search_block_form
MSWG Weekly Newsletter 23 June 2017 | MSWG Malaysia

MSWG Weekly Newsletter 23 June 2017

Friday, 23 June, 2017

Note:

Due to the Hari Raya Festival Holiday, there will be no newsletter in the coming week. Our newsletter will be back in the first week of July 2017.


 

MSWG’S AGM WEEKLY WATCH 26 – 30 JUNE 2017

For this week, the following are the AGMs/EGMs of companies which are in the Minority Shareholder Watchdog 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

29.06.17 (Thur)
11.00 am

JCBNEXT Bhd
(AGM)

Prescott Hotel Kuala Lumpur - Medan Tuanku,23 Lorong Medan Tuanku 1, KL

30.06.17 (Fri)
10.00 am

Multi - Usage Holdings Bhd
(EGM)

Bayview Hotel Georgetown Penang, 25A Farquhar Street, Penang

30.06.17 (Fri)
04.00 pm

Perak Corporation Bhd
(AGM)

Casuarina @ Meru Hotel, No. 1-C, Jalan Meru Casuarina, Bandar Meru Raya, Ipoh, Perak

 

The points of interest to be raised:

Company

Points/Issues to Be Raised

JCBNEXT Bhd
(AGM)

As mentioned in the Management Discussion and Analysis (MD&A) on page 16 of the Annual Report, Asia travel continues to face stiff competition in the online travel space.

How does the Board perceive the increasing competition? What strategy would the Company adopt to differentiate it from other players and what measures has been taken to improve efficiency?

Perak Corporation Bhd
(AGM)

As mentioned in the Chairman’s Statement, the Group is expecting its port and logistics segment to sustain its performance on a moderate growth of its port throughput at both terminals managed and operated by the Group although efforts to improve efficiency, productivity and capacity are already underway.

Please brief on the efforts taken to improve the efficiency, productivity and capacity, the progress and the targeted results to achieve.


MSWG’S WATCHLIST

MAXIS BERHAD (“MAXIS”)

The Board of Directors of Maxis announced that Maxis proposes to issue 300,000,000 new Maxis Shares (“Placement Shares”) under the Proposed Private Placement to investors to be identified via book-building. This represents approximately 4.0% of the total number of issued shares of Maxis as at 16 June 2017 of 7,510,510,600 Maxis Shares pursuant to the shareholders’ mandate obtained at Maxis’ annual general meeting held on 26 April 2017 under Sections 75 and 76 of the Companies Act, 2016.

[Source: Maxis’ announcement on Bursa Malaysia’s website on 19 June 2017]

 

MALAYSIA BUILDING SOCIETY BERHAD (“MBSB”)

The Board of Directors of MBSB announced that the Company had on 19 June 2017 submitted an application to Bank Negara Malaysia within the stipulated timeframe, to seek the approvals of BNM and/ or the Ministry of Finance, Malaysia for the proposed merger of MBSB and Asian Finance Bank Berhad.

[Source: MBSB’s announcement on Bursa Malaysia’s website on 19 June 2017]

 

WINTONI GROUP BERHAD (“WGB”)

The Board of Directors of WGB announced that the company will not be seeking an extension of time to submit the Requisite Announcement to Bursa Malaysia. In this regard, Bursa Malaysia shall suspend the trading of the listed securities of WGB on the 6th market day after the date of notification of suspension by Bursa Malaysia and de-list the company, subject to the company’s right to appeal against the delisting.

The Board of Directors of WGB further announced that they have formed an opinion that the company cannot by reason of its liabilities continue its business and has appointed Mohd Afrizan bin Husain of Aftaas Corporate Advisory Services Sdn Bhd as an Interim Liquidator for the purpose of facilitating a creditors' voluntary winding up pursuant to Section 440 of the Companies Act, 2016.

[Source: WGB’ announcement on Bursa Malaysia’s website on 19 June 2017]


REGULATOR’S REPRIMAND LIST OF THE WEEK

No

Regulator

Companies

Reasons

1

Bursa Malaysia

Lay Hong Berhad (LHB)

Bursa Malaysia has reprimanded LHB and imposed a total fine of RM750,000 on its eight executive directors:

1.   Yap Hoong Chai

2.   Yap Chor How

3.   Ng Kim Tian

4.   Yeap Weng Hong

5.   Yeap Fock Hoong

6.   Cheng Chin Hong

7.   Gan Lian Peng

8.   Tan Ooi Jin

 

for breaching the Main Market Listing Requirements of Bursa Malaysia, as LHB announcements dated 3 November 2015 and 19 January 2016 were not accurate, balanced and fair and failed to contain sufficient information to enable investors to make informed investment decisions as the announcements did not disclose and in fact denied an impending corporate exercise involving amongst others, a proposed bonus issue, share split and issuance of free warrants. [Date: 20 June 2017]


