MSWG Weekly Newsletter 12 July 2019 (English)

12.07.2019

PLEASE MARK YOUR CALENDAR

MSWG-ASEAN CORPORATE GOVERNANCE AWARDS 2018

TO BE HELD AT THE MAJESTIC HOTEL, KUALA LUMPUR

ON WEDNESDAY, 31 JULY 2019

With slightly more than two (2) weeks to go, we are pleased to receive tremendous support for our event. It will be our greatest pleasure to showcase the findings and results of the level of Corporate Governance of Malaysian public listed companies at our most awaited CG Event followed by an award presentation ceremony to recognise the companies that have demonstrated high level of corporate governance practices.

Yang Berbahagia Tan Sri Abu Kassim bin Mohamed, Director General of the National Governance, Integrity and Anti-Corruption Centre has agreed to grace the event and deliver the Keynote Address.

Join us to celebrate with the winners of excellence corporate governance.  

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MSWG AGM/EGM Weekly Watch 15 to 19 July 2019

For this week, the following are the AGMs/EGMs of companies which are in the Minority Shareholders Watch Group’s (MSWG) watch list.

The summary of points of interest is highlighted here, while the details of the questions to the companies can be obtained via MSWG’s website at www.mswg.org.my.

Date & Time	Company	Venue
17.07.19 (Wed) 09.00 am	Comfort Gloves Bhd (AGM)	Hotel Grand Baron, No.8, PT7861, Jalan Bukit Larut, Taiping, Perak
17.07.19 (Wed) 09.30 am	Xinghe Holdings Bhd (EGM)	The Royal Commonwealth Society, No. 4, Jalan Birah, Damansara Heights,KL
18.07.19 (Thur) 10.00 am	Sapura Energy Bhd (AGM)	Kuala Lumpur Convention Centre, KLCC
18.07.19 (Thur) 10.30 am	Adventa Bhd(new) (EGM)	21, Jalan Tandang 51/205A, Seksyen 51, PJ

 

One of the points of interest to be raised:
Company	Points/Issues to Be Raised
Comfort Gloves Bhd (AGM)	The Malaysian Rubber Glove Manufacturers Association estimates global glove demand to reach 300 billion pieces with 188 billion exported from Malaysia in 2019. With similar increased production capacity from other local producers as well as within ASEAN and China, is this building up to an oversupply situation? How does this impact the Company? What is the Company’s competitive edge amidst a tougher competitive environment?
Xinghe Holdings Bhd (EGM)	The marine shrimp aquaculture market in Malaysia is likely to experience cyclical growth and continues to be exposed to the threat of diseases in the medium to long term (page 45 of the Circular). Due to the cyclical nature of the industry, why did the Company not enter into terms such as profit guarantee with Pegagau Aquaculture Sdn Bhd to protect the interest of the Company in times of volatility?
Sapura Energy Bhd (AGM)	On page 240 of the AR 2019 (Note 45), all the operating segments under the continuing operations recorded a decline in revenue in FY2019. The segmental results under the continuing operations were all in a loss position. What is the outlook for FY2020 for each of the operating segments and does Sapura Energy Bhd expect any improvement in revenue and segmental results?
Adventa Bhd(new) (EGM)	Does the Company intend to proceed with the rights issue of ICPS with Warrants that was announced on 24 August 2018 (Section 11(i) page 19) after the completion of the proposed disposal of Electron Beam Sdn Bhd? If so, why does the Company propose a distribution of a special dividend amounting to RM10.7m pursuant to the disposal when there are plans for further fund-raising from shareholders?

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MSWG’S WATCHLIST

LONDON BISCUITS BERHAD (“LONDON BISCUITS”)

FIRST ANNOUNCEMENT PURSUANT TO PRACTICE NOTE 17 OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

Pursuant to Paragraph 8.04 and Paragraph 2.1(f) of Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“Listing Requirements”), the Board of Directors of LBB wishes to announce that LBB has become an affected listed issuer under PN17 as the Company has triggered the prescribed criteria under Paragraph 2.1(f) of PN17 whereby the Company has defaulted in the payment of principal to The Bank of Nova Scotia Berhad as announced by the Company on 3 July 2019 pursuant to Paragraph 9.19A of the Listing Requirements and the Company is unable to provide a solvency declaration to Bursa Securities.

