity & Investor Considerations

The renewal of the buy-back authority and RRPT mandate may signal management’s confidence in share value and operational stability.
Potential buy-back could increase EPS and share price, especially if shares are cancelled or distributed as dividends.
Large RRPT values, especially with parties closely connected to major shareholders and directors, warrant investor scrutiny. Any deviation or excessive exposure could impact governance perception and share price.
Ongoing litigation is not expected to materially affect the company’s finances.
Strong internal controls and quarterly reviews may reassure minority shareholders about RRPT fairness.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. The information is based on the shareholder circular dated 29 July 2026 and may be subject to change. Neither the author nor the publisher accepts liability for any loss arising from reliance on this article.

Pansar Berhad – Artikel Pelabur (Versi Bahasa Malaysia)

1. Gambaran Keseluruhan dan Tujuan Pekeliling

Pansar Berhad telah mengeluarkan pekeliling pemegang saham menjelang Mesyuarat Agung Tahunan Ke-52 (AGM) pada 27 Ogos 2026. Dua cadangan utama akan dibentangkan:

Pembaharuan Kuasa Pembelian Saham Sendiri (Share Buy-Back)
Pembaharuan Mandat Pemegang Saham untuk Transaksi Pihak Berkaitan Berulang (RRPT)

2. Cadangan Pembelian Saham Sendiri – Butiran Penting & Sensitiviti Harga

Skop: Kuasa membeli sehingga 10% daripada modal saham terbitan di Bursa Malaysia.
Maksimum Pembelian: Dengan modal saham semasa 699,014,150 saham, maksimum pembelian (termasuk saham treasury) ialah 69,901,415 saham.
Pendanaan: Dari dana dalaman. Keuntungan tertahan RM10,951,783 setakat 31 Mac 2026. Tidak dijangka menjejaskan aliran tunai secara material.
Dasar Harga: Harga pembelian tidak melebihi 15% dari purata harga pasaran 5 hari. Penjualan semula saham treasury mesti sekurang-kurangnya pada purata harga, atau maksimum 5% di bawah (dengan syarat tertentu).
Kesan Potensi:
- Pengurangan kecairan dan modal kerja.
- Peningkatan Pendapatan Sesaham (EPS) dan harga saham jika saham dibatalkan.
- Saham treasury boleh diagihkan sebagai dividen atau dijual semula untuk keuntungan.
- Pemantauan untuk memastikan spread pemegang saham awam minimum (kini 27.96%).
Sejarah Harga Saham: Harga terakhir RM0.455. Tertinggi 12 bulan RM0.600, terendah RM0.415.
Tiada Pembelian Saham Sendiri FY2026: Tiada pembelian dibuat tahun lalu. 4,023,150 saham treasury disimpan.
Kesan Kepada Pengarah & Pemegang Saham Utama: Pembelian meningkatkan pegangan secara nisbah. Tiada kepentingan langsung kecuali ini.
Take-Over Code: Tidak mencetuskan tawaran umum wajib.

3. Pembaharuan Mandat RRPT – Butiran Penting & Sensitiviti Harga

Skop: Mandat transaksi antara Kumpulan Pansar dan Pihak Berkaitan untuk operasi harian, pada harga pasaran.
Jenis RRPT: Termasuk sewa premis, jual beli produk, perkhidmatan & kontrak pembinaan antara subsidiari, sekutu, dan usaha sama Pansar.
Anggaran Nilai Transaksi: Jumlah RRPT dianggarkan puluhan juta ringgit. Sewa premis sahaja RM309,600/sebulan.
Kawalan Dalaman:
- Perbandingan transaksi dengan sekurang-kurangnya dua pihak ketiga.
- Polisi kawalan dalaman, semakan suku tahunan oleh Audit & Risk Management Committee (ARMC).
- Pendedahan dalam Laporan Tahunan jika RRPT melebihi 10% dari anggaran.
Terimaan: Setakat 31 Mac 2026, RM3.274 juta terimaan pihak berkaitan melebihi tempoh kredit. Sebahagian besar oleh PE Land Sdn Bhd, dengan penyelesaian separa.
Kepentingan Pengarah & Pemegang Saham Utama: Ramai pengarah dan pemegang saham utama (termasuk ahli keluarga) mempunyai kepentingan langsung atau tidak langsung, dan akan abstain daripada perbincangan dan pengundian.
Tiada Kesan Material: Mandat RRPT dijangka tidak menjejaskan modal terbitan, aset bersih atau pendapatan, tetapi memastikan fleksibiliti operasi dan kecekapan kos.

4. Kemaskini Pentadbiran & Perundangan

Litigasi Material: Penyelesaian berterusan bagi RM1.455 juta kepada PCSB dari kes mahkamah 2005. Lembaga menjangka tiada impak material.
Kontrak Material: Tiada kontrak baru luar urusan perniagaan biasa dua tahun lalu.
Dokumen Untuk Pemeriksaan: Perlembagaan, penyata kewangan untuk FY2025 & FY2026, keputusan suku tahunan, dokumen litigasi tersedia di pejabat berdaftar.

5. Tindakan Pemegang Saham

AGM akan diadakan 27 Ogos 2026, 9:00 pagi di Tanahmas Hotel, Sibu, Sarawak.
Jika tidak dapat hadir, hantar borang proksi sekurang-kurangnya 48 jam sebelum AGM.

6. Sensitiviti Harga & Pertimbangan Pelabur

Pembaharuan kuasa pembelian saham dan mandat RRPT mungkin isyarat keyakinan pengurusan terhadap nilai saham dan kestabilan operasi.
Pembelian saham sendiri boleh meningkatkan EPS dan harga saham jika saham dibatalkan atau diagihkan sebagai dividen.
Nilai RRPT yang besar, khususnya dengan pihak berkaitan rapat, wajar diberi perhatian pelabur. Sebarang penyimpangan atau pendedahan berlebihan boleh mempengaruhi persepsi tadbir urus dan harga saham.
Litigasi berterusan dijangka tidak menjejaskan kewangan syarikat.
Kawalan dalaman yang kukuh dan semakan suku tahunan boleh memberi keyakinan kepada pemegang saham minoriti.

Penafian: Artikel ini adalah untuk tujuan maklumat sahaja dan bukan nasihat pelaburan. Pelabur harus membuat penilaian sendiri dan mendapatkan nasihat profesional sebelum membuat keputusan pelaburan. Maklumat adalah berdasarkan pekeliling pemegang saham bertarikh 29 Julai 2026 dan mungkin berubah. Penulis dan penerbit tidak bertanggungjawab atas sebarang kerugian hasil daripada pergantungan kepada artikel ini.