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: 7668
Beshom Holdings Berhad
Date:
Meeting Type: EGM
The Group proposes to dispose of 3 plots of freehold industrial land, all located in Mukim Kapar, Tempat Batu 3 1/2, Jalan Kapar, Daerah Klang, Negeri Selangor, through its wholly-owned subsidiary, Hai-O Enterprise Bhd, for a cash consideration of RM85.80 million (“Proposed Disposal”).
MSWG will vote FOR the said resolution.
Stock Code: 7668
Beshom Holdings Berhad
Date:
Meeting Type: AGM
The Group’s revenue declined 6.6% to RM144.8 million in FY2026 from RM155.1 million in FY2025, mainly due to lower sales in the MLM and Retail segments, partly offset by improved Wholesale revenue.
Despite maintaining a gross profit margin of approximately 40% through effective cost management, PBT fell to RM10.3 million from RM12.2 million due to the lower revenue and continued retail market pressures.
Equity attributable to shareholders decreased slightly to RM305.4 million from RM309.5 million, while NA per share declined to RM1.02 from RM1.03, mainly due to the Group’s dividend payout of almost 100% of FY2026 profits.
MSWG will vote FOR all resolutions.
Stock Code: 0200
Revenue Group Berhad
Date:
Meeting Type: EGM
The Group proposed to change the name of the Company from “Revenue Group Berhad” to “Revenue IF Berhad” (“Proposed Change of Company Name”) as part of the Group’s rebranding exercise to reflect its move from a payment processing vendor towards an end-to-end payment technology solutions provider.
MSWG will vote FOR the said resolution.
Stock Code: 9008
Omesti Berhad
Date:
Meeting Type: EGM
The Group proposed to change the name of the Company from “Revenue Group Berhad” to “Revenue IF Berhad” (“Proposed Change of Company Name”) as part of the Group’s rebranding exercise to reflect its move from a payment processing vendor towards an end-to-end payment technology solutions provider.
MSWG will vote FOR the said resolution.
Stock Code: 6432
Apollo Food Holdings Berhad
Date:
Meeting Type: AGM
Apollo Food recorded a modest 1.7% revenue growth to RM303.5 million in FY2026, mainly due to higher domestic sales.
However, profit before tax declined 21% to RM43.2 million as the Group invested in its route-to-market (RTM) transformation, trade support, promotional activities and broader distribution coverage alongside higher operating costs.
The RTM transition temporarily affected first-half sales before recovery in the second half. Despite lower earnings, Apollo maintained a healthy financial position with RM60.3 million net cash and RM43.1 million operating cash flow.
MSWG will vote FOR all resolutions.
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: 7668
Beshom Holdings Berhad
Date:
Meeting Type: AGM
The Group’s revenue declined from RM209.6 million in FY2022 to RM144.8 million in FY2026, while profit before tax (PBT) fell from RM40.3 million to RM10.3 million, return on equity (ROE) declined from 8.9% to 2.5%, and earnings per share (EPS) fell from 9.46 sen to 2.58 sen. (Source: Page 6 of AR2026)
Despite the weaker PBT, ROE and EPS, the Group declared total dividends of 2.5 sen per share for FY2026, representing a payout ratio of approximately 102%. (Source: Page 17 of AR2026
(a) Does the Board view the prolonged decline in earnings and ROE as a long-term concern, despite the measures taken to manage costs and drive sales growth? (Source: Page 16 of AR2026)
What targets have been set to improve performance, and if revenue and PBT do not recover within the next two financial years, will the Board consider restructuring or discontinuing underperforming businesses or assets, or further reducing costs?
(b) With the Group’s FY2026 dividend payout exceeding its earnings, how does the Board intend to sustain the current payout without putting pressure on the Group’s cash flow and financial position?
Stock Code: 5248
Bermaz Auto Berhad
Date:
Meeting Type: AGM
| Given that profit attributable to shareholders fell 31.8% (Source: 2026 Annual Report – Group Financial Summary, page 12) while executive directors’ remuneration fell only 4.4%, what specific metrics does the Nomination and Remuneration Committee use to justify holding the performance incentive at RM2 million flat? (Source: 2026 Annual Report – Note 24 – Directors’ Remuneration, page 315) |
Stock Code: 5249
IOI Properties Group Berhad
Date:
Meeting Type: EGM
| The Circular shows that pro forma EPS could decline from 19.32 sen to 16.37 sen following the Proposed Disposals and Proposed Offering, and further to 15.30 sen if the Over-allotment Option is fully exercised. Could the Board explain quantitatively why shareholders should accept this earnings dilution and specify the timeframe and measurable financial targets by which the capital recycling exercise is expected to restore or exceed the pre-transaction EPS and return on equity? (Circular, Section 6.3 – Earnings and EPS, Pages 50-51)
IOIPG REIT will begin with gearing approximately 34.1% against a permitted borrowing limit of up to 50% of the REIT Guidelines. What prudent internal gearing ceiling will the Manager adopt, and how much acquisition headroom would remain if property values declined or financing costs increased materially? Will the Manager commit to maintaining the gearing materially below the regulatory maximum rather than using the full permitted capacity for acquisitions? (Circular, Section 2.2.2 – Mode of settlement of the Disposal Consideration, Page 18)
|
Stock Code: 5216
NexG Berhad
Date:
Meeting Type: AGM
| The Group recorded a net loss after tax of RM85.7 million in FY2026, largely attributable to RM111.9 million of non-cash fair value losses on quoted investments. (Source: Pages 38 and 212 of AR2026)
a) Given the magnitude of the fair value losses, how does the Board evaluate the performance of these investments against the strategic benefits originally envisaged when the investments were approved, and what measurable outcomes have been achieved to date?
b) What tangible benefits have been realised to date from the Group’s significant investments in MMAG Holdings Berhad, NexG Bina Berhad and Harvest Miracle Capital Berhad, including revenue generated, cost savings, new business opportunities and operational synergies for the Group?
c) What measures has the Board taken to strengthen its investment approval, risk assessment and monitoring framework following these significant losses? |
Stock Code: 0010
IRIS Group Berhad
Date:
Meeting Type: AGM
| The Group’s revenue has declined from RM371 million in FY2024 to RM221 million in FY2025 and RM168 million in FY2026 while profit before tax (PBT) has fallen from RM40.4 million to RM33.4 million and then only RM1.7 million.
a) The Group expects demand momentum to improve in FY2027 (page 9 of AR 2026). What revenue growth target is management working towards for FY2027? How much of the targeted revenue is already supported by secured contracts versus new tenders or potential orders?
b) Given the significant decline in PBT margin from 10.9% in FY2024 to just 1.0% in FY2026, what PBT margin does management target over the next two to three years? What specific actions are you taking to improve profit margins? |