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Focus Malaysia
5 days ago
- Business
- Focus Malaysia
SMI courts more CG controversy with re-appt of director who was ‘rejected' a month ago
PROPERTY developer South Malaysia Industries Bhd (SMI) which is facing backlash over shareholder rights and corporate governance (CG) practices is now embroiled in a controversy surrounding its e re-appointment of Latifah Abdul Latiff as the company's independent non-executive director (INED). This follows the company's 53rd annual general meeting (AGM) on June 25 whereby SMI had an unprecedented all four resolutions proposed by its current board of directors 'rejected and voted down', including that of Latifah's re-election, prompting her resignation on the same day. According to a Bursa Malaysia filing dated July 15, the 64-year-old former Bank Pembangunan Malaysia Bhd senior vice president/business banking head was appointed to her old INED role which she failed to seek re-election effective that day. However, it was understood that proxies representing three major shareholders – Target 1 Sdn Bhd, Honsin Apparel Sdn Bhd and HIQ Media (M) Sdn Bhd – who collectively hold 50.05% of SMI's shares were unhappy with Latifah's re-appointment. After all, the trio had been instrumental in ensuring a decisive rejection of Latifah who had offered herself for re-election during last month's SMI AGM. For the record, the other three rejected resolutions included: The re-appointment of Messrs UHY Malaysia PLT as auditors of SMI until the conclusion of its next AGM; Approving directors' fees and benefits of up to RM350,000 to non-executive directors of the company and subsidiaries; and Authority to allot and issue shares in general pursuant to Sections 75 and 76 of the Companies Act 2016. Similar trend last year 'This incident mirrors a similar situation earlier on March 27, 2024 during which shareholders had rejected the re-election of executive director Leow Thang Fong who also resigned on the same day as the AGM following this rejection,' a market observer told FocusM on condition of anonymity. 'Yet, in a highly questionable move, the board re-appointed Leow as CEO barely a month later on May 1, 2024.' The market observer contended that Latifah's and Leow's re-appointments have raised serious questions about SMI's adherence to the fundamental CG principles and the board's respect for shareholder decisions. 'Such practices could significantly undermine shareholder confidence and damage the integrity of Malaysia's capital market,' he justified. 'Given the importance of maintaining strong CG standards and protecting shareholder interests, we believe that a scrutiny by the relevant market regulators – namely, Bursa Malaysia and the Securities Commission Malaysia (SC) – into these developments is warranted.' At the close of today's (July 17) market trading, SMI was unchanged at 31 sen with no transaction done while its market capitalisation stood at RM65 mil. – July 17, 2025
Sinar Daily
15-07-2025
- Lifestyle
- Sinar Daily
Man saves RM840,000 by spending just RM5 on food daily
His extreme frugality stems from a traumatic childhood experience. Since graduating six years ago, he has kept his monthly food expenses below 500 yuan (RM340), eating only home-cooked meals. - Photo illustrated by Sinar BEIJING – A 29-year-old man in China has captured widespread attention after successfully saving 1.3 million yuan (approximately RM840,000) over six years by spending less than 7.50 yuan (around RM5) on food each day. The man, known on social media as 'Little Grass Drifting North', works as a livestream host at an internet company in Beijing and also manages a media business. According to a report by Jiupai News, his extreme frugality stems from a traumatic childhood experience. His mother fell seriously ill and the family had to borrow over 100,000 yuan (RM65,000) for medical expenses. 'I realised the value of money when my family couldn't afford my mother's treatment. Since then, I've been determined to save so I won't have to rely on anyone in an emergency,' he said. Since graduating six years ago, he has maintained his monthly food expenses below 500 yuan (RM340), eating only home-cooked meals. His highest monthly cost is rent, at about 2,500 yuan (RM1,625), which is significantly more than his food budget. He also revealed that he has hardly taken any holidays in the past six years, not even during Chinese New Year. 'It's not that I'm stingy. I've joined company trips to Universal Studios and Sanya, but I didn't feel excited. I just don't have a strong desire for fun,' he said. However, he admitted that this lifestyle has affected his health, as he has started experiencing issues with cholesterol and blood circulation. Now, he is more inclined to invest in his own health and that of his parents. His latest goal is to save 2 million yuan to buy a house and a car so his parents can live comfortably and travel. 'I want to buy a house and a car with my own money so my parents can live well. Only then will I think about getting married and starting a family,' he added. He said that saving and careful planning have given him confidence about the future. His story has gone viral on social media, drawing mixed reactions. Some praise his determination, while others question whether living under such pressure just to save money is truly worthwhile. More Like This
