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.
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: 5286
Mi Technovation Berhad
Date:
Meeting Type: EGM
MI is proposing the listing of its semiconductor materials subsidiary, Mi Material, on the Mainboard of SGX. Post listing, MI’s shareholding will decrease from 100% to 72.38% or 70.66% if the over-allotment option is fully exercised.
The IPO comprises new shares and existing/vendor shares. Mi Material expects to raise SGD93.75 million (RM298 million) from the new shares. The proceeds will fund US and Singapore R&D, Malaysia and Taiwan expansion as well as working capital. Separately, MI will sell existing Mi Material shares and expects to receive SGD32.5 million (RM103.3 million), mainly to fund expansion of VTBU.
The listing will unlock Mi Material’s value through independent market valuation, give MI shareholders direct exposure to its growth, sharpen strategic focus and provide Mi Material with direct access to capital markets.
MSWG will vote “AGAINST” Resolution 6 on the participation and subscription of MI Material shares an by independent director.
In line with good corporate governance practices, MSWG does not support granting or allocating shares to INEDs, whose role is to provide independent oversight, checks and balances, and objective judgement in the best interests of all shareholders.
Stock Code: 3204
George Kent (Malaysia) Berhad
Date:
Meeting Type: AGM
George Kent’s Group revenue rose to RM167.83mil in FYE2026 from RM137.51mil in FYE2025, driven mainly by stronger contributions from the ITS and Infrastructure Construction divisions. Gross profit improved to RM40.26mil. However, the Group recorded a loss before tax of RM16.84mil (FYE2025: Profit of RM2.42mil) and a loss after tax of RM18.39mil, largely due to a RM16.48mil net foreign exchange loss from USD strengthening.
MSWG will vote “FOR” all resolutions, except “AGAINST” Ordinary Resolution 5, as Dato’ Ahmad Khairummuzammil Mohd Yusoff has served as an independent director of the Company for more than nine years, having been appointed to the Board on 30 June 2015.
Stock Code: 7811
Sapura Industrial Berhad
Date:
Meeting Type: EGM
The Company proposed to undertake the disposal of two adjoining parcels of land in Bandar Baru Bangi for a total cash consideration of RM42.33 million. In addition, the Company proposed to provide financial assistance to its 51%-owned joint venture company, SIB ZZT Sdn Bhd, to finance the development costs and facilitate the operations of the manufacturing facilities in Gurun for the production of lithium battery precision structural components. The Company also proposed to undertake a share buy-back of up to 10% of its total number of issued shares.
Under this proposal, SIB assumes RM58.0 million financial exposure or about half its net assets, for a 51%-held venture. Further, the transaction allows that partner to recover RM16.9 million of its advances from upcoming bank debt, leaving SIB to carry an uncommitted RM19.9 million interest-free bridging loan, pledge its land in Gurun, and guarantee RM30.0 million in bank facilities. Absorbing the project’s credit risk and encumbering core assets without a guarantee from ZZT.
Stock Code: 5568
APB Resources Berhad
Date:
Meeting Type: AGM
For FYE 2026, the Group recorded revenue of RM103.38 million, representing an increase of 9.59% from RM94.33 million in FYE 2025. The improvement was mainly driven by stronger execution and recognition of fabrication projects during the financial year.
Loss after tax narrowed to RM16.54 million from RM81.24 million previously. The reduction in losses was mainly attributable to three key factors: higher gross profit from the core fabrication business, lower losses on quoted shares and reduced finance costs.
Borrowing from moneylending company at the rate of 18% per annum seems like a distress signal. MSWG will vote “AGAINST” the resolution relating to authority to allot and issue shares as funding flexibility does not address the underlying issue and it is not unlikely to resolve the Company’s financial condition.
Stock Code: 0050
Systech Bhd
Date:
Meeting Type: EGM
The Company proposes to reduce its issued share capital by up to RM40.00 million pursuant to Section 117 of the Companies Act 2016 and to change its name from “Systech Bhd” to “WTS Capital Berhad”.
MSWG will vote ‘FOR’ both resolutions at the forthcoming EGM.
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: 7811
Sapura Industrial Berhad
Date:
Meeting Type: EGM
| Under the Proposed Provision of Financial Assistance (Part A, Section 3.2, Pages 7–9), SIB holds a 51% equity interest in SIB ZZT Sdn Bhd and is expected to assume aggregate contingent and cash exposure of RM58.0 million, equivalent to approximately 48.7% of the Group’s audited NTA of RM119.2 million.
By comparison, Funa Micro Technology Pte Ltd (FMT), which holds a 49% equity interest, is providing RM5.0 million in pledged cash and RM20.0 million in collateral. Further, upon drawdown of Banking Facility I, FMT will recover RM16.9 million of its initial advances. This would reduce FMT’s capital exposure, while SIB would continue to have RM30.0 million of corporate guarantees and a RM8.1 million charge over the land.
