NO to sale
Debt-ridden AAM FAILS to get members’ approval to sell headquarters
SHAH ALAM: The Automobile Association of Malaysia (AAM) yesterday f ailed t o obtain approval from its members to sell its headquarters here. The association, which has been bleeding financially for the past eight years, had hoped to raise RM7.5 million by selling the building to alleviate its dire financial position. Despite having sold its other properties, it is still debt-ridden, with liabilities totalling some RM4.5 million.
AAM had called for a special general meeting yesterday to solicit its members’ approval for the sale, but the proposal was resoundingly rejected.
Although no vote was taken, the majority of its members were opposed to the sale.
Members did not accept AAM chairman Tunku Mudzaffar Tungku Mustapha’s explanation that after settling debts, the association would have enough money to work out strategies and implement a turnaround plan.
Some of the members said they would not allow the sale unless such plans are