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VOICE OF MSWG

POLICY MISSTEP

Property and construction players in the country have every right to be aggrieved this week with what appeared to be policy inconsistency on the apparent blanket freeze on development approvals for shopping complexes, offices, serviced apartments and luxury condominiums priced over RM1 million.

The sector, estimated to contribute around 10% of the local economy, is already grappling with a multitude of challenges, including rising costs, a lack of quality labour, foreign competition and weak buying demand amidst limited access to financing.

And now this.

Policy works best when it is well thought-out, with the long-term interests of all relevant stakeholders and the industry at heart. It must also be clear and unambiguous, communicated clearly to ensure the maximum possible reach at the best timing possible. And as much as possible, be irrevocable in nature.

PLEASE MARK YOUR CALENDAR
MSWG-ASEAN CORPORATE GOVERNANCE RECOGNITION 2017
AT THE MAJESTIC HOTEL, KUALA LUMPUR
ON WEDNESDAY, 6 DECEMBER 2017

With two (2) more weeks to go, we are pleased to receive tremendous support from companies and institutions for our event. We hope more companies and institutions will join us at our event where we will showcase the findings and results of the governance level of the public listed companies. As a recognition, awards will be presented by Yang Berhormat, Datuk Seri Johari Abdul Ghani, Finance Minister II to companies that have demonstrated exemplary high standards of corporate governance practices
Join us to celebrate with the winners of excellence corporate governance. It is a once-a-year opportunity for you to gain insights into their best corporate governance practices.

PLEASE MARK YOUR CALENDAR

MSWG-ASEAN CORPORATE GOVERNANCE RECOGNITION 2017

AT THE MAJESTIC HOTEL, KUALA LUMPUR

ON WEDNESDAY, 6 DECEMBER 2017

Are you ready for our event of the year! It will be our greatest pleasure to showcase the findings and results of the governance level of the public listed companies at our annual CG Event followed by an award presentation ceremony to recognise companies that have demonstrated exemplary high standards of corporate governance practices.  Yang Berhormat, Datuk Seri Johari Abdul Ghani, Finance Minister II has agreed to grace the event and deliver the Keynote Address as well as present the awards to the winners.

Join us to celebrate with the winners of excellence corporate governance. It is a once-a-year opportunity for you to gain insights into their best corporate governance practices.

Three (3) more weeks to go! We look forward to your participation and support at the event.

04 November 2017

MSWG’S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS

EKOVEST BERHAD (“EKOVEST”) / ISKANDAR WATERFRONT CITY BERHAD (“IWC”)

Ekovest had on 27 October 2017 received a proposal letter from Tan Sri Dato’ Lim Kang Hoo (“TSDLKH”), the major shareholder of the company in relation to a reorganisation exercise involving inter alia the acquisition by the company of all the ordinary shares in Iskandar Waterfront City Berhad (“IWC Shares”) held by the existing shareholders of IWC, excluding IWC Shares held by Iskandar Waterfront Holdings Sdn Bhd (who was proposed by TSDLKH not to accept the offer by the company for the acquisition of its shares in IWC), representing approximately 62% of the issued and paid-up share capital of IWC.

[Source: Ekovest’s announcement on Bursa Malaysia’s website on 31 October 2017]

MSWG’S COMMENTS:

The proposed takeover of IWC by Ekovest is an exercise of consolidation and rationalisation under Ekovest Bhd as an anchor company for Tan Sri Lim Kang Hoo. The earlier proposed merger exercise between IWC and Iskandar Waterfront Holdings Sdn. Bhd. (“IWH”) could no longer be viable in sense that both IWC and IWH need cash to ensure the proposed merger happen.