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MSWG Weekly Newsletter 23 November 2018 (English)

23.11.2018

MESSAGE FROM THE CEO

Malaysian PLCs Do Well at ASEAN CG Awards

MSWG had the pleasure of hosting the 2nd ASEAN Corporate Governance Awards Ceremony on 21st November 2018 at the Kuala Lumpur Convention Centre. The event was attended by about 670 guests including many of our friends from our neighbouring ASEAN countries. It was certainly a recognition event, filled with pomp, to be cherished.

The Guest of Honour was YB Dato’ IR Haji Amiruddin Hamzah, the Deputy Minister of Finance.

The occasion was also graced by the presence of the Chairman of the Securities Commission Malaysia, YBhg Datuk Syed Zaid Albar, the Chairman of the ASEAN Capital Markets Forum, Mr Rapee Suchritakul and the Chairman of MSWG, YBhg Tan Sri Dato’ Seri Dr Sulaiman Mahbob.

The ASEAN Corporate Governance Awards project was initiated by the ASEAN Capital Markets Forum, with the support of the Asian Development Bank, to establish a common governance framework across the region as well as to raise the profile of ASEAN PLCs.

MSWG Weekly Newsletter 09 November 2019 (English)

 

09.11.2018

MESSAGE FROM THE CEO

Country Heights ICO (and Cryptocurrency)

99.995% (in total number of shares) ‘approved’ the resolution on the issuance of the Initial Coin Offering (ICO) (dubbed the Horse Currency) of Country Heights Holdings Berhad (CHHB) at CHHB’s EGM held on 8 November 2018.

But was it an ‘approval’, per se, as reported in the media or was it ‘buy-in’ prior to an actual approval later?

We need to look at the wordings of the resolution which is reproduced below (with certain words highlighted in bold by us):

“The Board of Directors of CHHB wishes to seek the support and endorsement from the shareholders for the Company to embark on an Initial Coin Offering to issue the Company’s own asset-backed cryptocurrency, tentatively called ‘Horse Currency’ at the forthcoming Extraordinary General Meeting of the Company scheduled to be held on Thursday, 8 November 2018.”

Based on the above wording, the EGM was merely ‘to seek the support and endorsement’, just for CHHB to ‘embark’ on the ICO journey.

So, the outcome of the EGM, is only an approval-in-principle.