31 March 2017
VOICE OF MSWG
SUITABILITY OF VENUE FOR AGM
In view of the mandatory poll voting, we hope companies will look into suitable venue to cater for large crowd of shareholders, especially if the companies wish to distribute door gift after the vote is casted. Perhaps this arrangement is made to encourage the shareholders to exercise their rights to vote at the AGM.
AGE AND TENURE
A 70-year-old director is no longer legally required to seek shareholders’ approval to continue in office at every AGM. Rightly so, as MSWG is of the view that age should not be the measure of a person’s physical and intellectual capability. As long as a 70-year-old director is able to contribute to the company’s well-being, he or she should be treated the same as any other director. Therefore, he or she should be subjected to re-election in every 3 years, just like any other director, nothing more nothing less.
INVESTORS PROGRAMME
We are glad to inform that MSWG in collaboration with MIA and supported by Bursa Malaysia had, on 31 March 2017, successfully conducted an investors programme on “A New Era of Auditor Reporting: Insights For Investors”, in particular on “Key Audit Matters”. The scope of discussions came from various perspectives, namely auditors, audit committee members, and retail and institutional investors. The session was actively participated by retail investors who asked insightful and relevant questions. We look forward to organising more similar investor programmes in the future.
MACROECONOMIC ISSUE
On the economic front, everyone is watching Bank Negara's next move, with inflation hitting an eight-year high in February 2017. In assessing its next move on rates, the Central Bank has to also take heed of a multitude of factors, including the spectre of slower growth at home and developments overseas. While we are confident that BNM will make the right decision, economic stability remains of paramount importance.
THE MSWG TEAM
31 March 2017
MSWG’S AGM WEEKLY WATCH 3 – 7 APRIL 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 |
|
05.04.17 (Wed) 02.30 pm |
Boustead Heavy Industries Corp. Bhd (AGM) |
The Royale Chulan Damansara Hotel, Mutiara Ballroom |
|
06.04.17 (Thur) 09.00am |
Pharmaniaga Bhd (AGM) |
The Royale Chulan Damansara Hotel, Mutiara Ballroom |
|
06.04.17 (Thur) 10.00am |
Malayan Banking Bhd (AGM/EGM) |
Sime Darby Convention Centre, 1A, Jalan Bukit Kiara 1 |
|
06.04.17 (Thur) 10.30am |
KLCC Property Holdings Bhd (AGM) |
Mandarin Oriental Kuala Lumpur, Kuala Lumpur City Centre |
|
06.04.17 (Thur) 02.00 pm |
Boustead Holdings Bhd (AGM) |
The Royale Chulan Damansara Hotel, Mutiara Ballroom |
|
The points of interest to be raised: |
|
|---|---|
|
Company |
Points/Issues to Be Raised |
|
Boustead Heavy Industries Corp. Bhd (AGM) |
1) The Group’s revenue generating activities are now grouped into three distinct divisions, namely the Defence and Security Division, Energy Division and Commercial Division.
|
|
Pharmaniaga Bhd (AGM) |
We also noted that the total short-term loan and borrowings of RM616.7 million would mature in FY 2017. When will the next loan/bond repayment be due? Would the Group be able to meet the repayment schedule and what would be the amount of repayment?
|
|
Malayan Banking Bhd (AGM/EGM) |
1) The Maybank Group operates in multiple international markets as one entity across ASEAN and other regions overseas. Given the rising competition, higher operational costs and challenging environment across these regions:
|
|
KLCC Property Holdings Bhd (AGM) |
Could the Board provide an update on the status of potential new tenants to take up the remaining 40% of the building? |
|
Boustead Holdings Bhd (AGM) |
|
MSWG’S WATCHLIST
UTUSAN MELAYU (MALAYSIA) BERHAD (“UTUSAN”)
The Board of Directors of Utusan had on 23 March 2017 announced that the Company has entered into a Memorandum of Understanding with Krishna Industrial Corporation Limited and Coimbatore Institute of Technology and Primainfo Technologies Sdn Bhd with the objective of venturing into the business of information and technology in Malaysia.
[Source: Utusan’s announcement on Bursa Malaysia’s website on 23 March 2017]
LOCAL NEWS AND DEVELOPMENTS
Economy to grow 4.3% to 4.8% this year: Bank Negara
http://www.thesundaily.my/news/2204760
Consumer Price Index up 4.5pct in Feb, compared to last year
http://www.nst.com.my/news/2017/03/224031/consumer-price-index-45pct-feb-compared-last-year
Iris hit with RM169.5mil suit linked to Guinea e-passport contract
Peugeot, Proton in talks on possible partnership: Najib
Aeon Credit makes a cash call to raise RM432mil
MAS mulls deals for 42 jets in wide-body expansion
http://www.nst.com.my/news/2017/03/223693/mas-mulls-deals-42-jets-wide-body-expansion
FGV seeks overseas partners for downstream expansion
http://www.thesundaily.my/news/2203412
More clarity with ‘Key Audit Matters’
EIS to be implemented next year, says Najib
GLOBAL NEWS AND DEVELOPMENTS
US new home sales hit 7-month high; jobless claims rise
China-led AIIB approves 13 new members, Canada joins
Huishan Dairy shares sink 85% in Hong Kong
OPEC, non-OPEC to look at extending oil-output cut by six months
http://www.nst.com.my/news/2017/03/224555/opec-non-opec-look-extending-oil-output-cut-six-months
MSCI seeks feedback on potential China stocks inclusion
Ex-DBS trader gets jail in Singapore’s first spoofing case
Toshiba plans Westinghouse Chapter 11 filing, expects US$9b in charges, sources say
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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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.
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ENDS./
