English

18.01.2019

MESSAGE FROM THE CEO

General meetings in Remote Locations

Multi-Usage Holdings Berhad (MUH) held its 26^th Annual General Meeting on 27 December 2018 at 9 am. What is peculiar is that the AGM was held in Avani Sepang, Gold Coast Resort, Sungai Pelek, Selangor.

Now, that can be deemed as a remote location for a Penang-based company which probably has most of the shareholders in Kuala Lumpur vicinity or worse still if most are in Penang. It is highly unlikely that most of the shareholders are in the Sungai Pelek vicinity which is far from Kuala Lumpur and takes easily more than an hour to reach. Many may not have even heard about the area.

This is not the first time that General Meetings were held at that venue. In fact, the AGM last year was also held at the same venue. MSWG representatives raised the issue of ‘remote location’ and the Board stated that they would take note of it.

11.01.2019

MSWG’S WATCHLIST

KUB MALAYSIA BERHAD

RESPONSE TO CLARIFICATION ON THE UNUSUAL MARKET ACTIVITY

We refer to our earlier announcement dated 4 January 2019.

The Board of Directors of KUB Malaysia Berhad (‘KUB’ or ‘the Company’) has in the evening of 4 January 2019 received a letter from our major shareholder, Anchorscape Sdn Bhd informing us of the following:

1. Anchorscape Sdn Bhd has been approached by a few parties who have expressed interest in acquiring some stake held by them in the Company.
2. The discussions with the various parties are still very preliminary at this juncture and no agreements and/or conclusions have been made so far on the same.

We will update on all developments as and when we receive any updates.

04.01.2019

MESSAGE FROM THE CEO

Analysing Prestariang – the Minority Shareholder Perspective

As at 18 December 2018, Prestariang Bhd’s share price was at 28.5 sen, giving it a market capitalisation of RM140.36 million. Year-to-date, the counter had plunged by 81.13%.

28.12.2018

MSWG’S WATCHLIST

RED SENA BERHAD

CIRCULAR TO THE SHAREHOLDERS IN RELATION TO THE PROPOSED MEMBERS' VOLUNTARY WINDING UP AND PROPOSED APPOINTMENT OF LIQUIDATORS

Under the Equity Guidelines, a SPAC must complete its Qualifying Acquisition within the Permitted Timeframe.

A SPAC which fails to complete a Qualifying Acquisition within the Permitted Timeframe must be liquidated

21.12.2018

MESSAGE FROM THE CEO

Enhancing Minority Rights – Two Recent Events

Landmark Court Decision Protecting Minorities

Have you ever dealt with a stronger party when signing an agreement where you felt that some ‘exclusion clauses’ imposed upon you were unfair but had no choice because the stronger party adopts a ‘take it or leave it’ stance? You felt that there was unequal bargaining position as you were merely a minority. And, anyway, those clauses have become ‘industry practice’. Such clauses are referred to as ‘unfair contract terms’ and a recent Federal Court decision has stated that such clauses are not valid. On the facts of the case, the Federal Court decided that commercial banks cannot rely on exclusion clauses in agreements to stop their clients from suing for negligence. Judge Datuk Seri Balia Yusof Wahi noted that customers are (sometimes) made to accept the contract as prepared by the other party. The judge further stated that, “It is patent unfairness and injustice to the plaintiff”.

When trading in the stock market, minority shareholders often sign on pre-drafted agreements and documents with several exclusion clauses, on a ‘take it or leave it’ basis. Some of the agreements that they sign include the opening of the Share Trading Account, opening of the CDS account and, if you indulge in Margin Trading, the Share Margin Trading account, and a whole host of other agreements and documents depending on what activities that you want to carry out.