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 26 June 2026
The Observer 19 June 2026
The Observer 12 June 2026
The Observer 5 June 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: 8044
Computer Forms (Malaysia) Berhad
Date:
Meeting Type: AGM
CFM reported a challenging FPE2026 as annualised revenue declined 54% to RM12.7 million from RM27.5 million in FY2024, mainly due to weaker market demand and the Group’s strategic exit from low-margin contracts amid the structural decline in traditional printing.
Meanwhile, the Group recorded a loss before tax of RM0.54 million in FPE2026. The result was supported by a RM3.51 million net gain from the reversal of expected credit losses on fixed deposits and a RM1.86 million gain on the disposal of assets.
Looking ahead, CFM is accelerating its transition towards digital software services and strategic real estate investments while continuing to rationalise its legacy printing business.
MSWG will vote “FOR” all resolutions tabled in the meeting.
Stock Code: 5318
DXN Holdings Bhd
Date:
Meeting Type: AGM
DXN delivered revenue of RM1.9 billion in FY2026, a marginal 0.5% decline from RM1.91 billion in the prior year, driven by forex translation effects from a stronger ringgit. Excluding the currency effects, the Group achieved underlying constant currency growth of 12.1% y-o-y.
Net profit attributable to owners of the company declined to RM271.52 million from RM328.07 million in FY2025, affected by investments in new markets, higher marketing expenses, forex losses and a one-off indirect tax refund recognised in the previous year.
It paid a dividend of 3.2 sen in FY2026, being 0.5 sen lower than 3.7 sen in FY2025.
MSWG will vote “FOR” all resolutions tabled in the meeting.
Stock Code: 7121
XL Holdings Berhad
Date:
Meeting Type: EGM
In May 2026, XL Holdings completed the acquisition of Giant Mini Business Assets, comprising 34 minimart outlets operating under the brand name of “Giant Mini” for RM15 million.
With that, the Company intends to seek shareholders’ approval for the proposed diversification of its existing business to include the retail and wholesale grocery business.
The new business is expected to contribute 25% or more of the net profits of the Group and the diversion of 25% or more of the Group’s net assets to the Retailing and Wholesaling Grocery Business.
MSWG will vote “FOR” the resolution tabled in the meeting.The Proposed Diversification will diversify and broaden the Group’s earnings base and to further complement and grow its Foods and Growing Crops business segments.
Stock Code: 1899
Batu Kawan Berhad
Date:
Meeting Type: EGM
Batu Kawan proposes to acquire an additional 18.1% stake in MKH Berhad for RM208.9 million, increasing its interest to 48.7%. The acquisition will trigger a mandatory offer (MGO) for the remaining MKH shares and, if unconditional, a possible MGO for MKH Oil Palm (East Kalimantan) Berhad (MKHOP).
The offer values MKH at an implied P/E of 12.9x (peer: 7.1x) but P/B of 0.6x (peer: 1.1x). Despite the higher earnings multiple, the acquisition secures a profitable plantation business, expands Batu Kawan’s Indonesian land bank, adds a complementary property platform and remains below book value. Batu Kawan intends to delist MKH while retaining MKHOP’s listing.
MSWG will vote “FOR” the resolution tabled in the meeting.
Stock Code: 6399
Astro Malaysia Holdings Berhad
Date:
Meeting Type: AGM
Astro’s FY2026 revenue declined 4.5% to RM2.79 billion, while PATAMI halved to RM63 million.
The Television segment remained the Group’s core business but saw revenue decline 5.4% to RM2.65 billion and PBT fall 34.1% to RM58.0 million as Pay-TV ARPU softened 4.3% to RM94.30 despite improved customer retention.
Sooka continued to gain traction, with monthly active users and paying subscribers increasing 24% and 17%, respectively. Enterprise revenue grew 6% to RM114.0 million, while the Radio segment’s PBT fell 59.6% to RM36.0 million amid weaker advertising demand.
MSWG will vote “FOR” the 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: 8044
Computer Forms (Malaysia) Berhad
Date:
Meeting Type: AGM
| 1. The Group recorded a loss before tax of RM0.54 million in FPE2026. The result was supported by a RM3.51 million net gain from the reversal of expected credit losses on fixed deposits and a RM1.86 million gain on the disposal of assets. (page 5 of AR 2026)
a) The Group’s underlying operating performance remained weak. When does management expect the Group’s core operating businesses to return to sustainable profitability?
b) What are the key earnings drivers over the next two financial years? Which business segments are expected to contribute most to the recovery?
