A well-known Malaysian company started out many decades ago from a very humble beginning. It grew by quantum leaps.

Over the years, it became involved in every sector of the Malaysian economy involving property, hotels, construction, timeshare, clubs, unit trusts, insurance, fast food, vehicles, leasing, credit cards, light industry, investments, stockbroking and most notably finance.

Certainly a conglomerate by any standard with its diverse business entities in Malaysia and overseas with its name at almost every street corner. The finance arm became one of the largest financial institution in terms of assets.

In an autobiography of the main man, he stated that he wanted to make the group so big that it would never fall.

At the end of the day, its finance arm was sold for RM1 to Bank Negara. The story of the other divisions which fell like dominos during the financial crisis of the 1990s was certainly a sight to wonder with its problems ranging from abandoned properties, unpaid debts to poor shareholders and employees.

The victims are extended wide including abandoned house-buyers, unpaid suppliers, poor club members and many ordinary people including shareholders.

In the aftermath of the 1997 crisis, both the group’s listed companies restructured with painful measures. A scheme of arrangement with many creditors was made involving huge haircuts. Retail shareholders also suffered badly.

A few years ago, one of the listed companies was de-listed from the local stock exchange as a result of a practice note for not meeting a financial condition. Shareholders were left with unlisted shares with little value at the end of the day.

The other listed entity continues to struggle and now certain major shareholders are proposing to privatise the company at a big discount to net tangible assets. Any one shareholder who had invested in both listed entities since the beginning and subscribed to all the rights issues over the years would be crying today.

It has been 47 years since its incorporation. It is certainly a sad journey and sad ending for shareholders.

The major shareholder acting as a white knight must compensate all shareholders and privatise at a premium to net tangible assets. That is the least they could do. After all, Maika is being bought over at a premium over net assets thus slightly easing the 26-year-old pain of poor Indians.

Let’s hope that they do not take any injunctions against me for stating the obvious here. In any case, my late mother was a poor shareholder, my current employer a poor property owner, my friends poor investors while I am all-round a poor person. Maybe even poorer since I have a membership in a club which is now under voluntary liquidation.