19 January 2018
MSWG’S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS
HOVID BERHAD (“HOVID”)
The Board of Directors of Hovid (“Board”) announced that as at 10 January 2018, the joint offerors collectively hold 75.64% of the total issued ordinary share capital of the company. Accordingly, Hovid does not comply with the required public shareholding spread pursuant to Section 8.02(1) of the Listing Requirements whereby a listed issuer must ensure that at least 25% of its total listed shares are in the hands of public shareholders (“Public Shareholding Spread Requirements”).
The joint offerors have stated that they do not intend to maintain the listing status of Hovid and may procure Hovid to take the requisite steps to withdraw its listing status from the Official List in accordance with Paragraph 16 of the Listing Requirements. As at the date of the announcement, there are no plans to rectify the shortfall in the Public Shareholding Spread Requirements.
[Source: Hovid’s announcement on Bursa Malaysia’s website on 11 January 2018]
13 January 2018
VOICE OF MSWG
Happy New Year everyone!
Unlike in previous years, 2018 has begun very well for share markets generally, with the upcoming general elections and strong Ringgit viewed as additional favourable catalysts for Bursa Malaysia.
During this market exuberance, it is good to remind ourselves on the importance of responsible corporate behaviour.
Judging from the developments at MUI Properties (management changes for good CG, succession planning), AirAsia (CEO and deputy CEO relinquishing directorships to enhance CG) and Berjaya Food Bhd (executive chairman resigning from post to comply with best practices under the CG code), it is clear that there is some momentum among listed companies to better comply with the freshly revised Malaysian Code on Corporate Governance (MCGG) 2017.
For the sixth-straight year, we have shown CG improvements in the results of our MSWG-ASEAN Corporate Governance Recognition 2017, despite the more stringent assessments under the revised scorecard
VOICE OF MSWG
We welcome our new CEO Devanesan Evanson, who comes to us armed with decades of experience in the key areas of Corporate Governance, Risk Management and Internal Controls.
Until his appointment with us, Devanesan, an accountant by profession (and holder of a law degree from the University of London), was the President of the Malaysian Advisory Committee of the Association of Chartered Certified Accountants (ACCA) and a past President of the Institute of Internal Auditors Malaysia.
He spent 18 years with Bursa Malaysia where he served in various positions, including as the Head of Group Internal Audit and Risk Management, Chief Regulatory Officer and Chief Market Operations Officer, making immense contributions towards the growth of the Exchange as well as that of our capital market during that period.
We look forward to the immense contributions he will undoubtedly make in our pursuit of the highest standards of corporate governance and corporate oversight.