malaysia investor relations 2012 - mira · set the scene for the inaugural malaysia investor...

Malaysia Investor

Relations Awards

2012

Malaysian Investor Relations Association Berhad

(777008-W)

Annexe Building, Bursa Malaysia,

Exchange Square, Bukit Kewangan, 50200 Kuala Lumpur, Malaysia

Tel: +603 2034 7491Fax: +603 2732 0771

Email: [email protected]

www.mira.com.my

MIRA_3COVER.indd 1 6/1/12 5:05 PM

About MIRAOverview

Malaysian Investor Relations Association (MIRA) was established in June 2007 by Bursa Malaysia (the Stock Exchange of Malaysia), and funded by the Capital Market Development Fund (CMDF), a statutory fund under the purview of Securities Commission Malaysia.

• MIRA is the and only professional association for Investor Relations (IR) in Malaysia.

• Membership is open to public-listed companies, investment banks, brokers and intermediaries and IR service providers.

• MIRA offered, under the sponsorship of Bursa Malaysia, an IR Incentive Programme, fully subsidised by CMDF, to help public-listed companies set up an internal IR programme and obtain better exposure through IR.

• MIRA co-hosted Investor Expo 2008 & 2010 as platforms for public-listed companies to engage with fund managers and analysts, and for retail investors to gain knowledge on investment.

• MIRA organises the Malaysian IR Awards to recognise exemplary best practices in IR among public-listed companies and their management.

• MIRA offers the in IR, in association with the Investor Relations Society of the United Kingdom, which gives a professional for IR practitioners in Malaysia.

• MIRA offers, jointly with Bursa Malaysia, an IR Manual & Workbook to guide public-listed companies on principles and management of IR.

• MIRA hosts conferences, seminars, training and knowledge-sharing platforms.

Board of Directors

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Programme6 June 2012, Mahkota Ballroom 2, Hotel Istana, KL

12.00 p.m. Arrival and registration of guests and media

12.30 p.m. Welcome Remarks by Ms. Audrey Ho Swee Fong Chairperson of Malaysian Investor Relations Association

12.35 p.m. Speech by YBhg. Dato’ Tajuddin AtanChiefExecutiveOfficerofBursaMalaysiaBerhad

12.45 p.m. KeynoteAddressbyYBhg.DatukRanjitAjitSinghChairman of Securities Commission Malaysia

1.00 p.m. Lunch

1.20 p.m. Awards Presentation

2.00 p.m. Networking Session

2.30 p.m. End

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Chairperson’s Message

Ms. Audrey Ho Swee Fong, Chairperson of MIRA.

Dear MIRA Members and IR Advocates,

On behalf of MIRA, the Malaysian Investor Relations Association, I am pleased to present to you the Malaysia Investor Relations Awards 2012. In this awards supplement, you will find contributions fromcorporate leaders, professionals and members of the Investor Relations (IR) community. Of course the focus is on IR, but there are pieces on corporategovernancealso,andIdohopeyou’llfindtheinsightsoftheseindividuals an interesting read.

Investor Relations

MIRA isfiveyearsold thisyear,sowecanno longerclaim that IR issomething new. Many public-listed companies realise the importance of public relations and corporate communications, but too few recognise the values that good IR practices can contribute to the company. The primary objective of MIRA is to increase awareness of IR, and promote IR best practice in all public-listed companies in Malaysia.

As the only professional association in Malaysia committed to promoting good IR practices and advancing the professional development of IR practitioners, MIRA has actively embarked on a range of initiatives to assist companies and individuals achieve good IR standards. The association aims to be at the heart of all IR-centric initiatives and create a vibrant and inclusive IR eco-system that practices the exchange of ideas which will help unfold corporate values through IR.

IR is a unique discipline. It demands that an IR practitioner is a well balancedprofessionalwithproficiencyinacombinationofhardandsoft-skills.

For this reason, MIRA organises a diverse programme of different events on relevant subjects ranging from compliance to technical issues and practical matters. Recent programmes have included the Impact of Amendments to the Listing Requirements, What Directors Should Know About the Investor Mind-set?, Looking Beyond Financial Statements, and Adding Value Through Annual Reports. Workshops and seminars cover various topics that help companies and practitioners learn about

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the latest guidelines and best practices within the IR industry, so that they can stay relevant and proactive in managing communications between their company and the investment community.

The Awards

With the increasing number of companies’ listing on Bursa Malaysia, it became evident to MIRA and the IR community that there was a need to initiate a Malaysia IR survey and help set standards for good IR practices. With this in mind, in 2010 we collaborated with Thomson Reuters Extel to commissionthefirstMalaysiaIRsurvey.Over700localandinternationalinvestment professionals were invited to participate in the survey. This set the scene for the Inaugural Malaysia Investor Relations Awards, which was unveiled by MIRA in May 2011. At that event we celebrated theachievementsofbothcompaniesandindividualsintheIRfield.

Last year’s success drew us back again this year to honour more Malaysian public-listed companies and individuals for achievements in IR. And while we celebrate the winners, this event serves to highlight to other public-listed companies and IR practitioners the exemplary IR practices that they might seek to emulate. I hope this occasion will also encourage both companies and individuals to embrace the spirit of good governance practices through the adoption and advocacy of greater transparency, and timely, fair, ongoing disclosure.

This year we have expanded our awards and introduced four new categories to further benchmark key IR activities acknowledged by the investment community. The new categories polled include Best Business Knowledge & Insights of IR Team, Most Improved Service from an IR Team, Quality of Annual Reports/Formal Disclosure and Quality of One-on-One Meetings. With the addition of the new categories, corporations will have a better appreciation of the diversity in IR activities and it will mostdefinitelyhelpboostthestandardsofIRinthesenewareas.

The IR Awards ceremony aims to raise the bar for excellence in IR. Our goal is for the IR function to be regarded as an essential part of the corporate DNA.

Before I close, I wish to express my sincere appreciation to Securities Commission Malaysia, the Capital Market Development Fund and our IR Awards Partner, Bursa Malaysia for their continued encouragement and support. I also wish to thank our sponsors and IR partners who have contributed generously in many ways towards this event.

“ I hope this occasion will also encourage both companies and individuals to embrace the spirit of good governance practices through the adoption and advocacy of greater transparency, and timely, fair, ongoing disclosure. ”

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IR Survey 2011

Overview

To benchmark Investor Relations (IR) performance of Malaysian listed companies and IR professionals, MIRA had set out to commission a comprehensive, professionalpollofallrelevantbuy-sideandsell-sidefirmsinvestinginorcoveringMalaysian equities, to provide results and rankings that would form the basis and actual data for the IR awards.

The second Malaysia IR Survey for 2011 was undertaken between 17 October to 16 December 2011 by Thomson Reuters Extel where over 800 investment professionals were invited to take part in the survey.

As with the 2010 Malaysia IR Survey, one vital element was to gather views and collect opinion not only on large cap companies that frequently have a considerable international shareholder interest, and coverage by regional/global brokerage firms, but also to cover Malaysian companies that are much moredomestically focused. This is both to increase and deepen participation, and also to help stimulate interest in IR in Malaysia, as part of the drive for best practice and professionalism.

The survey approach is based on:

• A carefully compiled questionnaire to help elicit as high response levels as possible.