LOCAL NEWS AND DEVELOPMENTS

FGV to appoint Sulaiman Mahbob as chairman — report

http://www.theedgemarkets.com/article/fgv-appoint-sulaiman-mahbob-chairman-%E2%80%94-report

Hengyuan Refining: RM700m to upgrade Port Dickson refinery

http://www.thesundaily.my/news/2017/06/19/hengyuan-refining-rm700m-upgrade-port-dickson-refinery

M'sian car sales in high gear, with 50,600 units sold in May: MAA

https://www.nst.com.my/business/2017/06/249577/msian-car-sales-high-gear-50600-units-sold-may-maa

Malaysia May inflation rate seen at 4.0% y/y

http://www.theedgemarkets.com/article/malaysia-may-inflation-rate-seen-40-yy

Malaysia's April jobless rate stays at 3.4% m-o-m, unemployed persons up 0.2%

http://www.theedgemarkets.com/article/malaysias-april-jobless-rate-stays-34-mom-unemployed-persons-02

Masteel shareholders say no to dividend, yes to bonus shares

http://www.thestar.com.my/business/business-news/2017/06/16/masteel-shareholders-say-no-to-dividend-but-yes-to-bonus-shares/

China Ouhua's external auditor withdraws its reappointment at upcoming AGM

http://www.theedgemarkets.com/article/china-ouhuas-external-auditor-withdraws-its-reappointment-upcoming-agm

Bursa directs CAP to have 1Q results reviewed

http://www.theedgemarkets.com/article/bursa-directs-cap-have-1q-results-reviewed

Malaysia raises July crude palm oil export tax to 6.5% — govt circular

http://www.theedgemarkets.com/article/malaysia-raises-july-crude-palm-oil-export-tax-65-%E2%80%94-govt-circular

Cessation of unusual market activity media releases

GLOBAL NEWS AND DEVELOPMENTS

Dow, S&P hit record highs on strong tech, health stocks

http://www.thestar.com.my/business/business-news/2017/06/20/wall-st-hits-record-highs-on-strong-technology-health-stocks-update/

China's economy holds up in May but slowing investment points to cooling

http://www.thestar.com.my/business/business-news/2017/06/14/china-economy-holds-up-in-may-but-slowing-investment-points-to-cooling/

Why China is set to spend US$411b on 5G mobile networks

http://www.thestar.com.my/business/business-news/2017/06/19/why-china-is-set-to-spend-us$411b-on-5g-mobile-networks/

Japan's May exports rise fastest in over 2 years, set to sustain growth

http://www.theedgemarkets.com/article/japans-may-exports-rise-fastest-over-2-years-set-sustain-growth

Oil trades below US$45 as U.S. drillers extend record rig streak

http://www.thestar.com.my/business/business-news/2017/06/19/oil-trades-below-us$45-as-us-drillers-extend-record-rig-streak/

UK economy faces slowdown on political turmoil, Brexit, business lobby says

http://www.themalaymailonline.com/money/article/uk-economy-faces-slowdown-on-political-turmoil-brexit-business-lobby-says


MSWG Analysts

Lya Rahman, General Manager, lyarahman@mswg.org.my
Rebecca Yap, Head, Corporate Monitoring rebecca.yap@mswg.org.my
Quah Ban Aik, Head, Corporate Monitoring banaik.quah@mswg.org.my
Norhisam Sidek, Manager, Corporate Monitoring norhisam@mswg.org.my
Wong Kin Wing, Manager, Corporate Monitoring, kinwing@mswg.org.my
Hoo Ley Beng, Manager, Corporate Monitoring linnert.hoo@mswg.org.my 
Nor Khalidah Khalil, Analyst, Corporate Monitoring khalidah@mswg.org.my
Vinodth Ramasamy, Analyst, Corporate Monitoring vinodth.ram@mswg.org.my

Muhammad Faris bin Mohamed Yusof, Analyst, Corporate Monitoring farisyusof@mswg.org.my


DISCLOSURE OF INTERESTS

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


Feedback
We welcome your feedback on our newsletter and our work. Email us at mswg.ceo@mswg.org.my with your comments and suggestions.


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.

23.06.2017 MSWG Weekly Newsletter 23 June 2017 (English)
Language: