MSWG Weekly Newsletter 10 March 2017

Thursday, 16 March, 2017

10 March 2017

MARKET AND REGULATORY UPDATE

SC PROPOSES AMENDMENTS TO ENHANCE FRAMEWORK FOR PRINCIPAL ADVISERS

Securities Commission Malaysia (SC) released a consultation paper on 6 March 2017 inviting feedback on enhanced framework for principal advisers as part of its ongoing efforts to develop a competitive and efficient capital market.

In issuing this consultation paper, the SC is seeking responses from the public on several proposed enhancements, including providing clarity on the roles and responsibilities of Qualified Senior Personnel (QSP) and Approved Principle Advisers (APAs). In addition, cognisant of the challenges faced by APAs in increasing the number of QSP, SC is proposing new eligibility criteria for the registration of QSP which includes admission of lawyers and reporting accountants with relevant experience as QSPs.

These enhancements are in line with the SC’s efforts in promoting the quality of due diligence in corporate proposals submitted to the SC and the governance standards of industry gatekeepers in order to maintain the integrity of the capital markets and to protect investors’ interests. To this end, the SC will also enhance its monitoring of QSP’s continuous involvement in the preparation and submission of corporate proposals.

The full consultation paper is available on the SC’s website. Interested parties and the public are invited to review and submit their comments and feedback to the email [email protected] before the closing date of 30 April 2017.

[Source: Media release on the SC’s website on 6 March 2017]


MSWG FORUM

EGM OF LAND & GENERAL BERHAD

We are pleased to inform that MSWG will be holding a forum relating to the proposals that will be tabled for the shareholders’ approval at the EGM of Land & General Berhad (L&G) on Wednesday, 15 March 2017 at the Sri Damansara Club.

This forum is organised so that shareholders of L&G can have a better understanding of the proposals and make informed decisions at the said EGM.

We hope shareholders of L&G will take this opportunity to attend this forum which will be held as follows:

Date                 :           14 March 2017 (Tuesday)

Time                :           03.30 pm

Venue              :           MSWG Training Centre

                                    Minority Shareholder Watchdog Group

                                    11th Floor, Bangunan KWSP

                                    No. 3, Changkat Raja Chulan

                                    Off Jalan Raja Chulan

                                    50200 Kuala Lumpur

To register, please contact:-

Contact Number: 03-2070 9090


MSWG’S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS

HAI-O ENTERPRISE BERHAD (“HAI-O”)

Hai-O had issued notice to its shareholders that the company will be holding an Extraordinary General Meeting on 15 March 2017 on the Proposed Bonus Issue and the Proposed Establishment of an Employee’s Share Option Scheme (“Proposed ESOS”).

[Source: Hai-O’s announcement on Bursa Malaysia’s website on 23 February 2017]

MSWG’S COMMENTS:

MSWG noted that the Proposed ESOS is also extended to the Non-Executive Directors. We hope that the Board would consider excluding the Non-Executive Directors from the Proposed ESOS. MSWG has been strongly advocating against granting of ESOS to non-executive directors.


LOCAL NEWS AND DEVELOPMENTS

Has anyone noticed the new audit reports?

http://www.thestar.com.my/business/business-news/2017/03/04/has-anyone-noticed-the-new-audit-reports/

Growing trend of activist investments

http://www.thestar.com.my/business/business-news/2017/03/04/growing-trend-of-activist-investments/

Geely may pull out of Proton deal, says report

http://www.nst.com.my/news/2017/03/217272/geely-may-pull-out-proton-deal-says-report

January exports surge 13.6% to over RM70b

http://www.thestar.com.my/business/business-news/2017/03/03/january-exports-surge-to-over-rm70b/

Malaysia's FDI drops 5% in 2016

http://www.theedgemarkets.com/my/article/malaysias-fdi-drops-5-2016?type=Corporate

Ire-Tex share trade halted following special notice on removal, appointment of directors

http://www.theedgemarkets.com/my/article/ire-tex-share-trade-halted-following-special-notice-removal-appointment-directors?type=Corporate

Mohaiyani first woman chairman of Maybank

http://www.thestar.com.my/business/business-news/2017/03/03/mohaiyani-first-woman-chairman-of-maybank/

Scan Associates’ investigative committee has unfinished business

http://www.thestar.com.my/business/business-news/2017/03/02/scan-associates-investigative-committee-has-unfinished-business/

The curious case of Bank Negara versus MyCC

http://www.thesundaily.my/news/2181599

Sumatec gets legal notice over RM121m loan default

http://www.theedgemarkets.com/my/article/sumatec-gets-legal-notice-over-rm121m-loan-default?type=Corporate

Silver Bird auditors did not raise red flag, says ex-chairman

http://www.theedgemarkets.com/my/article/silver-bird-auditors-did-not-raise-red-flag-says-ex-chairman?type=Corporate

TH Heavy former CEO faces two money-laundering charges


 

GLOBAL NEWS AND DEVELOPMENTS

China aims for around 6.5% economic growth in 2017

http://www.thestar.com.my/business/business-news/2017/03/05/china-aims-for-around-6pt5pct-economic-growth-in-2017/

China house price growth seen slowing to 2% in 2017

http://www.thestar.com.my/business/business-news/2017/03/02/china-house-price-growth-seen-slowing-to-2-in-2017/

World’s biggest banks fined US$321bil since financial crisis

http://www.thestar.com.my/business/business-news/2017/03/03/worlds-biggest-banks-fined-us321bil-since-financial-crisis/

Federal Reserve set to hike rates later in March

http://www.thestar.com.my/business/business-news/2017/03/02/federal-reserve-set-to-hike-rates-later-in-march/

US consumer spending slows; inflation pushes higher

http://www.theedgemarkets.com/my/article/us-consumer-spending-slows-inflation-pushes-higher?type=Corporate

Japan consumer prices rise for 1st time in year but BOJ goal still distant

http://www.theedgemarkets.com/my/article/japan-consumer-prices-rise-1st-time-year-boj-goal-still-distant


 

MSWG Analysts

Lya Rahman, General Manager, [email protected]
Rebecca Yap, Head, Corporate Monitoring [email protected]
Quah Ban Aik, Head, Corporate Monitoring [email protected]
Norhisam Sidek, Manager, Corporate Monitoring [email protected]
Wong Kin Wing, Manager, Corporate Monitoring, [email protected]
Hoo Ley Beng, Manager, Corporate Monitoring [email protected] 
Nor Khalidah Khalil, Analyst, Corporate Monitoring [email protected]
Vinodth Ramasamy, Analyst, Corporate Monitoring [email protected]

Muhammad Faris bin Mohamed Yusof, Analyst, Corporate Monitoring [email protected]


DISCLOSURE OF INTERESTS

•           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 Shareholder Watchdog 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.

MSWG must be acknowledged for any part of this newsletter which is reproduced.

MSWG bears no responsibility or liability for any reliance on any information or comments appearing herein or for reproduction of the same by third parties. All readers or investors are advised to obtain legal or other professional advice before taking any action based on this newsletter.

10.03.2017 MSWG Weekly Newsletter 10 March 2017
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