MSWG’S AGM WEEKLY WATCH 11 – 15 JUNE 2018
For this week, the following are the AGMs/EGMs of companies which are in the Minority Shareholder 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 |
|
13.06.18 (Wed) 02.30 pm |
Mudajaya Group Bhd (AGM) |
Menara Mudajaya, No. 12A, Jalan PJU 7/3, Mutiara Damansara, PJ |
|
The points of interest to be raised: |
|
|---|---|
|
Company |
Points/Issues to Be Raised |
|
Mudajaya Group Bhd (AGM) |
1) In 2017, the Group recorded an operating profit of RM59,478,000 compared to an operating loss of RM 217,882,000 recorded in 2016 (page 95 of the Annual Report 2017). However, after including the finance costs (RM44,668,000) and share of loss of equity accounted associates, net of tax (RM137,218,000), the Group’s financial performance plunged a loss before tax of RM122,408,000. a) How will the Board address the profitability issues of the Group? b) We note that RKM’s loss has been growing over the last three years? What is the Group’s plan on investment in the company (Page 141 of the Annual Report 2017)? 2) In Indonesia, the Group will continue to build upon its earlier foray in 2015 via its investment in the Bau Bau 2 x 7MW coal-fired power plant IPP in South Sulawesi. The assets will serve to increase the Group’s footprint in Indonesia and enable it to pursue more opportunities in the country (page 29 of the Annual Report 2017). Apart from the power business in Sulawesi, is the Group in talks with any parties to expand further in other parts of Indonesia? |
LOCAL NEWS AND DEVELOPMENTS
Impact of SST
https://www.thestar.com.my/business/business-news/2018/06/04/impact-of-sst/
Order to suspend HSR negotiations
https://www.thestar.com.my/business/business-news/2018/06/01/order-to-suspend-hsr-negotiations/
Fiscal deficit to remain at 2.8% as govt reviews RM10b worth of projects, optimise revenue
Malaysia manufacturing conditions deteriorate further in May
http://www.theedgemarkets.com/article/malaysia-manufacturing-conditions-deteriorate-further-may
Malaysia's April broad money up 6.2% y-o-y — BNM
http://www.theedgemarkets.com/article/malaysias-april-broad-money-62-yoy-—-bnm
How transparent is the awarding of spectrum to cellular firms in Malaysia?
Bank Negara exposure draft on trade credit insurance, takaful
Mulia Group: Don’t penalise us because we came in during Najib’s time
Najib steps down as Khazanah Nasional chairman
https://www.nst.com.my/business/2018/05/375275/najib-steps-down-khazanah-nasional-chairman
Malaysia's EPF 1Q investment income up 9.2% y-o-y at RM12.88b
http://www.theedgemarkets.com/article/malaysias-epf-1q-investment-income-92-yoy-rm1288b
Petronas Q1 net profit up 26% to RM13b on higher revenue, net write-back on impairment
More Chinese firms invest in Malaysia after new govt installed
Berjaya’s hope to recoup US$10mil dims after Vietnam court upholds verdict
India's federal police seek to question AirAsia chief Tony Fernandes - source
Business loan growth at 3.1% in April vs March’s 1.9%
http://www.theedgemarkets.com/article/business-loan-growth-31-april-vs-marchs-19
BNM sets record straight on RM2 billion land purchase
http://www.thesundaily.my/news/2018/05/31/bnm-sets-record-straight-rm2-billion-land-purchase
No toll for KL-Seremban and Salak highways starting June 1
http://www.theedgemarkets.com/article/no-toll-klseremban-and-salak-highways-starting-june-1
Berjaya Media seeks extension to submit regularisation plan
http://www.thesundaily.my/news/2018/06/01/berjaya-media-seeks-extension-submit-regularisation-plan
Hap Seng ‘underestimated’ due diligence needed for Kretam buy
http://www.theedgemarkets.com/article/hap-seng-underestimated-due-diligence-needed-kretam-buy
GLOBAL NEWS AND DEVELOPMENTS
US job growth surges, unemployment rate falls to 3.8%
http://www.theedgemarkets.com/article/us-job-growth-surges-unemployment-rate-falls-38
US first-quarter growth revised down to 2.2pc
https://www.malaymail.com/s/1636606/us-first-quarter-growth-revised-down-to-2.2pc
China official factory PMI rises to 51.9 in May, well above forecasts
India's growth likely topped 7pc again in January-March quarter
https://www.malaymail.com/s/1636751/indias-growth-likely-topped-7pc-again-in-january-march-quarter
Japan's factory output growth slumps in April, casts doubt on quick recovery
UK economy risks being dragged down by shoppers' Brexit worry
https://www.malaymail.com/s/1637034/uk-economy-risks-being-dragged-down-by-shoppers-brexit-worry
Indonesia raises key rate to 4.75% to aid rupiah, flags chance of more rate hikes
If MSCI’s so great, why are China stocks down?
U.S. to slap tariffs soon on steel, aluminum from EU -WSJ
http://www.theedgemarkets.com/article/us-slap-tariffs-soon-steel-aluminum-eu-wsj
US isolated at G7 meeting as tariffs prompt retaliation
https://www.malaymail.com/s/1637566/us-isolated-at-g7-meeting-as-tariffs-prompt-retaliation
US trade mission seeks structural changes to China's economy, says treasury secretary
Gold may hit US$1,400 on weak dollar
John Soh and two others behind 2013 penny stock crash saga to go to trial
Jack Ma’s Ant Financial to raise funding to over US$12bil
SGX slaps Jason Holdings, former CEO Sim with public reprimand
http://www.theedgemarkets.com/article/sgx-slaps-jason-holdings-former-ceo-sim-public-reprimand
World's biggest AI startup raises US$1.2 bil in mere months
http://www.theedgemarkets.com/article/worlds-biggest-ai-startup-raises-us12-bil-mere-months
China to slash import tariffs on many consumer products by 60pc starting July
What could spur the ECB into action in Italy?
https://www.malaymail.com/s/1636756/what-could-spur-the-ecb-into-action-in-italy
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]
Lee Chee Meng, Manager, Corporate Monitoring, [email protected]
Abdul Halim Alias, Manager, Corporate Monitoring, [email protected]
Mustaqim Yusof, Analyst, Corporate Services, [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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