MSWG Weekly Newsletter 22 December 2017 (English)

Friday, 22 December, 2017

22.12.2017

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.

As 2017 draws to a close, we would also like to draw attention to the great leaps forward made in the arena of corporate governance, exemplified by the continuous uptrend of average CG Scores (68.20 points in 2012 to 86.18 points in 2017) from its inception.

This uptrend clearly reflects the consistent and increased efforts among the leadership of public-listed companies (PLCs) in upping commitment to CG best practices and disclosures, which in turn, has already resulted in greater confidence among foreign and local investors in Malaysia’s capital market.

We witnessed improvements in a number of areas, including in CG disclosures, long-term value creation, sustainability practices and board diversity and independence - and we fully expect improved metrics in 2018. 

Finally, please note that we will not be issuing our weekly e-newsletter for the next two weeks during the festive season.

Merry Christmas and Happy New Year from all of us at MSWG and for those travelling, we wish you a safe journey.

 

MSWG TEAM

22 December 2017

 


MSWG’S AGM WEEKLY WATCH 25 – 29 DECEMBER 2017

For this week, we only have one AGM -  that of Multi-Usage Holdings Berhad which is in the Minority Shareholder Watchdog Group’s (MSWG) watch list.

The summary of points of interest are highlighted here, while the details of our questions to the company can be obtained via MSWG’s website at www.mswg.org.my.

Date & Time

Company

Venue

29.12.17 (Fri)
9.00 am

Multi-Usage Holdings Berhad
(AGM)

Palm Ballroom 2 of AVANI Sepang Goldcoast Resort, No 67 Jalan Pantai Bagan Lalang, Kg. Bagan Lalang, 43950 Sungai Pelek, Selangor Darul Ehsan

 

The points of interest to be raised:

Company

Points/Issues to Be Raised

Multi-Usage Holdings Berhad (AGM)

We noted the Company is suing 7 shareholders who have nominated themselves to be Directors of the Company as announced on 18 December 2017.

We also noted the Company is proposing the appointment of 7 other Directors. Three of these Directors (nominated by the Company), namely Ms. Ang Ai Way, En. Abd. Aziz bin Mat and Dato’ Abdul Hadi, had withdrawn from seeking re-election as Directors at the Company’s AGM held on 21 December 2016.

Please explain to shareholders the reasons for :

  • the Company suing the 7 shareholders who have nominated themselves as Directors; and
  • the proposed appointment of the 3 former Directors who withdrew from seeking re-election at the AGM held on 21 December 2016.

LOCAL NEWS AND DEVELOPMENTS

Westports Holdings slapped with RM59.51M customs demand

https://www.nst.com.my/business/2017/12/316574/westports-holdings-slapped-rm5951m-customs-demand  

SC initiates innovation lab for alternative trading system

http://www.theedgemarkets.com/article/sc-initiates-innovation-lab-alternative-trading-system-0

Employees’ EPF contribution reverts to 11%

http://www.theedgemarkets.com/article/employees-epf-contribution-reverts-11

Malaysia's GDP grew 5pc in 2015 compared to 5.5pc in 2010

https://www.nst.com.my/business/2017/12/316180/malaysias-gdp-grew 5pc -2015 compared-55pc-2010

SC issues Guidelines on SRI Funds

https://www.nst.com.my/business/2017/12/316157/sc-issues-guidelines-sri-funds

Hovid buyout offer is now unconditional

https://www.thestar.com.my/business/business-news/2017/12/21/hovid-buyout-offer-is-now-unconditional/

Inflation at 3.4% in November

https://www.thestar.com.my/business/business-news/2017/12/21/inflation-at-34-in-november/

Stamp duty for properties above RM1m stays at 3%

GLOBAL NEWS AND DEVELOPMENTS

US economy grows at fastest pace in more than two years

https://www.thestar.com.my/business/business-news/2017/12/22/us-economy-grows-at-fastest-pace-in-more-than-two-years/

BoJ maintains stimulus as inflation lags growth

https://www.thestar.com.my/business/business-news/2017/12/22/boj-maintains-stimulus-as-inflation-lags-growth/

Bitcoin falls almost 20pct from recent peak to week low

https://www.thestar.com.my/business/business-news/2017/12/20/bitcoin-falls-almost-20pct-from-recent-peak-to-week-low/

China criticises EU's 'thoughtless remarks' on its economy

MSWG Analysts

Lya Rahman, General Manager, lyarahman@mswg.org.my
Rebecca Yap, Head, Corporate Monitoring rebecca.yap@mswg.org.my
Quah Ban Aik, Head, Corporate Monitoring banaik.quah@mswg.org.my
Norhisam Sidek, Manager, Corporate Monitoring norhisam@mswg.org.my
Wong Kin Wing, Manager, Corporate Monitoring, kinwing@mswg.org.my
Hoo Ley Beng, Manager, Corporate Monitoring linnert.hoo@mswg.org.my

Elaine Choo, Manager, Corporate Monitoring, elaine.choo@mswg.org.my
Mustaqim Yusof, Analyst, Corporate Services mustaqim.yusof@mswg.org.my

Muhammad Faris bin Mohamed Yusof, Analyst, Corporate Monitoring farisyusof@mswg.org.my


 

DISCLOSURE OF INTERESTS

•           With regard to the company mentioned, MSWG holds a minimum number of shares in Multi-Usage Holdings Berhad covered in this newsletter.


Feedback
We welcome your feedback on our newsletter and our work. Email us at corporateservices@mswg.org.my with your comments and suggestions.


DISCLAIMER

This newsletter and the contents thereof and all rights relating thereto including all copyright is owned by the Badan Pengawas Pemegang Saham Minoriti Berhad, also known as the Minority Shareholder Watchdog Group (MSWG).

The contents and the opinions expressed in this newsletter are based on information in the public domain and are intended to provide the user with general information and for reference only. Best efforts have been made to ensure that the information contained in this newsletter is accurate and current as at the date of publication. However, MSWG makes no express or implied warranty as to the accuracy or completeness of any such information and opinions contained in this newsletter. No information in this newsletter is intended to be or should be construed as a recommendation to buy or sell or an invitation to subscribe for any, of the subject securities, related investments or other financial instruments thereof.

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