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

Pansar Berhad Issues Statement and Circular to Shareholders: Key Corporate Proposals for 2026 AGM

Pansar Berhad has released an important Statement and Circular for shareholders ahead of its Fifty-Second Annual General Meeting (AGM) scheduled for 27 August 2026, at Tanahmas Hotel, Sibu, Sarawak. This document outlines two significant corporate proposals: the renewal of authority for the Company to purchase its own shares (“Proposed Share Buy-Back”) and the renewal and extension of shareholders’ mandate for recurrent related party transactions (“Proposed Shareholders’ Mandate”). Both are subject to shareholder approval and may have material implications for the Company’s operations and share valuation.

1. Proposed Share Buy-Back: Details, Rationale, and Impact

Renewal Authority: Pansar seeks shareholder approval to renew its authority to buy back up to 10% of its issued share capital via Bursa Malaysia. As at 30 June 2026 (the last practicable date), the Company’s issued ordinary share capital stands at 699,014,150 shares, with 4,023,150 already held as treasury shares.
Duration: The renewed authority is effective immediately upon shareholder approval and remains in force until the next AGM, expiry as required by law, or revocation by shareholders.
Share Handling: Shares purchased may be cancelled, retained as treasury shares, resold, or distributed as dividends to shareholders, potentially affecting supply and demand dynamics.
Pricing and Funding: Buy-backs can only occur at prices no more than 15% above the 5-day weighted average market price; resale or transfer must be at or above the 5-day average price, with limited discounting. The buy-back will be funded through internally generated funds, not exceeding the Company’s retained earnings (RM10,951,783 as at 31 March 2026), with possible external borrowings if needed.
Rationale: The buy-back aims to stabilize share supply/demand, enhance shareholder value via reduced liquidity, and potentially boost Earnings Per Share (EPS) and share price if shares are cancelled. Treasury shares may also be distributed as dividends or resold for gains.
Risks: Potential risks include reduced financial resources, lower dividend capacity, and decreased liquidity. However, management assures buy-backs will only proceed after careful financial assessment.
Financial Effects:
- Share capital reduction if shares are cancelled (from 699,014,150 to 629,112,735).
- EPS may increase, especially if funded with internal resources and shares are cancelled.
- Net assets per share may decrease if buy-back price exceeds net asset value, or increase if below.
- Working capital will decrease with buy-backs but may recover if treasury shares are resold.
Shareholdings: Major shareholders and directors will see a proportional increase in their percentage holdings post buy-back, potentially amplifying control and triggering price movements.
Dividend Policy: Cash available for dividends may reduce, but treasury shares can be distributed as dividends.
Take-Over Code: The buy-back will not trigger a mandatory general offer under the Malaysian Code on Take-Overs.
No Recent Buy-Backs: There were no purchases, resales, or cancellations of shares in the preceding 12 months.
Public Shareholding Spread: Management will ensure compliance with Bursa Malaysia’s 25% public spread rule (currently at 27.96%).
Historical Share Price: Share price ranged from RM0.565 (July 2025) to RM0.415 (June 2026), last traded at RM0.455. Share buy-back actions could potentially support share price levels.

2. Proposed Shareholders’ Mandate for Recurrent Related Party Transactions (RRPTs)

Mandate Renewal and New Mandate: Pansar seeks renewal of the existing RRPT mandate and approval for new RRPTs, enabling the Group to transact with related parties for its day-to-day operations without convening separate general meetings for each transaction.
Scope: RRPTs include rental of premises, sales and purchases of products and services, and provision of construction contracts between subsidiaries, associates, and related parties (detailed in Attachment 1 and 2).
Estimated Values: Transactions are extensive, with some individual RRPTs estimated up to RM25 million per annum. Actual values, estimates, parties involved, and nature of interest are fully disclosed.
Internal Controls: Rigorous internal procedures and quarterly ARMC reviews ensure RRPTs are conducted at arm’s length and not prejudicial to minority shareholders. Authority limits are specified for different levels (branch manager, regional manager, COO, MD, etc.) based on transaction values.
Outstanding Receivables: As at 31 March 2026, related party receivables exceeding credit terms totaled RM3.27 million, with RM2.435 million owed by PE Land Sdn Bhd. Settlement agreements and ongoing collections are in place, and management believes these amounts are recoverable.
Rationale: RRPTs allow business continuity, efficiency, synergistic benefits, and administrative cost savings. Regular renewal avoids repeated AGMs for approvals.
Financial Effects: The mandate is not expected to affect issued share capital, net assets, or earnings.
Interest Disclosure: Detailed shareholding interests of major shareholders and directors are provided. All interested parties will abstain from deliberation and voting on relevant resolutions.
Material Litigation: One litigation matter is ongoing regarding a RM3.78 million debt, with partial settlements made. The Board does not expect any material adverse impact.

