MSWG Weekly Newsletter 08 June 2018 (English)

Friday, 8 June, 2018


For this week, the following are the AGMs/EGMs of companies which are in the Minority Shareholder Watch Group’s (MSWG) watch list.

The summary of points of interest is highlighted here, while the details of the questions to the companies can be obtained via MSWG’s website at

Date & Time



13.06.18 (Wed)

02.30 pm

Mudajaya Group Bhd


Menara Mudajaya, No. 12A, Jalan PJU 7/3, Mutiara Damansara, PJ


The points of interest to be raised:


Points/Issues to Be Raised

Mudajaya Group Bhd


1)       In 2017, the Group recorded an operating profit of RM59,478,000 compared to an operating loss of RM 217,882,000 recorded in 2016 (page 95 of the Annual Report 2017). However, after including the finance costs (RM44,668,000) and share of loss of equity accounted associates, net of tax (RM137,218,000), the Group’s financial performance plunged a loss before tax of RM122,408,000.              

a)  How will the Board address the profitability issues of the Group?

b)  We note that RKM’s loss has been growing over the last three years? What is the Group’s plan on investment in the company (Page 141 of the Annual Report 2017)?

2)       In Indonesia, the Group will continue to build upon its earlier foray in 2015 via its investment in the Bau Bau 2 x 7MW coal-fired power plant IPP in South Sulawesi. The assets will serve to increase the Group’s footprint in Indonesia and enable it to pursue more opportunities in the country (page 29 of the Annual Report 2017).   

Apart from the power business in Sulawesi, is the Group in talks with any parties to expand further in other parts of Indonesia?


Impact of SST

Order to suspend HSR negotiations

Fiscal deficit to remain at 2.8% as govt reviews RM10b worth of projects, optimise revenue

Malaysia manufacturing conditions deteriorate further in May

Malaysia's April broad money up 6.2% y-o-y — BNM—-bnm

How transparent is the awarding of spectrum to cellular firms in Malaysia?

Bank Negara exposure draft on trade credit insurance, takaful

Mulia Group: Don’t penalise us because we came in during Najib’s time

Najib steps down as Khazanah Nasional chairman

Malaysia's EPF 1Q investment income up 9.2% y-o-y at RM12.88b

Petronas Q1 net profit up 26% to RM13b on higher revenue, net write-back on impairment

More Chinese firms invest in Malaysia after new govt installed

Berjaya’s hope to recoup US$10mil dims after Vietnam court upholds verdict

India's federal police seek to question AirAsia chief Tony Fernandes - source

Business loan growth at 3.1% in April vs March’s 1.9%

BNM sets record straight on RM2 billion land purchase

No toll for KL-Seremban and Salak highways starting June 1

Berjaya Media seeks extension to submit regularisation plan

Hap Seng ‘underestimated’ due diligence needed for Kretam buy



US job growth surges, unemployment rate falls to 3.8%

US first-quarter growth revised down to 2.2pc

China official factory PMI rises to 51.9 in May, well above forecasts

India's growth likely topped 7pc again in January-March quarter

Japan's factory output growth slumps in April, casts doubt on quick recovery

UK economy risks being dragged down by shoppers' Brexit worry

Indonesia raises key rate to 4.75% to aid rupiah, flags chance of more rate hikes

If MSCI’s so great, why are China stocks down?

U.S. to slap tariffs soon on steel, aluminum from EU -WSJ

US isolated at G7 meeting as tariffs prompt retaliation

US trade mission seeks structural changes to China's economy, says treasury secretary

Gold may hit US$1,400 on weak dollar

John Soh and two others behind 2013 penny stock crash saga to go to trial

Jack Ma’s Ant Financial to raise funding to over US$12bil

SGX slaps Jason Holdings, former CEO Sim with public reprimand

World's biggest AI startup raises US$1.2 bil in mere months

China to slash import tariffs on many consumer products by 60pc starting July

What could spur the ECB into action in Italy?

MSWG Analysts

Lya Rahman, General Manager, [email protected]
Rebecca Yap, Head, Corporate Monitoring, [email protected]
Quah Ban Aik, Head, Corporate Monitoring, [email protected]
Norhisam Sidek, Manager, Corporate Monitoring, [email protected]
Wong Kin Wing, Manager, Corporate Monitoring, [email protected]
Hoo Ley Beng, Manager, Corporate Monitoring, [email protected]

Elaine Choo, Manager, Corporate Monitoring, [email protected]
Lee Chee Meng, Manager, Corporate Monitoring, [email protected] 

Abdul Halim Alias, Manager, Corporate Monitoring, [email protected]

Mustaqim Yusof, Analyst, Corporate Services, [email protected]


•           With regard to the companies mentioned, MSWG holds a minimum number of shares in all these companies covered in this newsletter.

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