MSWG Weekly Newsletter 22 December 2017 (English)

Friday, 22 December, 2017



We welcome our new CEO Devanesan Evanson, who comes to us armed with decades of experience in the key areas of Corporate Governance, Risk Management and Internal Controls.

Until his appointment with us, Devanesan, an accountant by profession (and holder of a law degree from the University of London), was the President of the Malaysian Advisory Committee of the Association of Chartered Certified Accountants (ACCA) and a past President of the Institute of Internal Auditors Malaysia.

He spent 18 years with Bursa Malaysia where he served in various positions, including as the Head of Group Internal Audit and Risk Management, Chief Regulatory Officer and Chief Market Operations Officer, making immense contributions towards the growth of the Exchange as well as that of our capital market during that period.

We look forward to the immense contributions he will undoubtedly make in our pursuit of the highest standards of corporate governance and corporate oversight.

As 2017 draws to a close, we would also like to draw attention to the great leaps forward made in the arena of corporate governance, exemplified by the continuous uptrend of average CG Scores (68.20 points in 2012 to 86.18 points in 2017) from its inception.

This uptrend clearly reflects the consistent and increased efforts among the leadership of public-listed companies (PLCs) in upping commitment to CG best practices and disclosures, which in turn, has already resulted in greater confidence among foreign and local investors in Malaysia’s capital market.

We witnessed improvements in a number of areas, including in CG disclosures, long-term value creation, sustainability practices and board diversity and independence - and we fully expect improved metrics in 2018. 

Finally, please note that we will not be issuing our weekly e-newsletter for the next two weeks during the festive season.

Merry Christmas and Happy New Year from all of us at MSWG and for those travelling, we wish you a safe journey.



22 December 2017



For this week, we only have one AGM -  that of Multi-Usage Holdings Berhad which is in the Minority Shareholder Watchdog Group’s (MSWG) watch list.

The summary of points of interest are highlighted here, while the details of our questions to the company can be obtained via MSWG’s website at

Date & Time



29.12.17 (Fri)
9.00 am

Multi-Usage Holdings Berhad

Palm Ballroom 2 of AVANI Sepang Goldcoast Resort, No 67 Jalan Pantai Bagan Lalang, Kg. Bagan Lalang, 43950 Sungai Pelek, Selangor Darul Ehsan


The points of interest to be raised:


Points/Issues to Be Raised

Multi-Usage Holdings Berhad (AGM)

We noted the Company is suing 7 shareholders who have nominated themselves to be Directors of the Company as announced on 18 December 2017.

We also noted the Company is proposing the appointment of 7 other Directors. Three of these Directors (nominated by the Company), namely Ms. Ang Ai Way, En. Abd. Aziz bin Mat and Dato’ Abdul Hadi, had withdrawn from seeking re-election as Directors at the Company’s AGM held on 21 December 2016.

Please explain to shareholders the reasons for :

  • the Company suing the 7 shareholders who have nominated themselves as Directors; and
  • the proposed appointment of the 3 former Directors who withdrew from seeking re-election at the AGM held on 21 December 2016.


Westports Holdings slapped with RM59.51M customs demand  

SC initiates innovation lab for alternative trading system

Employees’ EPF contribution reverts to 11%

Malaysia's GDP grew 5pc in 2015 compared to 5.5pc in 2010 5pc -2015 compared-55pc-2010

SC issues Guidelines on SRI Funds

Hovid buyout offer is now unconditional

Inflation at 3.4% in November

Stamp duty for properties above RM1m stays at 3%


US economy grows at fastest pace in more than two years

BoJ maintains stimulus as inflation lags growth

Bitcoin falls almost 20pct from recent peak to week low

China criticises EU's 'thoughtless remarks' on its economy

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]

Elaine Choo, Manager, Corporate Monitoring, [email protected]
Mustaqim Yusof, Analyst, Corporate Services [email protected]

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



•           With regard to the company mentioned, MSWG holds a minimum number of shares in Multi-Usage Holdings Berhad covered in this newsletter.

We welcome your feedback on our newsletter and our work. Email us at [email protected] with your comments and suggestions.


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.