• Provision of website for voting, as well as e-mailed forms and telephone contact, to give the widest coverage and opportunity for participants.

• Highly targeted potential respondent listings, responses were only accepted from legitimate investment professionals at brokerage firms/asset managers.

• Provisionoffinalresults,basedonverified,weightedresponses,togivevaliditytothefindings,andtogivegreatervaluetovotesfromthemoreinfluentialbuy-sideandsell-sideinstitutions.

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Participants

Over 800 buy-side and sell-side professionals globally were invited to participate in the survey. Only legitimate investment professionals investing in or covering Malaysia were included in the results. Investment professionals include those from asset management firms (of any proper type; long only, Sovereign WealthFunds (SWFs), wealth managers, private equity and hedge funds) and brokerage houses or research providers.

Voting Process

Each voter will only be allowed to vote once, and it will be allowable for any voter to give partial response only (i.e. they do not have to complete every part of the question categories in order for their nominations to be accepted). When voting they will be encouraged to submit multiple nominations, scoring firms/individuals in ranking order based on overall quality of knowledge, service and interaction.

Results Calculation

Once nominations have been received, checked and verified, at the close of the poll, calculation andcompilation of results will be done. All nominations in each category will be treated separately, and used only to form the result for that category. There will not be any aggregation of nominations across various categories. Nominations from multiple individuals at the same firm will be consolidated to form a view fromthat firm. This is to eliminate any bias in voting.

Study and Scope

Separate rankings and results for companies and individuals were collected for the following categories:

• Large Cap

• Mid Cap

• Small Cap

For each of these categories, there were separate nominations for:

• Best Company for IR

• Best CEO for IR

• Best CFO for IR

• Best IR Professional

• Best IR for an IPO

• Best IR Website

• BusinessKnowledge&InsightsofIRTeam

• Most Improved Service from IR Team

• Quality of Annual Reports/Formal Disclosure

• Quality of One-on-One Meetings

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NominationsNo. Best Company for Investor Relations - Large Cap1 AMMB Holdings Berhad2 Axiata Group Berhad3 British American Tobacco (Malaysia) Berhad4 Bumi Armada Berhad5 CIMB Group Holdings Berhad6 DiGi.Com Berhad7 Gamuda Berhad8 Genting Berhad9 Hong Leong Bank Berhad10 KualaLumpurKepongBerhad11 Malayan Banking Berhad12 MISC Berhad13 PETRONAS Chemicals Group Berhad14 PETRONAS Dagangan Berhad15 Public Bank Berhad16 RHB Capital Berhad17 Sime Darby Berhad18 Telekom Malaysia Berhad19 Tenaga Nasional Berhad20 UMWHoldingsBerhad

No. Best CEO for IR - Main Board - Large Cap1 CheahTekKuang,AMMBHoldingsBerhad2 Dato’ Sri Jamaludin Ibrahim, Axiata Group Berhad3 Dato’ Sri Nazir Razak, CIMB Group Holdings Berhad4 Dato’LeeKokKwan,CIMBGroupHoldingsBerhad5 TanSriLeeOiHian,KualaLumpurKepongBerhad6 Dato’ Sri Abdul Wahid Omar, Malayan Banking Berhad7 Amir Hamzah Azizan, PETRONAS Dagangan Berhad8 KelleeKamCheeKhiong,RHBCapitalBerhad9 Dato’ Mohd Bakke Salleh, Sime Darby Berhad10 Dato’SriCheKhalibBinMohamadNoh,TenagaNasionalBerhad

Survey Findings And Data For 2011

Large Cap

Companies and Individuals nominated are polled between 17 October to 16 December 20116


NominationsNo. Best Company for Investor Relations - Mid Cap1 AEON Co. (Malaysia) Berhad2 AffinHoldingsBerhad3 AirAsia Berhad4 Alliance Financial Group Berhad5 Ann Joo Resources Berhad6 DRB-HICOM Berhad7 Genting Plantations Berhad8 Hartalega Holdings Berhad9 IJM Corporation Berhad10 KencanaPetroleumBerhad11 KPJHealthcareBerhad12 Kulim(Malaysia)Berhad13 Mah Sing Group Berhad14 Malaysia Airports Holdings Berhad15 QL Resources Berhad16 SP Setia Berhad17 Sunway Berhad18 Top Glove Corporation Berhad19 WCT Berhad

No. Best CEO for IR - Main Board - Mid Cap1 Tan Sri Dato’ Sri Dr. Tony Fernandes, AirAsia Berhad2 Sng Seow Wah, Alliance Financial Group Berhad3 Dato' Lim Hong Thye, Ann Joo Resources Berhad4 TanSriLimKokThay,GentingPlantationsBerhad5 Charles Henry Ireland, Guinness Anchor Berhad6 JamaludinbinMdAli,KFCHoldings(Malaysia)Berhad7 Anto Joseph, Mudajaya Group Berhad8 TanSriDato’SriLiewKeeSin,SPSetiaBerhad


Mid Cap



No. Best IR Professional - Mid Cap1 Benyamin Ismail, AirAsia Berhad2 Wong Chee Seng, Alliance Financial Group Berhad3 Benjamin Low, Genting Plantations Berhad4 Shane Guha Thakurta, IJM Corporation Berhad5 AbdulRahimAwang,KencanaPetroleumBerhad6 NorhaizamBintiMohammad,KPJHealthcareBerhad7 Lyanna Tew Hui Si, Mah Sing Group Berhad8 Vinie Chong Pui Ling, Malaysia Airports Holdings Berhad9 Aisyatul Aizzura Abdul Rahim, Malaysian Airline System Berhad10 ZulkifliMohdSallehSabai,MalaysianResourcesCorporationBerhad11 Freddie Yap, QL Resources Berhad12 Cheong Heng Leong, SP Setia Berhad13 Wong Sheue Yann, SP Setia Berhad14 Clement Chen, Sunway Berhad15 YapKangBeng,UOADevelopmentBerhad16 Ariesza Noor, Wah Seong Corporation Berhad17 KennyWong,WCTBerhad

No. Best IR Website - Mid Cap1 AirAsia Berhad2 IJM Corporation Berhad3 Jaya Tiasa Holdings Berhad4 Kulim(Malaysia)Berhad5 Mah Sing Group Berhad6 Malaysia Airports Holdings Berhad7 SP Setia Berhad8 Top Glove Corporation Berhad9 Wah Seong Corporation Berhad

No. Best CFO for IR - Mid Cap1 Andrew Littledale, AirAsia Berhad2 Eric Lee, Alliance Financial Group Berhad3 TanWeeKok,GentingPlantationsBerhad4 EdwardChongSinKiat,IJMLandBerhad5 AlanAu,KFCHoldings(Malaysia)Berhad6 Faizal Mansor, Malaysia Airports Holdings Berhad7 KennyLoiKentLiak,MudajayaGroupBerhad8 Marc Seiler, Nestle (Malaysia) Berhad9 Ng Lai Ping, Sunway Berhad10 Lim Cheong Guan, Top Glove Corporation Berhad


Mid Cap

Companies and Individuals nominated are polled between 17 October to 16 December 2011 9


