Advocacy
Know Your Rights
As a minority shareholder, you have legal rights that protect your interests and give you a voice in how companies are governed.
Under the Companies Act 2016, you are entitled to attend, speak, and vote at general meetings; key tools to hold boards accountable and influence corporate decisions. You also have the right to timely, accurate, and reliable disclosures, including annual reports and Bursa announcements, to make informed investment decisions.
At MSWG, we ensure these rights are upheld by monitoring companies, raising concerns, and advocating for greater transparency and accountability, so that your voice is heard, and your rights are truly exercised.
Remember: your rights matter. And when you know your rights, you can help shape better companies and a stronger capital market.
Corporate Monitoring
What We Do
Corporate monitoring is at the heart of our advocacy. We closely monitor over 450 public listed companies across all 12 states in Malaysia, examining their financial performance, business operations, governance practices, and sustainability disclosures.
Our reviews are comprehensive and data-driven. Where concerns arise, we engage directly with the company either by issuing formal letters or by raising the issues during the company’s general meetings. These letters are made available exclusively to our subscribers through our Subscriber Portal.
Ahead of each general meeting, MSWG also publishes a Quick Take, a concise summary highlighting key company developments, proposed resolutions, and matters of interest to minority shareholders. Additionally, we issue our Pre-Voting Decision, which provides MSWG’s stance on each resolution tabled, guided by our published Voting Guidelines.
Advocacy
Newsletter - The Observer
The Observer is MSWG’s weekly newsletter that provides timely insights on corporate governance, shareholder rights, and sustainability developments in Malaysia’s capital market.
Each issue covers red flags from company disclosures, key highlights from general meetings, regulatory changes, and MSWG’s perspectives on emerging trends.
Clear, concise, and purposeful, The Observer is your trusted guide to staying informed and engaged in the evolving governance landscape.
The Observer 22 May 2026
The Observer 15 May 2026
Advocacy
Quick Take
MSWG’s Quick Take offers a timely and concise overview of key issues relating to upcoming general meetings of public listed companies. Each Quick Take highlights material developments, corporate proposals, and resolutions that may impact shareholder rights and interests.
Prepared ahead of company meetings, Quick Takes help minority shareholders quickly grasp the context, identify potential red flags, and focus on matters requiring scrutiny, whether governance concerns, financial irregularities, or ESG implications.
Search by company name or year to explore our archive of Quick Takes.
Stock Code: 7103
Spritzer Bhd
Date:
Meeting Type: AGM
Spritzer delivered a strong financial performance in FY2025, with revenue +13% y-o-y to RM656.9 million (FY2024: RM579.0 million). PBT rose by 52% to RM120.4 million (FY2024: RM79.4 million), driven by higher sales volumes, improved ASPs and lower raw material costs.
Net profit for the year increased by 28% to RM90.8 million (2024: RM71.1 million), resulting in an improved net profit margin of 13.8% (FY2024: 12.3%).
The Company paid a higher dividend of 5 sen (FY2024: 4 sen) per share to shareholders in FY2025.
MSWG will vote “for” all resolutions tabled in the meeting.
Stock Code: 9172
Formosa Prosonic Industries Berhad
Date:
Meeting Type: AGM
For FY2025, revenue declined 32.6% to RM430.7 million (FY2024: RM639.2 million) while profit before tax fell 48.7% to RM43.5 million (FY2024: RM84.8 million), primarily due to lower sales volumes, elevated operating costs, and foreign exchange losses of RM28.2 million. The Group operates as a single segment and remains heavily reliant on two major customers contributing 76.3% of Group revenue in FY2025. Operating cash flow collapsed to RM9.1 million (FY2024: RM70.7 million).
MSWG will vote “for” all resolutions tabled in the meeting.
Stock Code: 6904
Subur Tiasa Holdings Berhad
Date:
Meeting Type: AGM
For FY2025, the Group’s revenue declined 20.0% to RM343.9 million, primarily due to a sharp drop in log sales from RM93.0 million to RM8.5 million. Despite this, the Group recorded a PBT of about RM10 million (FY2024: PBT of RM11 million). The Group however, continues to operate under a material going concern uncertainty, with current liabilities exceeding current assets by RM355.8 million.
MSWG will vote ‘against’ Resolution 4 which relates to the retention of a long-serving independent director who has served for more than nine years.
Stock Code: 1171
MBSB Berhad
Date:
Meeting Type: AGM
MBSB recorded PBT of RM390.0 million for FY2025, a considerable moderation from RM586.3 million in FY2024. MBSB said the performance reflects the Group’s prudent approach to managing margin pressures and strengthening credit quality. Revenue stood at RM3.4 billion in FY2025, reflecting a resilient performance amid a challenging environment.
MSWG will vote “for” all resolutions tabled in the meeting.