2. Other receivables jumped significantly to RM101.55 million in FPE2026 from RM25.66 million in FY2024, mainly due to refundable deposits paid for the acquisition of new industrial properties, namely a detached factory and a double-storey factory with a warehouse. (page 7 and 106 of AR 2026)
a) What is the rationale for acquiring these industrial properties? How do they support the Group’s long-term business strategy?
b) What are the purchase prices and land and build-up areas of each property? What is the expected timeline for completing these acquisitions?
c) Who are the vendors of these properties? Are any of the acquisitions related party transactions or do they involve directors, major shareholders or persons connected to them? |
Stock Code: 5318
DXN Holdings Bhd
Date:
Meeting Type: AGM
| On a constant currency basis, DXN recorded strong revenue growth in several key markets during FY2026, with Peru (+18.7%), Bolivia (+35.7%) and India (+15.3%) delivering double-digit growth (page 26 of AR2026).
a) Peru and Bolivia are DXN’s two largest markets in Latin America. However, Peru’s economy expanded by only 3.4% in 2025, while Bolivia’s economy contracted by 1.6% (Source: World Bank).
What were the key drivers behind DXN’s significantly stronger revenue growth relative to the underlying economic performance of these markets?
b) Bolivia is facing a severe economic and political crisis, arising from dwindling foreign reserves, elevated inflation and subsidy cuts. The International Monetary Fund (IMF) projects Bolivia’s economy to contract by 3.3% in 2026.
Amid the political and economic crisis, as well as a weaker consumer spending environment, how will these impact DXN’s sales, profitability and long-term growth prospects in Bolivia?
c) DXN has established one manufacturing facility and three cultivation units in Bolivia. What is DXN’s cumulative investment in Bolivia to date? In addition, what further capital commitments or expansion plans has the Group approved for its Bolivian operations over the next three to five years?
d) In June 2026, Bolivia ended its 15-year exchange rate peg, resulting in a sharp depreciation of the Bolivian boliviano, which has weakened by approximately 87% against the US dollar (from 6.86 bolivianos to 12.83 bolivianos) as of 3 August 2026.
Approximately 16% (FY2025: 24%) of the Group’s cash and bank balances are denominated in Bolivian bolivianos and are intended to fund working capital and future expansion in Bolivia (page 245, Note 10, AR2026).
i. Given the significant currency depreciation, what is the estimated financial impact on the Group’s earnings, net assets and shareholders’ equity?
ii. Has the Group recognised, or does it expect to recognise, any material foreign exchange losses or impairment arising from its Bolivian operations?
iii. What measures is management taking to mitigate currency risk and preserve the value of its cash balances and investments in Bolivia?
|
Stock Code: 7121
XL Holdings Berhad
Date:
Meeting Type: EGM
The acquisition of Giant Mini Business Assets was completed on 31st May 2026 for a purchase consideration of RM15 million, including RM1.60 million of goodwill attributed to the established customer base and business operations. (Section 2.1 of Circular to Shareholders dated 22 July 2026)
- Could the Board disclose the Giant Mini business’ historical revenue and profit/loss for at least the past three financial years, as well as its performance since XL took over on 31 May 2026?
- Was any profit guarantee obtained from the seller? If not, what financial and commercial due diligence gave the Board sufficient confidence to pay a RM1.60 million premium over the identifiable tangible assets and inventory? And how will XL safeguard against potential goodwill impairment if earnings underperform?
- What is the Board’s expected revenue, profit margin and break-even timeline for: (i) the existing 34 outlets after refurbishment; and (ii) the additional 20 outlets?
Stock Code: 6399
Astro Malaysia Holdings Berhad
Date:
Meeting Type: AGM
The Group’s local content investment remained broadly stable at RM370 million in FY2026 (FY2025: RM379 million). (Source: Page 5 of AR2026).
Has the profitability generated from this investment improved compared with the approximately 20% decline in margin recorded in FY2025? If not, when does Management expect the profitability of its local content investment to recover, and what specific initiatives will drive that improvement?
Stock Code: 2488
Alliance Bank Malaysia Berhad
Date:
Meeting Type: AGM
The Group reported record profits in FY2026. However, several key ratios saw deterioration in numbers. Net interest margin (NIM) declined from 2.45% in FY2025 to 2.34% in FY2026, despite an expanding loan book, interest income, and bottom line.
These trends suggest that earnings growth was increasingly supported by business volume rather than improvements in underlying margin performance.
- What were the principal factors contributing to the 11 basis-point decline in NIM?
- The Bank’s CASA ratio declined from 41.0% to 37.5%, while NIM also narrowed during the same period. Had the deterioration in CASA contributed to the increase in funding costs and subsequent compression in NIM?
- For FY2027, management guided a net interest margin of between 2.28% and 2.35% (page 23 of ABMB Q4FY2026 Analyst Briefing). As a comparison, NIM for FY2026 stood at 2.34%. The guidance implies wider headroom for downside in NIM. Kindly explain the assumptions made in formulating the NIM guidance.