Dear readers, I have been a shareholder of Hutchison Port Holdings Trust ever since it was listed on the Singapore stocks exchange in 2011.
I bought the trust at its IPO price of slightly over USD $1 per piece and continued to hold the trust till today. As of the close today, the trust traded at USD $0.13 and hence the trust has declined by almost 90%. During the holding of the trust for so many years, I am comforted by at least the trust still paying decent dividend yields over the years, which helped to offset some of the losses (though not a lot) incurred by investing in this stock.
In the days when I was a new investor, I attended more AGMs to find out just what happened behind closed doors at the AGMs. Specifically, I even took leaves to attend these AGMS which are up to today, held on weekdays. It was many years since I have attended the AGM of Hutchison Port Holdings Trust (HPH). And this year, I had the opportunity to attend the AGM and it is a good opportunity to keep myself updated of just what the management of this trust is planning to do for its business and perhaps some updates on how it would increase shareholder value for its shareholders.
I arrived at Marina Bay Sands this morning where HPH AGM was held. During registration, I glanced quickly at whether the company would be treating its shareholders some refreshments or at least some beverages. If I recalled correctly, in the last HPH AGM which I attended, there were bento boxes given to shareholders at the end of the AGM. My questions were quickly addressed as after registration, I was issued with not only a portable device to enable the electronic voting of the resolutions that the company is going to pass at the AGM, I was also given two x $10 Watson vouchers like all the other shareholders who were successfully registered for the AGM. These vouchers will be replacing any refreshments that the company will be having for the shareholders at the AGM, I thought. (On a side note, Why Watsons but not NTUC Fairprice or Cold Storage vouchers? Well, I believe it has to do with the fact that HPH is an Hongkong company, same with Watsons … Period.)
I was proven correct as when I entered the AGM hall, there was no coffee nor tea but only simple water dispenser machines placed at the rear of the hall. The dispensers still proved a draw for many shareholders for two reasons. First, there was simply no other choice for refreshment and second, the weather these days were very hot. I could attest to the second reason, as having taken leave for today, I was early, after having a nice bowl of wanton mee somewhere near the city area and taking a bus to the esplanade area. Then, from the bus stop, I walked under the hot blazing sun, sheltered by the UV umbrella that my dear wife has bought for me. Step by step, I walked under the hot sun towards Marina Bays Sand to attend the AGM as a shareholder of Hutchison Port Holdings Trust at MBS. Even though I am a small-time shareholder, I prided myself for at least that I am still an owner of this Trust in my own little small rights, at least from what I have learnt from the investing literature which I have read.
There was only one thing after having taken my seat in the AGM hall and that is to wait for the management of the trust to arrive. After 10 minutes of waiting, the men and women entered the hall in corporate suits and attires and took their seats on the stage facing the hundreds of shareholders who have gathered, ready to start the AGM that the shareholders have been eager for.
(TO BE CONTINUED…. PART 2)