NominationsNo. Best Company for Investor Relations - Small Cap1 Alam Maritim Resources Berhad2 Axis Real Estate Investment Trust3 C.I. Holdings Berhad4 CB Industrial Product Holding Berhad5 Dayang Enterprise Holdings Berhad6 Evergreen Fibreboard Berhad7 Lingui Developments Berhad8 RGB International Berhad9 Ta Ann Holdings Berhad10 TSH Resources Berhad

No. Best CEO for IR - Main Board -Small Cap1 George Stewart LaBrooy, Axis Real Estate Investment Trust2 Datuk Johari Abdul Ghani, C.I. Holdings Berhad3 Lim Chai Beng, CB Industrial Product Holding Berhad4 KuoJenChang,EvergreenFibreboardBerhad5 Dato’ Tan Aik Sim, TSH Resources Berhad


Small Cap

No. Best IR Website - Small Cap1 Axis Real Estate Investment Trust2 C.I. Holdings Berhad3 Evergreen Fibreboard Berhad

4 TSH Resources Berhad

No. Best IR Professional - Main Board - Small Cap1 Soffan Affendi Aminuddin, Alam Maritim Resources Berhad2 SyedKhalilBinSyedIbrahim,C.I.HoldingsBerhad3 KuoJenChiu,EvergreenFibreboardBerhad4 Rachael Yap, Lingui Developments Berhad5 Frederick Tan Aik Yong, TSH Resources Berhad



No. Best IR for an IPO in 2011 - Malaysia1 Bumi Armada Berhad2 Pavilion Real Estate Investment Trust3 Sunway Berhad


New CategoriesInaddition torequestingnominations forcompaniesandcorporateofficers,and IRwebsitewealsoaskedrespondentstoratebestIRforanIPO,BusinessKnowledgeofIRteam,MostImprovedServicefromIRteam,Quality of Annual Reports, and Quality of One-on-One Meetings.

No. BusinessKnowledge&InsightsofIRTeam-Malaysia1 AirAsia Berhad2 AMMB Holdings Berhad3 Axis Real Estate Investment Berhad4 CIMB Group Holdings Berhad5 DiGi.Com Berhad6 Gamuda Berhad7 Genting Plantations Berhad8 Hong Leong Bank Berhad9 IJM Corporation Berhad10 KualaLumpurKepongBerhad11 Malayan Banking Berhad 12 Malaysia Marine and Heavy Engineering Holdings Berhad13 PETRONAS Dagangan Berhad14 PETRONAS Gas Berhad15 Public Bank Berhad16 Sime Darby Berhad17 SP Setia Berhad18 Tenaga Nasional Berhad19 Top Glove Corporation Berhad20 TSH Resources Berhad

No. Most Improved Service from IR Team - Malaysia1 AMMB Holdings Berhad2 CIMB Group Holdings Berhad3 Genting Malaysia Berhad4 Hong Leong Bank Berhad5 IOI Corporation Berhad6 Malaysia Airports Holdings Berhad7 Maxis Berhad8 Mudajaya Group Berhad9 Sime Darby Berhad10 Tenaga Nasional Berhad

Companies and Individuals nominated are polled between 17 October to 16 December 2011 11


No. Quality of Annual Reports/Formal Disclosure - Malaysia1 AMMB Holdings Berhad2 Axiata Group Berhad3 Axis Real Estate Investment Trust4 CIMB Group Holdings Berhad5 IJM Corporation Berhad6 IOI Corporation Berhad7 Kulim(Malaysia)Berhad8 Malayan Banking Berhad 9 Public Bank Berhad10 Telekom Malaysia Berhad

No. Quality of One-on-One Meetings - Malaysia1 Alliance Financial Group Berhad2 AMMB Holdings Berhad3 CIMB Group Holdings Berhad4 Gamuda Berhad5 Hong Leong Bank Berhad6 IJM Corporation Berhad7 KualaLumpurKepongBerhad8 Malaysia Airports Holdings Berhad9 Public Bank Berhad10 Tenaga Nasional Berhad


New Categories



Market Highlights

InlinewithBursaMalaysia’scommitmenttocreateasustainableanddiversifiedinvestorbase,thepopularannualMarketChat programme is an integral part of the strategy to reach out to more retail investors.

MarketChat2011/2012, thefifth instalmentofour retail strategy targeting84 roadshows,willmakestops in30citiesthroughout Malaysia. The focus of this season is to increase Bursa Malaysia’s level of engagement to reach more retail investors specifically in non-traditionalmarkets outside Klang Valley, Penang, Ipoh, Johor Bahru, Kuching, and KotaKinabalu.MarketChat2011/2012willcontinuetofollowinitstraditionofeducatingretailinvestorsandcreatinggreaterawareness of the products and services available in the securities markets, i.e. Exchange Traded Funds (ETFs), Real Estate Investment Trusts (REITs), Bursa Station, CMDF-Bursa Research Scheme (CBRS), eDividend, and warrants.

Over the years, the number of Market Chat broker partnerships has increased from three broker partners in 2007 to nine in 2012. With the effort and commitment of Bursa Malaysia and its broker partners, Market Chat’s retail engagement has increased substantially by 600%. The increase in retail engagement has in turn resulted in an increase in the awareness of internet trading. This is evidenced by its penetration doubling from 3.8% in 2007 to 7.9% in 2010. According to one of the broker partners, the value of their online trades has tripled since the inaugural Market Chat in 2007.

Bursa Malaysia, together with its broker partners, has provided impactful and informative sessions for the retail participants, who in turn have spoken positively about Market Chat. We expect to see greater turnout for the rest of this season. Market Chat 2011/2012 is expected to conclude in May 2012.

Market Chat 2011/2012

Advocacy Sessions On Disclosure For Chief Executive Officers And Chief Financial Officers

Following the issuance of the Corporate Disclosure Guide and changes to the Listing Requirements last year on enhanced disclosure requirements for financial reportingand annual reports, Bursa Malaysia arranged a series of advocacy sessions on disclosure for Chief Executive OfficersandChiefFinancialOfficersofPLCs.

The seventh advocacy session on disclosure was held at Bursa Malaysia on 24 May 2012. This is part of Bursa Malaysia’s effort to raise awareness on corporate disclosure obligations and to promote high level of disclosure practices among listed issuers. The advocacy sessions will continue throughout 2012 with the aim of engaging all listed companies on Bursa Malaysia.

Regulation

Articles in this page are extracted from Bursa Bytes, Issue 1, Volume 4, April 2012

Educational Programme For Dealer Representatives (DRs)

As part of our continuous efforts to improve the business conduct of market participants, we continued with our educational programme entitled Key Obligations of DRs Relating to Trading. Bursa Malaysia held three sessions for DRsinPenang,KuchingandJohorBahruon25February,10 March and 24 March 2012 respectively.

The programme was well received with over 120 attendees participating in each session. The programme was accredited by the Securities Industry Development Corporation (SIDC) under its ‘Continuing Professional Education’ (CPE) scheme with ten CPE points awarded to the participants.

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Scenario / Reality

You are a public-listed company (PLC) with a viable business model, practice good corporate governance, showing solid financial performance and prospects.With research companies typically focusing on covering Bursa Malaysia’s top 100 PLCs, competition amongst the remaining 800 PLCs for investor, analyst and media attention is strong.

