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: 1155
Malayan Banking Berhad
Date:
Meeting Type: AGM
Maybank delivered a record profit for FY2025, on the foundation of resilient net interest margin and portfolio recoveries, despite experiencing the challenges of rate cuts, market volatility and geopolitical uncertainties. Net profit increased 4.2% y-o-y to RM10.5 billion, against RM10.09 billion in the previous year.
The robust performance was boosted by higher net operating income at RM30.38 billion, coupled with lower impairment losses made during the year (RM1.48 billion vs RM1.65 billion in FY2024).
Total dividend payout increased to 63 sen, a 2 sen higher compared to 61 sen previously.
Stock Code: 5264
Malakoff Corporation Berhad
Date:
Meeting Type: AGM
Stock Code: 1023
CIMB Group Holdings Berhad
Date:
Meeting Type: EGM
CIMB proposes to establish a long term incentive plan of up to 1% of the total issued share capital to reward eligible employees for their performance.
The LTIP which consists of share grant and share issuance is set to be implemented for five years with an option to extend by another five years.
At the same time, the banking group seeks shareholders approval for a proposed allocation of up to 3.6 million shares under the LTIP to the Group CEO Muhammad Novan Amirudin.
Stock Code: 7033
Kumpulan H & L High-Tech Berhad
Date:
Meeting Type: AGM
Stock Code: 8133
Boustead Heavy Industries Corporation Bhd
Date:
Meeting Type: EGM
BHIC seeks greenlight from its shareholders to carry out a proposed selective capital reduction and repayment exercise at an offer price of 48 sen per BHIC share, RCPS A and RCPS-i A held by Entitled Holders.
As at 31 march 2026, the Offeror, Boustead Holdings Berhad held 72.31% of BHIC.
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: 5264
Malakoff Corporation Berhad
Date:
Meeting Type: AGM
There was a 19.6% dip in revenue and a significant drop in net profit (PATMI) primarily due to reduced energy and capacity payments at Tanjung Bin Energy (TBEPP) and Tanjung Bin Power Plant (TBPP) following a fire at the FGD system and rotor issues. What is the long-term technical remediation plan to ensure these high-impact outages do not recur, and what are the projected maintenance costs for these specific repairs in 2026?
Stock Code: 7033
Kumpulan H & L High-Tech Berhad
Date:
Meeting Type: AGM
The Company recognised a fair value gain on investment properties amounting to RM7.43 million and RM4.89 million for the FY 2024 and FY 2025 respectively. Property investment contributed RM3.75 million segment profits (inclusive of 1.63 million non-cash income) during FY 2025.
- What is the actual rental yield of the investment properties?
- It was also mentioned on Page 10 of the Annual Report 2025 that investment properties provide a stable recurring income stream through rentals, which shields the Group from volatility in other sectors.
However, the property investment segment appears to be a significant contributor to the Group’s overall profitability of RM5.55 million for FY 2025, supported by both rental income and fair value gains.
Does the Group intend to rely on property investment and rental income as a sustainable earnings pillar? How should shareholders assess the Group’s long-term growth strategy and earnings profile?
Stock Code: 6033
Petronas Gas Berhad
Date:
Meeting Type: AGM
The 2025 investigation report specifically noted that a cumulative soil settlement of 24.3 cm led to a 15.9 cm pipeline shift over a 25-year period. Since this was a gradual progression rather than a sudden event, and given that significant portions of the Company’s traverse similar geological profiles, what specific enhancements have been made to pre-emptively detect such movement? Furthermore, how is the Company ensuring that the current monitoring frequency is sufficient to identify these slow-onset risks before they reach a critical point?
Stock Code: 5681
Petronas Dagangan Berhad
Date:
Meeting Type: AGM
Employee turnover at the manager and above level increased significantly to 25 in 2025, compared to 7 in 2024 and 3 in 2023. (Source: Page 21 of Sustainability Report 2025) In addition, with PETRONAS’ planned rightsizing initiatives in July 2026, how is PDB managing the potential loss of institutional knowledge and safeguarding leadership continuity?
Stock Code: 5183
Petronas Chemicals Group Berhad
Date:
Meeting Type: AGM
In October 2022, PCG completed the acquisition of Perstorp Holding AB for RM7.31 billion. Later in 2023, Perstorp and BRB combined to form PCG’s Specialty Chemicals (SC) division. Since FY2023 onwards, the SC division has posted results as follows:
| FY2025 | FY2024 | FY2023 | |
| Revenue (RM million) | 5,693 | 6,542 | 6,385 |
| EBITDA (RM million) | 223 | 332 | 179 |
| Net profit/(loss) (RM million) | (707) | 46 | (198) |
| Sales volume (KMT) | 844 | 897 | 841 |
(Source: PCG’s AR2023 – 2025)
- In FY2025, an impairment of RM439 million was made on property, plant and equipment (page 66, Financial Report 2025). Was the impairment related to Perstorp, as suggested in the Financial Review by CFO Encik Mohd Azli Ishak (page 38, IR2025)? If so, which assets of Perstorp were impaired? What events resulted in the impairment being made?
- While the SC portfolio currently contributes about 20.71% of PCG’s revenue, the bottomline contribution has been tepid since the full consolidation of Perstorp and BRB results.
Since the acquisition of Perstorp in late 2022, what has been the value addition and return on investment in monetary terms from the acquisition?
Has the acquisition achieved the internal rate of return (IRR) that PCG aspired to when acquiring the company? Additionally, does the targeted IRR remain intact given the challenging operating environment over the near and medium term? When does the Group expect the investment to achieve break-even?