Hence, LBB is now regarded as a PN17 Company.

The full text of the announcement is attached herewith.

This announcement is dated 8 July 2019. 

Source: http://www.bursamalaysia.com/market/listed-companies/company-announcemen...

 

AEON CREDIT SERVICE (M) BERHAD ("THE COMPANY")

NOTICES OF ASSESSMENT RAISED ON THE COMPANY

The Company wishes to announce that on 9 July 2019, the Company received a Writ of Summons together with a Statement of Claim filed by the Government of Malaysia in respect of the taxes which are purportedly due for the years of assessment 2010 to 2016.

Source:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6218233

 

 

KUMPULAN PERANGSANG SELANGOR BERHAD

CIRCULAR TO SHAREHOLDERS IN RELATION TO THE PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN TOYOPLAS MANUFACTURING (MALAYSIA) SDN. BHD. BY PERANGSANG DINAMIK SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF KUMPULAN PERANGSANG SELANGOR BERHAD, FOR A CASH CONSIDERATION OF RM311,250,000

Source:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6217373

 

IJM CORPORATION BERHAD

NOTICE OF TERMINATION FOR UNDERGROUND PACKAGE FOR THE LIGHT RAIL TRANSIT LINE 3 (LRT3) FROM BANDAR UTAMA TO JOHAN SETIA

IJM Construction Sdn Bhd (“IJMC”), a wholly-owned subsidiary has on 8 July 2019 received a Notice of Termination (“Notice”) from MRCB George Kent Sdn Bhd (“MRCBGK”) terminating IJMC as the Works Package Contractor for the underground package of the Light Rail Transit Line 3 (LRT 3) from Bandar Utama to Johan Setia (“the Project”).

Source:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6218181

 

TASEK CORPORATION BERHAD (“THE COMPANY”)

TASEK CORPORATION BERHAD (TASEK) UNCONDITIONAL VOLUNTARY TAKE-OVER OFFER BY THE JOINT OFFERORS THROUGH CIMB INVESTMENT BANK BERHAD TO ACQUIRE ALL THE REMAINING ORDINARY SHARES [EXCLUDING TREASURY SHARES] (OFFER ORDINARY SHARES) AND ALL THE REMAINING PREFERENCE SHARES (OFFER PREFERENCE SHARES) IN TASEK NOT ALREADY HELD BY THE JOINT OFFERORS FOR A CASH CONSIDERATION OF RM5.50 PER OFFER ORDINARY SHARE AND RM5.50 PER OFFER PREFERENCE SHARE (OFFER PRICE)(OFFER) - OFFER EXTENSION NOTICE

The Joint Offerors announced that the closing time and date for acceptances of the Offer has been extended from 5.00 p.m. (Malaysian time) on Tuesday, 9 July 2019 to 5.00 p.m. (Malaysian time) on Monday, 22 July 2019 (“Closing Date”). Save for the Closing Date, all other details and the terms and conditions of the Offer remain unchanged.

Source:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6215949

 

BARAKAH OFFSHORE PETROLEUM BERHAD

- NOTIFICATION OF SUSPENSION FROM PETROLIAM NASIONAL BERHAD

Barakah Offshore Petroleum Berhad ("Barakah" or the “Company") wish to announce that its wholly-owned subsidiary company, PBJV Group Sdn Bhd (“PBJV”) received a notification dated 8 July 2019 of suspension of PBJV’s license from Petroliam Nasional Berhad (“Petronas”).

The letter from Petronas indicated that there was an adverse report from Petronas Carigali Sdn Bhd (“PCSB”) pertaining to the non-performance of PBJV in relation to the contract relating to provision of underwater services for PCSB. Resulting from that, Petronas has decided to suspend PBJV’s license for a period of three (3) years with effect from the date of the letter.

The implication of the letter is that Petronas including its subsidiaries and any Petroleum Arrangement Contractors (PACs”) will not award any new contract to PBJV during the suspension period. PBJV will not be allowed to bid for new projects undertaken by Petronas including its subsidiaries and any PACs during the suspension period.

Nevertheless PBJV is still allowed to continue and complete its existing and on-going contracts with Petronas including its subsidiaries and PACs in accordance to the term and conditions of the respective existing and on-going contracts.

The Company will seek clarification from Petronas and appeal against the suspension.

This announcement is dated 9 July 2019.