So what’s your IR strategy to ensure your company is heard and seen by the stakeholders?

Research Coverage as a Communication Channel

The availability of research coverage has the potential to bring a greater number of institutional and retail investors in the stock trading of a company. It also allows investors the opportunity to gain access to the management of companies via research analysts.

If the company is familiar to a broader base of potential investors it may be easier to raise new capital and increase liquidity of existing shares.

Bursa Malaysia Research Repository

The Bursa Malaysia Research Repository aims to foster a more vibrant capital market with greater liquidity for our investors and listed companies. With research reports from the CMDF-Bursa Research Scheme (CBRS) and non-CBRS research reports from the sell side analysts, we intend to help investors make better informed decisions and facilitate better understanding of our listed companies.

TheCBRSisespeciallybeneficialtoacompanywithlower visibility amongst the analyst community and is seeking to generate further interest in its story.

Enhance Your IR Strategy With Research CoverageCMDF-Bursa Research Scheme (CBRS)

Enhance Your IR With CBRS / Get CBRS Funding for Your Research Coverage and More

All companies listed on Bursa Malaysia are eligible to participate in CBRS. A 50% funding by the Capital Market Development Fund (CMDF) provides further incentive for PLCs to participate in the 2 year scheme.

The research reports produced by Investment Advisers licensed under the Capital Market Securities Act (CMSA) 2007 are made available on Bursa Malaysia’s website to a wide audience, free of charge.

Aside from the research report coverage, eligible participating PLCs are given a higher priority in being profiled in Bursa Malaysia’s institutional and retailroadshows such as Invest Malaysia, Market Chat and Malaysia Gems. This in turn increases the visibility of the participating PLCs.

By participating in CBRS, PLCs can enhance their exposure to Bursa Malaysia’s investment base and provide investors with additional analysis to facilitate their investment decisions. This is especially important in uncertain market conditions.

For more information, please visit http://www.bursamalaysia.com.

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GLC Broker Survey

Every year, KhazanahNasional Berhad’s research division polls sell-side analysts to gauge themarkets’perception of government linked companies (GLCs). This GLC Broker Survey narrows-in on six management and investability metrics, namely that of relative market position, investor communications, EPS guidance and overall investment appeal. Quantitative scores are then given to each GLC based on the sum of analyst feedback.

Over the past 4 surveys, there has been a steady improvement in analysts’ perception of GLCs across most survey metrics. The proportion of GLCs receiving Positive and Neutral scores has improved, while those receivingNegativescoreshavedeclined.Keytakeawaysfromthissurveyinclude:

• From laggards to performers:Themarket’sperceptionofGLCshasimprovedsignificantly.Moreanalystsnow trust management’s strategy and execution capabilities, which in turn enhance GLCs’ appeal among fund managers.

• Sentiment explains share price movement: Importantly, the survey provides colour to GLC share price accretion over the past 4 years: the best performing survey companies have tended to be linked with superior share price performance.

• Positive feedback loop with management: The biggest areas of improvement have been in management execution ability, management strategy and Investor Relations. Analyst feedback is then syndicated with GLCmanagementteamstoimproveprocess-flowandforbettertargetingofanalystexpectations.

+90%

+50% +60%

+3X

Chart:PercentageofG-20firmsreceivingPositivesurveyfeedback

PCG. Market position, managing expectations and investment appeal scores are not available for the 2008 survey

Khazanah Nasional Berhad

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Congratulations to Malaysian Investor Relations Association (MIRA) on your second Malaysia Investor Relations Awards ceremony. We are delightedtobepartnerswithMIRAontheCertificateofInvestorRelations(CIR) examination and congratulate your successful candidates on the completion of the exam.

Investor Relations (IR) is becoming increasingly recognised around the worldasessentialforquotedcompaniesandInvestorRelationsOfficers(IROs) are becoming much more professional. In a globalised market for investment, there are many challenges facing issuers and it is important that companies are able to communicate their investment strategy effectively.

At our recent annual conference, the key themes that emerged as fundamental for best practice IR in uncertain times were honesty and transparency in communication. What emerged from the day was the importance of IR in enabling companies to meet their objectives and overcome challenges.

To be effective, IROs need to be fully on top of their brief. They need to be seen as credible spokespersons for their companies and they need to have the gravitas and personal skills to be able to interact with management at the highest level within their organisation. Technical understanding is a fundamental part of the skill set and I would recommend that all new entrants to the profession undertake the CIR programme. However, IR is an art not a science and there is no substitute for experience to develop the true professional.

OnbehalfoftheUKInvestorRelationsSociety,Iwishyouasuccessfulawards ceremony.

A Message from UK IR SocietyMichael Mitchell, General Manager, UK Investor Relations Society

Michael qualified as a CharteredAccountant in 1974 and worked in theretailandtransportsectors.Aftervariouslinepositionsinfinancehemovedinto Investor Relations in 1986. From 1998 until 2004 he was Director of Corporate Communications with FirstGroup plc, before working on the renewal of the Group’s railway franchises. Michael has been a Board member of The Investor Relations Society since early 2005 and became General Manager in January 2007.

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Investment Community News & Views


A Message from IRPASJoseph Chia, General Manager of Investor Relations Professionals Association (Singapore)

Joseph ChiaGeneral Manager Investor Relations Professionals Association (Singapore)

The information needs of the ever sophisticated investors in the internet age have never been higher. Investors not only demand timely and comprehensive disclosures (which is more or less a given in these days), they are also demanding more proactive disclosures and engagements, focusing on more effective ways to present complex information in a format easier for them to digest and compare.

This trend and the ever increasing Investor Relations (IR) best practices have added unprecedented strain on recourses for IR professionals all over the globe. The challenge is even larger in Asia, where the shortage of qualified IR professionals adds to the problem of meeting capitalmarket’s mammoth thirst for professionally presented information.

Fortunately, help is at hand. Rising up to the challenge of this increased demand in Asia, there are more IR service providers and training courses available for IR professionals today than ever before. Countries likeJapan,Australia,Singapore,Malaysia, IndiaandHongKonghavesuccessively formed IR Associations and have actively promoted the awareness and benchmark of IR best practices.

IR courses are available today not only through these IR Associations but also through stock exchanges and territory institutions, educating not only IR professionals, but also CEOs, CFOs and Directors on IR and the vital role it plays in the capital markets valuation process.

IR Associations across Asia have come a long way and have introduced many value added initiatives to support the IR industry and the investment community.

IRPAS congratulates MIRA, our counterparts across the border, on the successful launch of its second IR Survey and Awards, a vital initiative to benchmark the best IR standards in Asia.

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Overthelasttwodecades,startingfirstinNorthAmerica,theninEurope,and more recently and vibrantly in Asia, the role of Investor Relations (IR) hasbecomemuchmoreinfluentialinhowcompaniescommunicatewithasset managers. We all know this, and of course as IR has become a proper profession, the competition for investment dollars has increased significantly–withevermorecompaniesgoingonroadshows,providinggranularity and transparency to investors, and giving real access from executive management to the market.

While this professionalism itself has created challenges for IR teams, to better focus what they do, to learn from and apply best practice, and to findnewways toget thecorporatestoryacross, thewhole landscapefor IR is now facing up to the additional, and major, challenge of the ‘new normal’ world of equity investing that has emerged from the global financialcrisisof2008,andtheongoingrepercussionsofthatcrisis.