Against this backdrop, please provide some further clarification on the rationale for the respective levels of financial exposure assumed by SIB and FMT? In particular, what contractual protections, commercial considerations or corresponding economic benefits are in place to ensure that the risks assumed by SIB are appropriately compensated? |
Stock Code: 5568
APB Resources Berhad
Date:
Meeting Type: AGM
| 1. Note 20(g) on page 143 discloses an unsecured RM2.0 million loan from a licensed moneylending company at a flat interest rate of 18% per annum. Note 20(f) on page 142 also discloses a P2P investment note carrying an 11.75% flat interest rate. This is despite the Group having RM11.87 million in cash and short-term deposits at year-end, while finance costs amounted to RM6.41 million for the year.
Given the relatively high cost of these borrowings, please explain why the Company had to rely on moneylenders and P2P financing instead of conventional bank or trade facilities? What is Company’s plan and timeline to repay these high-cost borrowings and reduce the Group’s financing costs?
2. The derecognition of Globetronics Technology Berhad (Globetronics) as an associate in FY 2025 resulted in a RM68.70 million loss. The Group recorded a further RM18.90 million fair value loss in FY 2026. The carrying value of the quoted shares has now fallen to RM11.20 million, compared with the original acquisition cost of RM140.00 million. These shares are also pledged as security for Term Loan 1, which had an outstanding balance of RM71.08 million (Note 20(a)).
a) Given that the value of the pledged Globetronics shares has declined by more than 90% from their original acquisition cost, has the lending bank issued any margin call, required a mandatory debt repayment or requested additional collateral? If so, please provide details of the actions taken by the Group.
b) What is the Board’s strategy and timeline for monetising or otherwise disposing of this non-core equity holding, particularly given the potential for further declines in its market value and adversely affect the Group’s financing position? |
Stock Code: 5069
BLD Plantation Bhd
Date:
Meeting Type: AGM
| The Group has approximately 38,000 hectares of matured areas, representing the majority of its approximately 40,000 hectares of planted area. During FY2026, approximately 2,000 hectares of palms aged above 26 years were replanted at Sawai Land District. (Source: Page 2 of AR2026).
a) Why were only 2,000 hectares of palms aged above 26 years replanted in FY2026, and is the current replanting rate sufficient to sustain the Group’s long-term plantation productivity and yields?
b) Could the Group provide a breakdown of its planted area by palm age, particularly the percentage of palms aged above 26 years?
c) What is the Group’s targeted annual replanting rate over the next three to five years? |
Stock Code: 0050
Systech Bhd
Date:
Meeting Type: AGM
| The Group recorded a significant increase in revenue from RM63.586 million in FY2025 to RM344.958 million in FY2026, mainly driven by the Corporate Solutions segment and newly secured technology infrastructure projects, including the AI Infrastructure & Computing Solutions project.
Despite the substantial increase in revenue, continuing operations recorded only a modest turnaround, from a loss before tax of RM3.923 million in FY2025 to a profit before tax (PBT) of RM1.286 million in FY2026 (Source: Pages 9 & 10 of AR2026).
a) What was the contribution of the existing business to the FY2026 PBT improvement compared with that of the newly secured projects?
b) We note that the Group’s significant revenue growth has been mainly supported by newly secured large-scale infrastructure projects.
What level of recurring revenue can the Group expect from its existing customers after these projects are completed, and how much new business would be required to sustain the current revenue level?
c) The Group’s profitability was affected by higher operating expenses to support business expansion and project execution (Source: Page 10 of AR2026).
What were the main factors behind the increase, and how much of these costs are expected to be recurring?
|
Stock Code: 7043
Xin Synergy Group Berhad
Date:
Meeting Type: AGM
| The Group’s investment portfolio recorded losses across two apparent positions during FY2026, neither of which is identified by name in the Annual Report (AR) 2026.
· A quoted investment held for medium- to long-term strategic purposes was carried at RM 50.04 million as at 31 March 2025, recorded a fair value loss of RM41.04 million through other comprehensive income, and was reduced to nil by 31 March 2026 (Pages 64 and 124 of the AR 2026).
· The Group recognised a RM2.74 million realised loss on disposal of other investments and a RM935,172 fair value loss on other investments, both through profit or loss, relating to a different investment position (Pages 63 and 70 of AR 2026).
a) Which quoted investment(s) were involved in each of these losses, and are they the same holding or separate positions?
b) Based on the monitoring done by the Group, does the Group expect a further decrease in the fair value of the RM6.44 million quoted investment newly acquired during the year and still held as at 31 March 2026 (Page 124 of AR 2026), or is the market value of this investment expected to recover
c) Given the scale of losses recorded across the portfolio this year, has this triggered a change in the Group’s policy for quoted investments? Please explain. |