IGB REIT AGM
IGB REIT AGM was held on 25 April 2017 (a Tuesday). I was really interested in putting a face to the management team of one of my favourite REITs, not to mention I’ve read online that they give out Cititel buffet vouchers every year. With that in mind, I journeyed to Mid Valley Megamall on a wet Tuesday morning.
If you’ve never heard of a REIT (Real Estate Investment Trust), you may find out more HERE.
This being my second AGM of 2017 (the first was Public Bank’s), I was a little more privy to the timing of it all. Making use of the KTM to avoid the anticipated traffic jam around Mid Valley, I arrived with about 10 minutes to spare. IGB REIT AGM was set to start at 11.30 am at Cititel.
The Venue and the sights that greeted me
So the first guy in the picture, I don’t know why he had to sit down with his legs wide open right at the entrance. I saw him as soon as I got out of the lifts. Classy.
Don’t know if you’ve caught on by now, but AGMs in Malaysia are apparently attended 99% by our elders. I had a sliver of hope that this IGB REIT AGM would attract some youngER folks but I guess not. Turnout wasn’t as good as Public Bank’s AGM – I’d say IGB REIT’s was about 25% of the crowd.
Again, I have nothing against old people. Just wish there were younger folks showing interest in the companies they invest in.
See the nicely arranged cups and snacks in the first pic? My first thoughts: Wow I could actually have something before going in for the AGM.
I was then politely told that these were for another meeting. Walking ahead, I came across the familiar queue for refreshments. I didn’t want to waste my time in line, I think they served soya milk?
IGB REIT AGM 2017 Doorgift
The moment some of you have been waiting for – I present you the Cititel buffet voucher! To be precise, a discount voucher. I expected a fully subsidized buffet..
After the AGM, I headed to Citi Cafe and found out a huge line outside. Apparently, the lunch buffet was close to RM38, dinner wasn’t though.
Oh and guess what some of the shareholders were doing right there? Offering to purchase the discount vouchers for RM20. Some even offered RM15. Another one of those Malaysian moments I guess.
IGB REIT AGM 2017
As I mentioned earlier, the turnout was only about 25% of Public Bank’s. The ballroom started to fill out as the management team arrived.
Remember my post on the CEO of Axis REIT – Leong Kit May? Well, it looks like IGB REIT is giving them a run for their money with their Chief of Operations (Gardens Mall) Ms. Elizabeth Tan. All jokes aside, she has been doing a good job, the whole team has.
This time around, the questions from shareholders were much better compared to Public Bank’s. The main topic of discussion was the parking bays at the malls. One particular suggestion was really good – Instead of having green and red lights to indicate and empty spot, a shareholder suggested that management instead put up only one green light (saving 50% of costs). As he astutely pointed out, no one looks for the red light.
Notice Mr. Singh from Public Bank’s AGM a month earlier, he attended this meeting as well. Though his complaints were nonsense in my opinion – He complained about the KTM’s being congested and packed. Dude, that’s a good thing. Also, it’s out of the management’s control.
I found the management team of IGB REIT to be practical. These guys know what they’re doing. Tenancy for Mid Valley and The Gardens has never been an issue as they’ve a long queue of tenants waiting to rent. The issue right now is with the weak economy, it’s tough for IGB REIT to raise rental rates by a substantial amount. They’ve indicated that the rates however, will not be lowered but instead remain stagnant or raised slightly.
Even with the economy in bad shape, IGB REIT has managed to cut costs and increased profits in 2016. That is why their share prices has been going up. My confidence in the management has been greatly boosted after the AGM. I’m now waiting for the right price to add more of the REIT to my portfolio.
I’ve tried my best to take as many pictures as I could that day although they could’ve been better. I’ll practice my photography. Tips and suggestions on what you’d like to see the next time are welcome!