What I mean by ‘new normal’ is perhaps more a North American and European concern, but it is also a real factor for Asian companies too. In the immediate aftermath of the 2008 crisis, all three sides of the investment community were severely unnerved, and the very future of the capital markets was brought into question. As no one can live in permanent crisis, that passed, and the markets then entered a period of waiting for ‘things to return to normal’, with buoyant trading volumes, an activeM&Aandcorporatefinancemarketandagenuineappetiteforrisk.Well, that just hasn’t happened. In the West certainly, with accompanying sluggisheconomicgrowth,andworriesoverfinancing,fromgovernmentdebt to the Eurozone problems, the investment industry has had to come to terms with the reality that lower returns, lower trading activity and a risk-averse mentality is the general state of affairs. So, such an environment is the ‘new normal’. As I say, the dynamism of Asia, and the giant engine of growth that China represents, has meant that Asian companies, and Asian investment markets (excluding Japan), have been less affected by the ‘new normal’.But they are far from immune, in today’s connected global world.

Investor Relations in the ‘New Normal’ Era

Steve is one of the foremost authorities on European Investment Industry opinion. His extensive range of contacts throughout the industry enables the Extel business to secure the quality of response which has secured its reputation. He has overseen a 1,000% increase in Survey participation, and the extension of the Surveyfranchiseintoassociatedmarkets,suchasUKSIF/ExtelSRISurvey and including a range of bespoke projects for investment and commercial clients.

Steve Kelly, Managing Director, Thomson Reuters Extel

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For investors, what has been the result of this new sentiment has been really three things. First, a big increase in passive investing, and away from active equity stock picking. Second, a focus on the macro picture, and the dominance of beta over alpha in the investment decision process. And thirdly, has been a reluctance to do much at all. With many asset managers seeing a reduction in funds size for equity funds, and facing pressures on headcount and the resourcestheycanapplytoinvestments,safetyfirsthas become an investors’ mantra.

These are trends with real implications, and added challenges, for IR teams. In effect, there are fewer ‘investment dollars’ out there for companies to attract, and it ismuchmore difficult for IR teams to createand sustain a corporate narrative which will be heard, and understood, by investors who are only looking at overall macro trends. The solution can only be through further increasing professionalism in IR, by really understanding what investors want, and responding directly to that.

Asian companies are impacted by all this themselves. To begin with, there are many ‘Western’ investment firms with large exposure to Asian equities. Whilethese have if anything increased, as the relative attractions of Asian equities over ‘Western’ companies have become pronounced, the firms themselvesare in general facing the issues described above, and are more cagey, and more hesitant in their investment approach. As well, the focus on the macro environment applies to how investors look at Asian stocks too, raising the bar for IR teams in how they can drive through their own company story.

However, it presents opportunities too. From many of my discussions over the last year or so with ‘Western’ investors, the realisation of the ongoing lower level of returns from ‘Western’ equities has increased interest in Asian stocks, as they are seen as having much more growth potential. Allied to that, Asian investors themselves remain dominated by a focus on Asian stocks, with investments in non-Asian companies still a very small percentage of assets under management, and well below the international distribution of assets thatweseeamongstUSandEurope-basedinvestors.To be successful in reaching out to investors, IR teams must strive for relevance and clarity in every part of their IR program. The latest feedback we have collected in our global Thomson Reuters Extel surveys - with views from 15,000 portfolio managers or buyside analysts - gives real insight into what it is the buyside are looking for from companies, which

will enable IR teams to sharpen their services, and compete effectively for investment dollars. The Extel data makes clear that CEO and CFO one-on-ones remain completely crucial – very few active equityinvestorswillmakeasignificantinvestmentdecisionwithout having had such a meeting. Perhaps that is little surprise; alongside that however, over 77%of investors now rate access to divisional directors as vital too. They want, and need, to drill deeper into companies, to properly uncover value and understand the dynamics of the business. The Extel data also shows that the buyside place more value on roadshows, with 82% rating these as valuable/very valuable, as opposed to investor data, where the equivalent number is 51%.

At heart, investors prefer companies to visit them, in theirownoffices,whereperhapsseveralPMNSfromthefirmcanquizwithandmeetmanagement,ratherthan attending a more ‘stage-managed’ event. And then underlying all this contact and access is the ability of the IR team to be cogent, professional and close to with company strategy. Nearly 90% of investors expect the IR team to help them, with company insights, of course, but more with sector and industry knowledge. They want to get a wider appreciation of the opportunities and challenges a company will face, and to place the stock in the context of the ‘new normal’ world in which they now operate.

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Every company and board needs to understand the thinking and motivations of its shareholders and investors. After all, the shareholders own thecompany, theyare the “boss”and theycanfireyou.Whilst itseems obvious that it pays to understand the boss, it is surprising how often no real attempt is made at understanding the mind-set of shareholders.

There are a number of underlying reasons for this. Firstly, there is a belief amongst some directors that all the average shareholder wants is an ever increasing share price and a constant dividend stream. That is all the shareholder is interested in. These directors have their heads in the sand and their numbers are reducing fast. Whilst there may well be a number of shareholders and speculators with this attitude, study after study has demonstrated that the serious longer term investor looks beyond the basic issues of immediate dividend and share price. The “average” retail investor is concerned about not only today’s dividends but also about how sustainable those dividends are going to be over the long haul. They are also very concerned about the ethics of the company’s business, the quality of governance, its impact on the environment and other social issues.

Another, not so obvious reason why some companies do not seriously try to understand shareholder thinking is that, a number of major shareholders in a company are also directors and so it is natural for them to believe that they already understand the shareholder mind-set. This type of thinking is particularly pronounced in companies where a significantchunkofsharesareheldbymembersofafoundingfamily.

Whilst this thinking is understandable, it is a dangerous premise on which to build strategy and an Investor Relations (IR) programme and can negatively impact the share price. Many family company members finditdifficulttofullyappreciatethatalthoughtheycontrolthedirectionand operations of the company, they actually do not control the share price. The share price is determined when people sell their shares and for the main part, controlling shareholders do not sell their shares.

The consequences of not understanding the shareholder mind-set and acting appropriately can be dire. The downside includes a very volatile shareholderbasethatexitsatthefirstsignofadownturnandalackofcredibility and shareholder support. Ultimately if a company does notwish to understand and communicate with sections of the shareholders, the companywill find itself at the receiving end of some very painfulshareholder activism.

Of course, understanding shareholders is not an easy task. To begin with, they are such a diverse group and include retail investors, institutional investors, government linked agencies, employees, overseas, domestic investors and not to mention a mix of long term and speculative investors. Theyallhaveslightlydifferentmotivations.Thefirststepistoidentifythe

Understanding the Shareholder Mind-setNavin Pasricha, Chairman, Columbus Circle Governance Sdn. Bhd.

Navin PasrichaChairman of Columbus Circle Governance Sdn. Bhd.

“ The consequences of not understanding the shareholder mind-set and acting appropriately can be dire. The downside includes a very volatile shareholder base that exits at the first sign of a downturn and a lack of credibility and shareholder support. ”

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Another publicly available avenue for gathering information about shareholder thinking is to analyse the questions being asked at AGMs by the shareholder groups such as the Minority Shareholder Watchdog Group.

