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
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: 0059
Ecobuilt Holdings Berhad
Date:
Meeting Type: AGM
The Group recorded revenue of RM127.1 million for 18-month FPE 28 February 2026. The revenue was primarily driven by the progress of ongoing construction contracts, approved variation orders, and the completion of three projects during the financial period.
The net loss of RM7.62 million was mainly impacted by the recognition of net provision of expected credit loss allowance on strade receivables and impairment of goodwill of RM6.14 million and RM5.89 million respectively during FPE 2026.
Considering the Company’s financial position and the lack of meaningful recovery efforts, MSWG will vote against the mandate to issue and allot shares. Exercising this authority under present conditions risks eroding shareholder value further while core operational challenges remain unaddressed.
Stock Code: 7237
Power Root Berhad
Date:
Meeting Type: AGM
Power Root’s FY2026 performance weakened materially as revenue fell 17.7% to RM336.8 million. Domestic revenue was affected by a weaker RTD segment and changes in sales mix while exports suffered from Middle East logistics disruptions and shipping-route closures.
Meanwhile, its profit after tax declined 45.6% to RM18.0 million. This was mainly due to lower revenue, net loss in foreign currency translation and higher finance cost.
Looking ahead, management expects geopolitical and freight risks to persist but will focus on strengthening brands, expanding sales channels, improving productivity and broadening export markets.
MSWG will vote “FOR” all resolutions tabled in the meeting.
Stock Code: 8648
Jasa Kita Berhad
Date:
Meeting Type: EGM
Jasa Kita proposed acquisition of 55% equity interest in SPPH Eco Biomass Resources SDN BHD (“SPPH”) for a total consideration of up to RM 38.3 million. The proposed acquisition is a related party transaction.
It also proposed to diversify its existing business to include the provision of power infrastructure and utilities construction services, as well as related power businesses.
The two proposals are independent and are not conditional upon one another.
MSWG will vote “AGAINST” the Proposed Acquisition, as Jasa Kita will commit up to RM 38.3 million to the acquisition while intending to adopt a “wait-and-see” approach towards the Subject Property. This raised concerns about transaction’s commercial rationale and Group’s capital allocation.
Stock Code: 0212
SDS Group Berhad
Date:
Meeting Type: EGM
SDS is seeking shareholder approval for its proposed acquisition of a 35.4-acre freehold land parcel for RM101.7 million in Tebrau, Johor through its subsidiary London Bakery Sdn Bhd. The land sits directly opposite its current operations and will house a new manufacturing facility to expand production capacity.
MSWG will vote “FOR” all resolutions tabled in the meeting.
Stock Code: 8648
Jasa Kita Berhad
Date:
Meeting Type: AGM
Jasa Kita recorded revenue of RM20.2 million, decline of 9.0% compared to the preceding year. The contraction was primarily attributed to softer demand across key product segments. Profit Before Tax stood at RM32.3 million, versus RM40.7 million in the prior year. The variance was mainly attributable to the disposal of four parcels of freehold industrial land, which derived lower gain compared to the disposal of leasehold industrial land in the previous year.
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: 0059
Ecobuilt Holdings Berhad
Date:
Meeting Type: AGM
| 1. The independent auditors issued a Qualified Audit Opinion due to a systemic failure in obtaining external creditor confirmations for long-outstanding trade payables amounting to RM3.46 million. More alarming is the documented cross-ledger discrepancy: a potential understatement of RM7.26 million and a potential overstatement of RM5.52 million as of 28 February 2026, which could not be reconciled by the management.
In light of the independent auditors’ report, what were the underlying weaknesses in the Company’s project accounting and record-keeping processes that resulted in these significant reconciliation discrepancies?