3. Important Shareholder Actions

Shareholders are urged to carefully consider these proposals, as approval may influence share liquidity, EPS, control dynamics, and future dividend distributions.
Proxy forms must be submitted by 25 August 2026 if shareholders cannot attend the AGM in person.
Interested directors and major shareholders will abstain from voting on resolutions where they have a direct or indirect interest.

4. Price-Sensitive Implications

The Proposed Share Buy-Back could directly affect share price through reduced liquidity, potential EPS enhancement, and increased proportionate holdings for major shareholders.
Renewal and expansion of RRPT mandate ensure operational continuity and cost efficiency, but large outstanding related party receivables and high transaction volumes could be scrutinized by investors for risk and governance.
Shareholders and market participants should monitor AGM outcomes, as approval of these resolutions could trigger positive or negative sentiment on Pansar’s share price.

5. Further Information and Inspection

Shareholders can inspect relevant documents (Company Constitution, financial statements, unaudited quarterly results, cause papers for material litigation) at the registered office from now until the AGM.

Disclaimer

This article is based on information provided in the Statement and Circular issued by Pansar Berhad for the 2026 AGM. All information is accurate to the best of our knowledge at the time of writing. Investors are advised to conduct their own research and consult professional advisers before making any investment decisions. The author accepts no liability for any losses arising from reliance on this article.

Versi Bahasa Malaysia

Pansar Berhad Keluarkan Penyata dan Pekeliling kepada Pemegang Saham: Cadangan Korporat Utama untuk AGM 2026

Pansar Berhad telah mengeluarkan Penyata dan Pekeliling penting kepada pemegang saham menjelang Mesyuarat Agung Tahunan (AGM) ke-52 pada 27 Ogos 2026 di Hotel Tanahmas, Sibu, Sarawak. Dokumen ini menggariskan dua cadangan korporat utama: pembaharuan kuasa untuk pembelian semula saham syarikat (“Cadangan Pembelian Semula Saham”) dan pembaharuan serta perluasan mandat pemegang saham untuk transaksi pihak berkaitan berulang (“Cadangan Mandat Pemegang Saham”). Kedua-duanya tertakluk kepada kelulusan pemegang saham dan mungkin mempunyai implikasi material terhadap operasi dan penilaian saham syarikat.

1. Cadangan Pembelian Semula Saham: Butiran, Rasional dan Kesan

Pembaharuan Kuasa: Pansar memohon kelulusan pemegang saham untuk memperbaharui kuasa membeli semula sehingga 10% modal saham terbitan melalui Bursa Malaysia. Pada 30 Jun 2026, modal saham terbitan ialah 699,014,150 saham, dengan 4,023,150 sudah dipegang sebagai saham perbendaharaan.
Tempoh: Kuasa yang diperbaharui berkuat kuasa serta-merta selepas kelulusan dan kekal sehingga AGM berikutnya, tamat tempoh mengikut undang-undang, atau dibatalkan oleh pemegang saham.
Pengendalian Saham: Saham yang dibeli boleh dibatalkan, disimpan sebagai saham perbendaharaan, dijual semula, atau diagihkan sebagai dividen kepada pemegang saham.
Penentuan Harga & Pembiayaan: Pembelian semula hanya boleh dilakukan tidak melebihi 15% daripada harga purata pasaran 5 hari; penjualan semula/penyerahan mesti pada atau melebihi harga purata, dengan diskaun terhad. Pembelian semula dibiayai dari dana dalaman, tidak melebihi keuntungan tertahan syarikat (RM10,951,783 pada 31 Mac 2026), dengan kemungkinan pinjaman luar jika perlu.
Rasional: Pembelian semula bertujuan menstabilkan penawaran/permintaan saham, meningkatkan nilai pemegang saham melalui pengurangan likuiditi, dan berpotensi menaikkan EPS dan harga saham jika saham dibatalkan.
Risiko: Risiko termasuk pengurangan sumber kewangan, kapasiti dividen, dan likuiditi. Pengurusan memberi jaminan pembelian hanya dilakukan selepas penilaian kewangan yang teliti.
Kesan Kewangan:
- Pengurangan modal saham jika saham dibatalkan (daripada 699,014,150 kepada 629,112,735).
- EPS berpotensi meningkat jika saham dibatalkan dan dibiayai dari sumber dalaman.
- Aset bersih sesaham mungkin turun jika harga beli melebihi aset bersih, atau naik jika di bawah.
- Modal kerja turun jika pembelian semula dilakukan, tetapi boleh pulih jika saham perbendaharaan dijual semula.
Pemegang Saham Utama: Pemegang saham utama dan pengarah akan melihat peningkatan peratusan pegangan selepas pembelian semula, berpotensi memberi kesan kepada kawalan dan harga saham.
Dasar Dividen: Tunai yang tersedia untuk dividen mungkin berkurang, tetapi saham perbendaharaan boleh diagihkan sebagai dividen.
Kod Pengambilalihan: Pembelian semula tidak menyebabkan tawaran pengambilalihan mandatori.
Tiada Pembelian Semula Baru-baru Ini: Tiada pembelian, penjualan semula atau pembatalan saham dalam 12 bulan lalu.
Peratusan Pegangan Saham Awam: Pengurusan akan memastikan pematuhan kepada peraturan peratusan pegangan awam minimum Bursa Malaysia (kini 27.96%).
Harga Saham: Harga saham antara RM0.565 (Julai 2025) hingga RM0.415 (Jun 2026), harga terakhir RM0.455. Langkah pembelian semula boleh menyokong harga saham.