A number of countries carry out regular surveys to uncover what is on the mind of shareholders. Whilst such surveys are not commonplace in Malaysia, our firmcarriesoutongoingconsultationswithavarietyofshareholders in order to gauge what are the important issues. Top of the list at present is the exposure of their companies to European markets given the problems in Greece. This is followed by less topical issues that appear always to be on the list - out of control compensation packages; related party transactions;poor performance; arrogance and non-eco friendlyactions.

These issues, however, are from generic consultations and the point to take away is that they may be very different from your particular shareholders. So every company really does need to analyse its own shareholder register and simply ask representative shareholders, through survey or face-to-face sessions, in order to understand what is important to their shareholders. Living on assumptions or common wisdom is dangerous.

significantgroupingsofshareholdersinyourparticularcompany. Once this is done it becomes possible to devise suitable techniques to communicate with the different groupings, understand them better and act accordingly.

This kind of differentiation is essential. The more you can drill down and subcategorise the better. A real example will help to clarify the necessity of categorising. One particular client we assisted had a shareholder newsletter. You may think that this is a good move in itself because it helps the communication process with shareholders. However, in reality, the newsletter was picking up negative feedback. We analysed the feedback, the content of the newsletter and the shareholder base. We found that the content was written in layman’s language. The majority shares in this company were held by institutional investors and even within the retail investor segment there were indications of fairly sophisticated investors. There was a clear mismatch between these types of shareholders and the simplistic content and language of the shareholders newsletter. The result was that many newsletters ended up in the bin unopened and if they were opened they caused offence because the readers felt their intelligence was being insulted. So having a communication programme is all well and good, but you need to know who you are communicating with so that communication can be conducted in an effective way that is not going to backfireandtoensurethatyouaretalkingaboutthethings that actually matter to your shareholders.

What concerns shareholders will of course vary from company to company and this is the next step in understanding the shareholder mind-set. You need to discover the issues that are top of the mind for the different people in the various segments of your shareholder register. Shareholder surveys, and regular shareholder meetings are essential. The media and analysts of course have a large impact on the thinking of shareholders and so it is a valuable exercise to continuously analyse what analysts and the media are saying about your company and your industry. However, this needs to go beyond simply getting a media agency to gather the information and then reading it. Ideally, you should develop in-house quantitative measures of shareholder confidence,shareholder volatility and shareholder satisfaction for each segment of shareholders. These can then be tracked to gauge the impact of various analyst comments and media coverage on shareholder thinking and actions.

Columbus Circle Governance Sdn. Bhd.

Columbus Circle Governance is a professionalservicesfirmwithoperationsin Malaysia, India and Australia. We help our clients in corporate governance, board improvement and training, strategy, risk management, and Investor Relations. Our point of difference from other consultingfirmsisthatourstaffmembershavebeenleadersintheirfieldsandhaveactually done it themselves. They are more than consultants, they are experienced practitioners who understand the practical issues and challenges of implementation. We go beyond consulting – we alwayshelp you to implement.

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Communicating Specifically for Disclosure’s Sake. Does it Really Work?Dr. Darren Wong, CEO, Esente Communications (M) Sdn. Bhd.

Dr. Darren WongCEO, Esente Communications (M) Sdn. Bhd.

Darren brings to the table a wealth of experience culled from various sectors including banking & finance, e-commerce andmarketing. His analytical skills allow him to spot opportunities in every situation and is able to present and market clients’ unique selling points most effectively.

Beyond Disclosure Guidelines

Disclosure guidelines are minimal standards that companies must abide by. But that doesn’t mean companies should stop there. I have been in the practice long enough to observe how many leaders of corporate Malaysia perceive investor communications. The most popular line that I have heard so far: “Who needs an active investor communications programme? The results will speak for themselves. All we need is a basic programme that abides to the disclosure guidelines.”

Well, yes and no.

This mind-set is akin to parents putting food on the table but never bothering to communicate with their children. Sure, your children will growupfine,buthowsolidwillthefoundationofyourrelationshipwithyour child be? What I’m trying to say is, if you don’t put effort into building a communicative relationship with your investors, you have no platform. Without a platform, you cannot expect investors to understand your companybeyondnumbersandnetprofits.Andyoucanbasicallyforgetabout getting any buy-ins from investors on unconventional activities or circumstances.

Jeff Bezos, CEO of Amazon.com (world’s largest online retailer) understands this very well. He proactively shares his ideas and beliefs with his investors. He does it so well that investors continue to support and pour money into the company even when it is experiencing continuous losses for thefirst fewyearsafter its listingonNASDAQ.Fortunately,in this case, the investors’ belief paid off when the company made US$631million last year.Onhindsight, all thesewouldnothavebeenachieved without a well-planned investor communications programme. This more than proves that companies must go beyond the disclosure guidelines.

Even good products need promotion

What I have come to realise is that many companies have this delusion that when the company shows good results, investors will come on board. For lack of a better example, this perception renders courting

“ Being good is not good enough; companies need to have a conscious effort to promote their companies to investors. It is the responsibility of the company’s management to ensure that the true value of the company is fairly reflected to the public and investors. ”

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Yes, running a public-listed company is definitely aserious matter but it is not against the law to make your content livelier.

Not too long ago, a friend shared with me that he enjoys reading the operational review from Berkshire Hathaway Incorporated and how its CEO, financialguru Warren Buffet, communicates with his investors. How true he was and to my amazement, Warren Buffet writes in such simplicity. He is frank and direct in his communication and in his operational review. He casually explains the rationale behind some of the key decisions made over the year in plain English. He freely expresses his excitement on the new ventures taken by the company, the joy when some investments paid off, their newly accepted responsibilities and the disappointments at things that didn’t turn out the way he expected them to.

I was able to feel the emotions and the passion that Warren Buffet has in his business. It feels very much like a trusted friend speaking to you and you feel safe putting your money in his hands. To me, that’s truly an engaging experience.

Communicating is getting your message across, while engaging is to make your message heartfelt. Hence, engaging with your investors would most definitelygive you an edge in convincing your audience to trust you, and invest with you.

To recap, my opinion is that for a company to be successfulinattractinginvestors’trustandconfidence,there are just a few key things to remember:Rule #1 : Go beyond disclosure guidelines

Rule #2 : Be commited to building a long-term relationship

Rule #3 : Promote your companyRule #4 : Don’t just communicate, ENGAGE!

investors as synonymous to a contestant courting the attention of the judges and the audience in a beauty pageant. The problem is there are probably 30 contestants in a beauty pageant while there are more than 1,000 companies listed on Bursa Malaysia. In an era of information overload, what do you think are the chances of this good company being discovered even if the company is delivering good results?

If being a performing company is enough and any communication and promotion programmes are unnecessary to vie for investors’ attention, then why are companies spending millions on promoting their great products? Investors want more. Being good isnotgoodenough; companiesneed tohavea conscious effort to promote their companies to investors. It is the responsibility of the company’s management to ensure that the true value of the companyisfairlyreflectedtothepublicandinvestors.

Some of you might ask, “I have been actively promoting the company. Why is it that investor following is still lacking?” Here’s where I lead you to my next point.