 

- NOTICES OF COURT CONVENED MEETINGS OF SCHEME CREDITORS

The Board of Directors of Barakah wishes to inform that the Court Convened Meetings (“CCM”) of scheme creditors of Barakah and its wholly owned subsidiary, PBJV Group Sdn Bhd, will be held on Wednesday, 31 July 2019 at times specified in the attached notices at Sireh Junjung Banquet Hall, F55, Level 1, PJU 5 Encorp Strand Mall, 47810 Petaling Jaya, Selangor.

Source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/6217317

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6218325

 

MCT BERHAD ("MCT" OR "THE COMPANY")

EXTENSION OF TIME TO COMPLY WITH PUBLIC SHAREHOLDING SPREAD REQUIREMENTS PURSUANT TO PARAGRAPH 8.02(1) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("EXTENSION OF TIME")

Based on the Record of Depositors as at 20 June 2019, the Company’s Public Shareholdings Spread was 24.59%. As such, the Company does not comply with the Required Public Spread.

The Board of Directors of MCT wishes to announce that the Company has today submitted an application to Bursa Securities for a further extension of time of six (6) months from 4 August 2019 to comply with the Required Public Spread. 

The Company will continue to monitor the level of public shareholdings and make the necessary announcement in relation to the application to Bursa Securities.

This announcement is dated 8 July 2019.

Source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/6208781

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MSWG’S VIGILANCE

PN17 Companies

1. APFT BERHAD
2. BARAKAH OFFSHORE PETROLEUM BERHAD
3. BERJAYA MEDIA BERHAD
4. BERTAM ALLIANCE BERHAD
5. BRAHIM’S HOLDINGS BERHAD
6. CHINA AUTOMOBILE PARTS HOLDINGS LIMITED
7. COMINTEL CORPORATION BHD
8. DAYA MATERIALS BERHAD
9. EKA NOODLES BERHAD
10. HB GLOBAL LIMITED
11. KINSTEEL BHD
12. KUANTAN FLOUR MILLS BERHAD
13. LONDON BISCUITS BERHAD
14. MAA GROUP BERHAD
15. MALAYSIA PACIFIC CORPORATION BERHAD
16. MAXWELL INTERNATIONAL HOLDINGS BERHAD
17. MULTI SPORTS HOLDINGS LTD
18. PERISAI PETROLEUM TEKNOLOGI BERHAD
19. SEACERA GROUP BERHAD
20. SUMATEC RESOURCES BERHAD
21. TH HEAVY ENGINEERING BERHAD
22. UTUSAN MELAYU (MALAYSIA) BERHAD

 GN3 Companies

1. G NEPTUNE BERHAD
2. IDIMENSION CONSOLIDATED BERHAR
3. WINTONI GROUP BERHAD

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REGULATORY NEWS

Monetary Policy Statement

http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=4878&lang=en

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LOCAL NEWS AND DEVELOPMENTS

Petronas suspends Barakah unit's licence for three years

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GLOBAL NEWS AND DEVELOPMENTS

Turkey heading for economic collapse, asset manager Ashmore says

https://www.thestar.com.my/business/business-news/2019/07/10/turkey-heading-for-economic-collapse-asset-manager-ashmore-says/

Thailand's minimum wage is set for second increase in two years

https://www.thestar.com.my/business/business-news/2019/07/09/thailands-minimum-wage-is-set-for-second-increase-in-two-years/

Global shares muted as prospect of sharp U.S. rate cut fades

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MSWG TEAM

•       With regard to the companies mentioned, MSWG holds a minimum number of shares in all these companies covered in this newsletter.

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DISCLAIMER

This newsletter and the contents thereof and all rights relating thereto including all copyright is owned by the Badan Pengawas Pemegang Saham Minoriti Berhad, also known as the Minority Shareholders Watch Group (MSWG).

The contents and the opinions expressed in this newsletter are based on information in the public domain and are intended to provide the user with general information and for reference only. Best efforts have been made to ensure that the information contained in this newsletter is accurate and current as at the date of publication. However, MSWG makes no express or implied warranty as to the accuracy or completeness of any such information and opinions contained in this newsletter. No information in this newsletter is intended to be or should be construed as a recommendation to buy or sell or an invitation to subscribe for any, of the subject securities, related investments or other financial instruments thereof.

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