IGB REIT AGM 2017 (Doorgift inside)


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

The Venue: Cititel
Yup. This.
And this.
And more.

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.

The Refreshments

Wow!! Empty Line?

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 Buffet Voucher
IGB REIT AGM 2017 Doorgift – Buffet Voucher
Parking Validation (submitted by a reader)


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.

Pretty dismal turnout
All set for AGM
A familiar face from Public Bank’s AGM
The management (4th from right is the main man).
Spot Ms Elizabeth Tan on the left (Chief of Operations for the Gardens Mall)
A closer look  : )

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!

Thank you.

For more AGMs, head over hERE for a long list of Malaysian companies and their door gifts.

26 Replies to “IGB REIT AGM 2017 (Doorgift inside)”

  1. Hi Divvy Leigh,

    I noticed that you have sold your IGB REIT in 2018 from your porfolio.

    Do you plan to repurchase it in future?

    what do you think of buying and holding on to REIT for as long as possible?

    thank you.

    1. Hey Larry,

      Did I? I can’t recall, but if I did, I’ve repurchased. I’ve a large holding of IGB REIT right now.
      I am a strong proponent of REITs for the long term 😉

  2. Hye Leigh, thanks for this post. As a beginner and learner (less than 2 months) in investment, it give me overview what AGM is. Really love your post. You are one of investor that motive me to learn more in depth about stock market.

  3. Hi Divvy, I’m new in investment and found your post informative and at the same time light and easy. Thanks for compiling the information and your effort in keeping them relevant.

  4. just stumbled across your blog. super new to all this but i find your work extremely helpful and superbly written. kudos and keep up the great work!

  5. Hi Leigh,

    Thanks very much for sharing your experiences, I have been investing since my early 20s but prior to this year haven’t seized the opportunities to attend AGMs. A more flexible job now allows me to participate in the AGMs, so long as they don’t conflict each other! I completely agree with you that the behavior of alot of shareholders leave very little to be desired, the type of questions they ask, the way they cut lines and the fact that some people turn up with empty plastic boxes (Tapao for later) just doesn’t seem fitting for a multi-million/billion dollar company’s AGM.

    Being an investor in my 20s, I also agree with you that young people should be take more of an interest in investing and maybe more should be done in schools to promote the idea of investing. It’s much better than letting young people get hooked and enticed into quick get rich schemes like a recent scandal that shall not be named. Hopefully some young people come across your website and get inspired to try out investing.

    Anyways keep up the good work, and look forward to seeing more pictures of the “Classy” shareholders you encounter.

    1. Hey ZX,

      Thanks for writing in. Really good to hear that you’ve started investing at such an early age.

      Maybe we’ll see each other for the next few AGMs my friend. Drop me a message or comment if you feel like it.
      Thank you for your kind words, it’s you guys that keep me and the site going.

      1. Yeah definitely, unfortunately we only have Maybank and PBB in common. And I think they’ve both had their AGMs already. But planning to attend Digi, Eforce and IGB this month. If time permitting you decide to add them to your portfolio do let me know!

        1. Hey ZX,

          Oh well, next year I guess. Let us know how the AGMs are like!
          Send me some pics if you will and maybe I can write about it.

          Remember to make way for the old folks! XD

          1. Went to Digi on Tuesday, it was a chaotic experience. So many people turned up to collect the free gift (RM 100 Digi prepaid reload and a packed lunch) that the place looked like a safety hazard. (Btw many people were leaving the car park with the goody bags when i arrived, go figure haha.) Chaos was furthered by the corridor becoming a market for people to buy and sell their reload cards. Q&A was filled with shareholder complaining that they cant get signal in certain areas, bad customer service, asking for more door gifts (One elderly gentleman even SANG, yes sang a Japanese song), and in the end only a handful of relevant questions about the financial accounts were asked. There were quite a number of young shareholders/proxies there though, but as usual it seemed like a senior citizen gathering!

            Really, I cant imagine the image we give foreigners when they see they way our people behave… There were a few foreign shareholders/proxies and about half the board were representatives from the Norwegian Telenor.

          2. Hey ZX,

            Thank you for sharing your experience with us! Really informative.

            Liked the fact that they prepared lunch, all the AGMs I went for didn’t. I guess all AGMs are safety hazards lol.
            I heard there was an auntie with stacks of cash buying the reload cards at RM85 each.

            Don’t get me started on the questions during AGMs.. I’m glad you feel the same way. What was the Japanese song about hahahahha.

            Thank you so much for sharing this man. Made my day. Hopefully with time, we the younger investors can change and act with more class.

          3. Yeah I’m surprised alot of companies don’t provide lunch, it seems ridiculous that you ask for RM X million in director fees and you don’t provide some basic bites, I went to BAT agm and they didn’t prepare any food either, though they did give a RM85 meal voucher for the restaurant there, again someone offered me 50 bucks for it….

            Haha i missed the RM 85 aunty! Some old guy was saying that he saw so many reload cards not taken and that they should reward his loyalty as a long term shareholder with an additional door gift and more dividends lol, then he started singing in Japanese, I have no idea what that was about.

            Lol what can you do about the questions, i guess that’s our current identity. Yeah hopefully the young ones join in and we’ll get better questions and up our class!

          4. Hey ZX,

            I guess some companies don’t want shareholders to linger. I don’t blame them.
            Even if they do provide lunch, I foresee that it’ll be a nightmare with our ‘classy’ shareholders. They’d probably take 2-3 packs each. Sigh

            Lol I’d really like to hear him sing xD. Maybe I’ll buy 1 lot of Digi shares just to witness it. Take a video next time something so incredibly dumb happens, please.

            Thanks for sharing my man. Hope to hear from you more often!

  6. Hi bro,

    Based on my small observation, YTL REIT has been yielding higher dividends for past few years (>7%p.a)
    Im wondering why YTL REIT isn’t in your portfolio and why did you decide to go for AXREIT, SUNREIT and IGBREIT to invest in?

    1. Hey Selva,

      Yup YTL REIT has good dividends. I did, in fact, have it in my portfolio awhile back. The dividends were good but I didn’t really like the industry they were in – Hospitality. I made a judgment call based on the impending boom of Airbnb. I went for the REITs I have now because their assets and the industry they’re in still have a long ways to go in Malaysia.

      Hope this helps!

      1. Makes really good sense.
        I’m highly attracted by SUNREIT actually. I feel they have a lot of room for growth and they have a good diversification of industry they’re in i.e. hospitality, office and retail.
        Will surely acquire it in time to come.
        Thanks for your input.

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