Is communicating with investors and engaging investors the same thing?

So, some of you might have been regularly communicating with your investors but still have weak investor following. Why is that so?

For those of you who read literature from corporate Malaysia often enough, you will realise that the style of writing is usually serious and monotonous. It is usually plagued with technical jargons that more often than not, effectively disengages with most readers or investorswhomare definitely not financialwhizzes.You need to understand that your investors could be anyone from various walks of life, and they are not all from Harvard Business School.

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Effective Investor Relations and Certificate in Investor Relations (CIR)May Tan Peck Meng CIR, UK trainer and a project coordinator of MIRA

Ms. Tan has extensive experience in corporate secretarial matters, Investor Relations and corporate communications.

Prior to joining MIRA as a project coordinator and appointed as a CIR, UK trainer, she held senior positions as GroupCompany Secretary and Head of Investor Relations in public-listedcompaniesinMalaysiainvolvedintransportation,financialservices, and conglomerate with diverse business interests in plantation, property development and investment, automotive and trading services.

Have you ever wondered why your company’s share rating languishes below that of your peers for an extended period? This may be a sign that you are not effectively communicating the fundamentals of your business to the market, or that there is a perceived problem with your

business model. In any case, you need to critically evaluate both your trading position and the way in which you are communicating with the market.

Manycompanieswhicharelistedonthestockmarketsaredisappointedthattheirsharesdonotreflectthetruevalue of their enterprise. The reason being that the management have not recognised the need to communicate with and listen to market participants. Many companies do not value the existence of the Investor Relations (IR) role. Some companies perceive it as a cost centre and it is part of the corporate overheads and as such is often regarded as a discretionary cost which can be cut when necessary. As it is not a mandatory requirement tohaveanIRofficerordepartment,notallcompanieshavethem.

It is almost impossible to put a cash valuation on the work of IR. This means that it is even more important for InvestorRelationsOfficers(IROs)tocommunicateeffectivelywiththeBoardofDirectorstoensurethatthebenefitsofaneffectiveIRprogrammearefullyrecognised.

The aim of the function is the improved understanding of the company among investors and analysts. The communication is two-way with information conveyed from the corporations to investors and vice versa. The feedback received is analysed at the highest level of the organisational hierarchy and is used in decision-making and strategic planning.

IR isnot just to fulfil the requisitecorporategovernancestandardsand reporting requirements. It involvesbuilding a strong relationship with the investment community, just like the common Chinese business element “Guan xi” which literally means “relationships” that cooperate and support one another. This relationship is not simply between companies but also between individuals at a personal level and it is an ongoing process. The senior management team and IRO have to gain trust and loyalty from the market and shareholders. If a company guarantees certain things and delivers as promised, the company is showing trustworthiness and the investment community would be more inclined to remain in contact with them again. In other words, the management’s credibility needs to remain intact by effectively communicating with the market and the company’s shareholders. It is important to get started on the right foot and to stay there.

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In early 1950s, IR’s role was mainly considered as part of public relations functions of communicating to retail shareholders.Asfinancialmarketsinstitutionalised,financialaudiencesexpecthighlyqualifiedIROtodeliverwhatisexpected.Today,mostIROhavebackgroundsinfinanceoraccounting.Someofthemmaylacktheexperience in understanding the sentiment in engaging with the investment community and the importance of implementing an effective IR programme, thus they fail to achieve the optimum results in their roles as IR officers.Thisisthereasonwhysomecompaniesseekthemiddleground–wheretheyprefertohiresomeonewhohasthecombinedpublicrelationsandfinancialskill-setstosupportthesophisticatedIRinthecurrentcentury.Bothcommunicationandfinanceskills-setsarevaluedequallyhighfortheircontributionstoIR.

Regardless of whatever the approach is, one thing remains certain: effective IR helps in reaching higher stockvaluations.Thiswillenablecompaniestoacquireandraisecapitalmoreefficiently,twoverysignificantcompetitive advantages, and this, in itself, keep investors happy.

Notmanypeople inMalaysia are awareof theCertificate inInvestorRelations(CIR).CIRwasfirstintroducedinMalaysiain 2009 by Malaysian Investor Relations Association (MIRA). Manypeoplehaveno ideaexactlyhowhaving thecertificatemay help them in their career and company.

The CIR professional qualification is now regarded as anessential prerequisite for those entering the Investor Relations profession in the United Kingdom. MIRA offers the samequalityofprofessionaldevelopmentavailable in theUKto IRpractitioners in Malaysia. The CIR offered in collaboration with theInvestorRelationsSociety,UK’sprofessionalbodyforIR,ishighlyregardedasaleadingauthorityonIRinUKandEurope(with 80% of companies on FTSE100 on LSE as its members) and among the earliest established professional bodies for IR. Infact,MalaysiaisthefirstcountryinAsiatooffertheCIR.In2012, the CIR is running in other countries like Russia, Hong KongandSingapore.

So far, in Malaysia, 103 candidates have successfully obtained theCIR certification.TheCIR covers topics like Introduction to Investor Relations, Companies and Regulations, Financial Markets Regulatory Environment, Accounting Valuation and Investment Principles. The topics encompass the financialandnon-financialaspectsofanIRrole.BothcompaniesandIR practitioners can benefit from the CIR. The benefits ofthisprofessionalqualificationdefinitelyoutweigh thecosts. Itallows IR practitioners to enhance their IR capabilities and benchmark against international best practices. It allowslistedcompaniestoidentifyqualifiedIRprofessionalstostrengthentheirIRfunctionandhaveaclearunderstanding of how to develop an effective IR programme in a company.

TheCIRisalsoanopportunity fordevelopment forprofessionalsfromfinancial intermediaryrolessuchasinvestment banking and equity research who want to make the cross-over into listed companies.

Please visit www.mira.com.my for more information on CIR.

“ Investor Relations is not just to fulfil the requisite corporate governance standards and reporting requirements. It involves building a strong relationship with the investment community, just like the common Chinese business element ‘Guan xi’ which literally means ‘relationships’ that cooperate and support one another. ”

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A Snapshot of the Malaysian Code on Corporate Governance 2012 Samantha Tai Yit Chan, Managing Director, Boardroom Corporate Services (KL) Sdn. Bhd.

Samantha Tai Yit Chan Managing DirectorBoardroom Corporate Services (KL) Sdn. Bhd.

The Securities Commission Malaysia had on 8 July 2011 released the Corporate Governance Blueprint 2011 (CG Blueprint 2011), which places great emphasis on self and market regulation to complement the comprehensive regulatory framework currently in force, and promoting good compliance and corporate governance culture. The Malaysian Code on Corporate Governance 2012 (MCCG 2012) announced on 31 March2012isthefirstdeliverableoftheCGBlueprint2011.

WhatisCorporateGovernance?AsdefinedintheHighLevelFinanceCommittee Report 1999, Corporate Governance is:

“The process and structure used to direct and manage the business and affairs of the company towards enhancing business prosperity and corporate accountability with the ultimate objective of realising long-term shareholder value, whilst taking into account the interests of other stakeholders.”

Rewind to the dawn of the 21st Century, The Malaysian Code on Corporate Governancewas first issued inMarch 2000 to solidify our CorporateGovernance framework and later revised in 2007 (“The 2007 Code”), with emphasis placed on strengthening the roles and responsibilities of the board of directors, audit committee and the internal audit function.