New Straits Times
13-07-2025
- Business
- New Straits Times
True grit: Limbless Jafri defies limits to inspire and earn a living
KOTA BARU: Despite being born without hands and toes, 34-year-old Mohamad Jafri Daud has never let his disability stand in the way of earning a living with his wife. With unwavering determination, Jafri has made it his life's mission to change negative perceptions of people with disabilities (OKU), showing that grit and self-belief matter more than physical limitations. "Rather than expecting sympathy, my condition gives me strength. I don't see it as a hindrance, but as a motivation to prove that we, too, are capable. "I'm also blessed to have a supportive wife, Nur Aika Mansor, 30, who accepted me wholeheartedly and has been my pillar of strength. "As long as I am able, I want to be responsible for providing for my family. Being an OKU has pushed me to do my best, just like anyone else," he said at his home in Panchor. Affectionately known as "Pak Do", Jafri said he and his wife tried various ventures, including selling second-hand clothes online during the Covid-19 pandemic but had to stop in 2022 due to poor demand. "Even then, we never gave up. We started selling 'keropok' by the roadside for about a year. Then, in November last year, my wife's family offered us a space at their burger stall. That's where we started our burger business," he said. Jafri also works as a helper at the stall, earning RM65 per day. Together, the couple now sells up to 50 burgers daily at RM3 each, a feat he takes pride in, despite his physical challenges. "Initially, the hardest part was separating the burger patties and placing them on the hot plate, since I don't have fingers like everyone else. But over time, I got used to it and can now do it on my own. My wife helps by wrapping the burgers," he said. The 11th of 12 siblings, Jafri said they hope to one day open a kiosk or a small shop of their own. To supplement their income, he also takes up small jobs repairing jeans, and processes and sells traditional 'bekok' (dried fermented fish). While Jafri receives a monthly RM450 allowance from the Welfare Department, he does not want to rely solely on government aid. "I hope my story inspires other OKU not to give up on life. Don't let your condition become an excuse. With effort, prayer and the right attitude, there is always a way forward," he said.
The Sun
12-07-2025
- Business
- The Sun
PKNS Entrepreneur Carnival aims for RM200k sales in Shah Alam
SHAH ALAM: The PKNS Entrepreneur Carnival (KUP) is aiming for RM200,000 in sales over its three-day event at PKNS Complex. Organisers reported transactions worth RM65,209 on the first day. State Youth, Sports and Entrepreneurship Committee chairman Mohd Najwan Halimi said the carnival helps entrepreneurs enhance their skills and marketability. The event features participants from four PKNS-run programmes: PROTUNe, GROW, GROW PLUS, and BIZCLUB Exclusive. 'Entrepreneurs here gain more than just sales opportunities. They also learn communication, marketing, and time management through expo training,' said Mohd Najwan. He encouraged visitors to support local products, calling the experience invaluable for business growth. The state government remains committed to boosting entrepreneurship in Selangor. Mohd Najwan highlighted its role in reducing unemployment and strengthening grassroots economies. PKNS deputy group CEO Suhaimi Kasdon noted 120 stalls this year, showcasing products from entrepreneurs and students across Selangor. 'The growing participation reflects the rising entrepreneurial spirit among youth,' he said. Running until tomorrow, KUP features diverse offerings, including handicrafts, food, baby products, and catering services. - Bernama
The Sun
09-07-2025
- Business
- The Sun
Retiree in Miri loses RM500k to online investment scam
MIRI: A private sector retiree in his 60s lost close to RM500,000 after falling victim to a fraudulent online investment scheme. The case was reported to the police after the victim realised he had been deceived. According to Sarawak Police Commissioner Datuk Mancha Ata, the retiree encountered an advertisement on Facebook in mid-May, promoting an investment opportunity under the name 'Aleesya Stock Trading.' The suspect, posing as an investment supervisor, convinced the victim to join a WhatsApp group under the same name. Lured by promises of high returns, the victim proceeded to transfer funds multiple times to accounts provided by the suspect. The total amount lost was approximately RM500,000. The victim only received about RM65,000 in supposed returns before realising the scam. Police have issued a warning to the public, urging caution when engaging with investment offers on social media. Authorities advise verifying the legitimacy of such schemes before committing any funds. - Bernama