2. Following the cessation of the Scheme of Arrangement involving Eko Bina Sdn Bhd (“Eko Bina”) and Rexallent Construction Sdn Bhd (“Rexallent”), alongside the subsequent announcements regarding the proposed disposal of Eko Bina on 13 August 2026 and its Judicial Management Order application on 14 August 2026, what legal, operational and financial measures are being instituted to protect Rexallent from creditor enforcement and imminent liquidation? |
Stock Code: 8648
Jasa Kita Berhad
Date:
Meeting Type: AGM
| Over the past two years, Jasa Kita has undergone a significant structural transformation, including changes in control and board, material asset disposals, major special dividend distribution, as well as asset acquisitions and business diversification plans, including the proposed acquisition of KT System Sdn. Bhd. and SPPH Eco Biomass Resources Sdn. Bhd.
In light of these major changes in the Group’s asset base and future business direction, could the Board elaborate on its capital allocation framework going forward, specifically:
a) What are the Group’s benchmark requirements for minimum cash/liquidity reserves and debt limits?
b) What are the hurdle rates required for new strategic acquisitions and investments?
c) How will the Board balance capital deployment among core business investments, new growth acquisitions, debt servicing, and sustainable shareholder distributions? |
Stock Code: 8648
Jasa Kita Berhad
Date:
Meeting Type: EGM
| According to the pro forma on net asset (NA) and gearing in Section 6.2 (page 20 of the Circular dated 13 August 2026), Jasa Kita attributable share of SPPH Eco Biomass Resources Sdn Bhd’s (SPPH) net identifiable assets is RM14.51 million (for 55% equity interest in SPPH), which represents around 19% of the Group’s post-acquisition shareholders’ equity/NA of RM75.18 million.
The Group’s aggregate financial commitment under the Proposed Acquisition is up to RM38.34 million. Moreover, given that SPPH is dormant and the Subject Property (land) is its sole material asset which has been valued at RM50 million by the Independent Valuer. The Proposed Acquisition will therefore represent a major concentration of the Group’s capital and asset base.
a) Does the Board regard this transaction as an “all-in”, or at least a highly concentrated, capital allocation decision? If not, please explain the Board’s assessment of the Group’s exposure to the Subject Property, the internal risk limits applied, and the safeguards in place to prevent excessive concentration in a single asset.
b) The Company has indicated that it will adopt a “wait-and-see” approach in relation to the Subject Property. Why does the Board consider it prudent to commit such a substantial amount of capital into a single, non-income-generating asset while maintaining a passive “wait-and-see” stance, without a concrete execution plan or development timeline?
c) What measures will the Board take to actively manage the asset, minimize holding costs and opportunity costs, and ensure that the investment generates an acceptable return for shareholders? |
Stock Code: 5249
IOI Properties Group Berhad
Date:
Meeting Type: EGM
| How comfortable is the Board with a net gearing ratio rising to 1.03x (Circular – Pro Forma III, page 16) especially with the rising global interest rate pressure and geopolitical risk? |
Stock Code: 7014
YLI Holdings Berhad
Date:
Meeting Type: AGM
| In FY2026, the Group recognised a RM13.5 million fair value gain on investment properties, while certain properties were written off amounting to RM14.1 million and others were disposed of at a loss of RM2.643 million during the same period (Note 6, Pages 93-95 of the Annual Report (AR) 2026, and Note 26, Page 119 of AR 2026).
a) Which investment properties contributed to the fair value gain? Please explain the key factors that drove the valuation uplift.
b) How many investment properties were written off during FY2026, and what were the locations, carrying values and original acquisition dates of these properties? Why were they written off only in FY2026?
c) Were any of the written-off properties acquired, reclassified, revalued, or subject to significant fair value gains in recent years prior to their write-off?
d) Did the Board or Audit Committee previously review the written-off properties, and were any concerns raised in earlier years regarding their recoverability?
e) Following the write-offs, are there any other investment properties within the portfolio that may be at risk of impairment or write-down in FY2027?
f) Considering that the combined write-offs and disposal losses exceeded RM16 million, effectively offsetting the RM13.5 million fair value gain, what is Management’s assessment of the overall economic return generated by the Group’s investment property portfolio, and what steps are being taken to improve shareholder value going forward? |