Stock Code: 5200
UOA Development Bhd
Date:
Meeting Type: AGM
The Group delivered a strong FY2025 performance, with revenue of RM674.3 million and PATAMI increasing 65% to RM474.0 million from RM287.3 million in FY2024. Growth was driven by progressive revenue recognition from key projects, including Bamboo Hills Residences, Aster Hill, and the Medical Centre in Bangsar South, as well as higher fair value gains on investment properties, which rose to RM169.2 million. The Group also recorded unbilled sales of RM646.4 million, supporting future earnings visibility.
MSWG will vote “for” all resolutions tabled in the meeting.
Advocacy
Points of Interest
MSWG raises detailed and focused questions to public listed companies on matters of concern ahead of their general meetings. These questions cover a range of issues, including board governance, financial performance, corporate strategy, sustainability commitments, and stakeholder impact.
The complete list of questions submitted by MSWG to each company is available exclusively on our Subscriber Portal.
Stock Code: 4324
Hengyuan Refining Company Berhad
Date:
Meeting Type: AGM
HRC sources approximately 60% of its crude oil from international markets (Page 19 of AR2025), leaving the Company highly exposed to geopolitical volatility.
Given the 70% reduction in demurrage costs achieved last year, what further digitisation or logistical initiatives are being implemented to insulate its margins from freight and feedstock price spikes?
Stock Code: 0182
LKL International Berhad
Date:
Meeting Type: AGM
The Group ceased physical pharmacy operations following weaker retail segment results, with revenue declining to RM2.10 million in FYE 2025 from RM4.24 million in FYE 2024 and a gross loss of RM2.73 million mainly due to high costs of sales and operating expenses. (Source: Page 10 of AR2025). Meanwhile, the Board suspended further investment in its joint ventures in Indonesia and the Philippines after reviewing their viability, and PT LKL Indonesia Makmur was later deregistered during the year. (Source: Page 11 of AR2025).
- What was the total amount of capital invested in the pharmacy segment prior to its cessation?
- To what extent did the losses from the pharmacy segment impact on the Group’s liquidity, cash flow, and working capital position during FYE 2025, and what was the total cash absorbed by the operations before they were discontinued?
- Was PT LKL Indonesia Makmur operational at any stage prior to its deregistration, and what were the total incorporation and administrative costs incurred up to the point of deregistration?
- Following the Group’s recent strategic setbacks, what key lessons has the Board obtained from the failed retail pharmacy and Indonesia expansion initiatives, and what specific targets have been established to ensure that future investments deliver sustainable returns?
Stock Code: 6904
Subur Tiasa Holdings Berhad
Date:
Meeting Type: AGM
The Group’s Timber segment recorded a pre-tax loss of RM16.6 million in FY2025 (FY2024: Pre-Tax Loss of RM26.2 million) (Note 38.1, Pages 121 and 123 of the Annual Report (AR) 2025).
- The timber segment is undergoing operational rationalisation to enhance efficiency and align with evolving market conditions (Page 13 of AR 2025). In this regard, please provide an update on the status, progress, and expected completion timeline of the rationalisation initiatives.
- What is Management’s targeted timeframe for the Timber segment to achieve breakeven? And, is the Timber segment currently on track to return to profitability?
Stock Code: 1171
MBSB Berhad
Date:
Meeting Type: AGM
MBSB recorded lower revenue and net profit of RM3.44 billion and RM279.51 million, respectively, in FY2025.
Chairman Dato’ Wan Kamaruzaman Wan Ahmad said the lower revenue and profit were a necessary phase of consolidation and prudent balance sheet management (page 12 of Integrated Annual Report 2025). On top of this, Group CFO Mr. Shahnaz Jammal said the moderation of profit reflects the Group’s prudent approach to managing margin pressures and strengthening credit quality (page 16 of IAR2025).
Please elaborate more specifically on the measures undertaken during this “phase of consolidation”.
In particular, to what extent did the Group deliberately “sacrifice” near-term financing growth, margins, or profitability to prioritise balance sheet resilience, asset quality preservation, and risk reduction? What are the expected outcomes beyond this phase of consolidation? Could shareholders expect better topline and bottomline performance after this?
Stock Code: 1619
DRB-Hicom Berhad
Date:
Meeting Type: AGM
In 2025, the Group invested RM32.6 million in the Proton EV plant in Tanjong Malim, as well as EV charging infrastructure to support mobility needs and develop new recurring revenue streams.
During FY2025, the Group recorded sales of xEVs, xEV components, and xEV leasing services, alongside revenue from its charging station network. Total xEV sales reached 13,448 units. In total, revenue from these xEV-related activities amounted to RM1.47 billion. (Source: Page 107 of IAR 2025)
- What is the current utilisation rate of the EV plant in Tanjong Malim, and is market demand sufficient to sustain or increase its utilisation? If not, what specific strategies are being implemented to support demand?
- Could the Board provide details on the average monthly revenue per charging station, and whether the charging stations are currently at EBITDA breakeven or profitable?