2. Cadangan Mandat Pemegang Saham untuk Transaksi Pihak Berkaitan Berulang (RRPT)

Pembaharuan Mandat & Mandat Baru: Pansar memohon pembaharuan dan kelulusan mandat RRPT, membolehkan kumpulan bertransaksi dengan pihak berkaitan untuk operasi harian tanpa AGM berasingan setiap kali transaksi.
Skop: RRPT termasuk sewa premis, jual beli produk dan perkhidmatan, serta kontrak pembinaan antara subsidiari, syarikat sekutu dan pihak berkaitan.
Anggaran Nilai: Transaksi bernilai tinggi, ada sehingga RM25 juta setahun. Semua nilai, anggaran, pihak terlibat dan jenis kepentingan didedahkan.
Kawalan Dalaman: Prosedur dalaman ketat dan semakan suku tahunan oleh ARMC memastikan RRPT dijalankan secara adil dan tidak merugikan pemegang saham minoriti.
Receivables Pihak Berkaitan: Pada 31 Mac 2026, hutang pihak berkaitan yang melebihi tempoh kredit berjumlah RM3.27 juta, dengan RM2.435 juta oleh PE Land Sdn Bhd. Perjanjian penyelesaian dan kutipan berterusan dilakukan, dan pengurusan yakin hutang boleh dikutip.
Rasional: RRPT membolehkan kesinambungan operasi, kecekapan dan manfaat sinergi, serta penjimatan kos pentadbiran.
Kesan Kewangan: Mandat dijangka tidak memberi kesan kepada modal saham, aset bersih, atau pendapatan.
Pendedahan Kepentingan: Pegangan saham pemegang saham utama dan pengarah didedahkan. Semua pihak berkepentingan akan berkecuali daripada pengundian.
Litigasi Material: Satu kes litigasi berkenaan hutang RM3.78 juta sedang berlangsung, dengan penyelesaian sebahagian dilaksanakan. Lembaga tidak menjangka impak negatif material.

3. Tindakan Penting Pemegang Saham

Pemegang saham perlu meneliti cadangan ini kerana kelulusan boleh mempengaruhi likuiditi saham, EPS, dinamik kawalan dan pengagihan dividen.
Borang proxy perlu dihantar sebelum 25 Ogos 2026 jika tidak hadir ke AGM secara peribadi.
Pihak berkepentingan akan berkecuali dari pengundian.

4. Implikasi Sensitif Harga

Cadangan Pembelian Semula Saham boleh memberi impak langsung kepada harga saham melalui pengurangan likuiditi, peningkatan EPS dan pegangan pemegang saham utama.
Pembaharuan dan perluasan mandat RRPT memastikan kelangsungan operasi dan kecekapan, tetapi jumlah hutang pihak berkaitan yang tinggi serta volum transaksi boleh menjadi perhatian pelabur dari segi risiko dan tadbir urus.
Pemegang saham dan pasaran patut memantau keputusan AGM, kerana kelulusan resolusi boleh mencetuskan sentimen positif atau negatif terhadap harga saham Pansar.

5. Maklumat Lanjut dan Pemeriksaan

Pemegang saham boleh memeriksa dokumen berkaitan di pejabat berdaftar syarikat sehingga tarikh AGM.

Penafian

Artikel ini berdasarkan maklumat yang diberikan dalam Penyata dan Pekeliling yang dikeluarkan oleh Pansar Berhad untuk AGM 2026. Segala maklumat adalah tepat mengikut pengetahuan semasa penulisan. Pelabur dinasihatkan melakukan kajian sendiri dan mendapatkan nasihat profesional sebelum membuat keputusan pelaburan. Penulis tidak bertanggungjawab atas sebarang kerugian akibat kebergantungan terhadap artikel ini.