MCCG 2012 superseded The 2007 Code and focuses on strengthening board structure and composition, recognising the roles of directors as activeandresponsiblefiduciariesandcompanysecretariesincorporategovernance.

The MCCG 2012 sets out 8 principles and 26 corresponding recommendations. The 8 principles are as follows:

1. Establish clear roles and responsibilities of the Board 2. Strengthen composition of the Board 3. Reinforce independence of Directors 4. Foster commitment of Directors 5. Upholdintegrityinfinancialreporting 6. Recognise and manage risks 7. Ensure timely and high quality disclosure of information 8. Strengthen relationship between company and share holders

The MCCG 2012 will be effective on 31 December 2012 and observance of MCCG 2012 by companies is voluntary. However, companies listed on Bursa Malaysia are required to report on their compliance with the principles and recommendations of the MCCG 2012 in their annual reports.

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Boardroom Corporate Services is one of Asia’s leading providers ofaccounting&finance,corporatesecretarial,humanresource& payroll, internal audit & risk management, share registration and taxation services. With an established network of direct officesand regional partners inAsiaPacific andEurope,weare well-positioned to support your growing business needs in these regions.

For more information, please visit us at www.boardroomlimited.com or contact Mr. Alex Lee at +603-7720 1139Email : [email protected].

As highlighted in the CG Blueprint 2011, several key recommendations will be implemented through the Bursa Malaysia Listing Requirements while others require changes to the law. Companies are therefore encouraged to make an early transition to the principles and recommendations in MCCG 2012 as history has proven to us, companies which have good Corporate Governance practices are treasured by investors/stakeholders andaremoreresilientinwithstandingfinancialtsunamis.

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Myriad Worries Weigh On Investor ConfidenceInsider Asia

The rally and buoyant expectations at the start of the year is all but forgotten as renewed worries over the Eurozone debt crisis and health of the global economy tookitstolloninvestorconfidence.

Fresh jitters in global markets have sent investors scrambling for cover in safe havens such as the US dollar and treasury bonds.As a result, we sawa broad based sell off in almost all classes of risky assets, from equities to commodities.

If it were just worries about the global economy, we suspect markets would have stabilised fairly quickly as investors adjust their expectations lower. However, it is now the fear of the unknown that is driving asset prices lower, specifically the uncertainty of how theEurozone crisis will eventually play out and what is the impact on the rest of the world. In this respect, the outcome of the repeat general election in Greece –scheduledforJune17–mayoffertheclearestclueyet.

In the meantime, we expect investors will continue to tread very cautiously. Having said that, we could still see some bargain hunting, especially for fundamentally sound companies, amid bouts of selling.

But inviewof theheightenedrisks– local investorsalso have to contend with speculations of an imminent generalelection–itislikelythatnotmanywilltakeupfresh positions or make any big bets, at least until a clearer picture emerges.

Who will blink first?

TwoyearsafterGreecereceiveditsfirstbailout, thecountry appears no closer to resolving its mounting

debt problem, despite pulling off a massive debt restructuring exercise earlier this year.

Instead, harsh austerity measures, conditions under the two bailout packages, have fostered widespread backlash that culminated in a crushing setback for the two main parties that supported the programme in the May general election. Neither party managed to cobble together a coalition and a last ditch attempt to form a technocrat government was spurned by the leading leftist, anti-austerity party Syriza.

With both pro- and anti-austerity parties neck and neck in polls leading up to the second general election, no one is quite sure of the outcome. But open discussions onthepossibleGreekexitfromEuropeanUnion(EU)have certainly been getting much louder.

Despite the EU, International Monetary Fund andEuropean Central Bank standing their ground on austerity measures agreed under the bailouts, anecdotal evidence suggests that many Greeks do not really believe they will be kicked out of the Eurozone since to do so will result in significant collateraldamage to the rest of the member countries.

ThisiscertainlythemessagefromSyriza–andcouldpotentially be a dangerous myth. Letting Greece off the hook would send a negative signal to the other troubled countries like Portugal, Italy and Spain and createamoralhazardtofuturefiscaldiscipline.

The game of brinkmanship has already seen widespread withdrawals from Greek banks. There is rising risk that further deterioration in confidencewould trigger bank runs in the weaker member countries. Indeed, there were already rumours, since

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chugging along, has fallen well off the pace of late.

After averaging at more than 252,000 per month from December 2011 to February 2012, only 269,000 jobs were created in March and April, combined. Withafractiouscongressledbyfiscallytight-mindedRepublicans and facing a presidential election this year, fresh stimulus measures may be tough to pull off.Onaslightlymorepositivenote,theUSFederalReserve has left the possibility of another round of quantitative easing on the table. Having said that, many believe that after two rounds of QE, with the benefitsstillunderdebate,theFedwillgetmuchlessbang for the buck from QE3.

The convergence of sluggish recovery in the US,slowdown in China and emerging economies as well as recession in the Eurozone leaves the world lacking a clear cut engine for growth.

Recent summits of world leaders indicate a growing acknowledgement in the need to promote jobs creation and growth rather than just belt-tightening. But so far, there has been little in terms of concrete measures. Meanwhile, the transition of China’s economy from one that is export-oriented to domestic consumption driven is progressing too slowly.

Even if the Eurozone crisis does not blow up and new stimulus plans are adopted in China, we suspect the global growth will remain lethargic and may not regain momentum until much later this year, or more likely going into 2013.

denied,oflargeoutflowoffundsfromSpanishbanks.Aconcertedcapitalflightwouldendanger theentireEurozone banking system.

In the best-case scenario, some sort of compromise with Greece will be found and the Eurozone will continue to muddle through, as it had for the past two years. In which case, governments can focus again on efforts to stimulate growth in the global economy.

Global economy may not regain momentum until 2013China most recently hinted that it would consider new stimulus plan to boost the country’s flaggingeconomy. This follows various data suggesting the widely anticipated recovery in the current quarter is looking increasingly unlikely. Indeed, growth in 2Q12 may even turn out to be lower than the 8.1% in 1Q12, which was the slowest in nearly three years. A government think tank indicated that growth in the second quarter could fall to just 7.5%.

Underscoringconcernsofahardlanding,thePeople’sBank of China, in mid-May, lowered the country’s reserve requirement for the third time since December 2011. But the impact may be muted if businesses dial back on expansion plans and demand for loans does not pick up.

Meanwhile, the US is also struggling to keep itsgrowth momentum afloat. GDP growth slowed to2.2% on an annualised basis in 1Q12, down from 3% in 4Q11. The creation of new jobs, which is crucial to keep consumers spending and the economic engine

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Tackling Investor Relations for Small Cap CompaniesKeow Mei-Lynn, Director of Investor Relations, ZJ Communique

ZJ Communique provides Investor and Media Relations Consultancy. It is part of ZJ Advisory, which is involved in Corporate Advisory for the Equity and Debt Capital Markets as well as Equity Research for the Capital Market Development Fund-Bursa Research Scheme (CBRS)

GONG! After months of much preparation and eager anticipation, the long-awaited listing day has finallyarrived. The hitting of the gongmarks a significantmilestone and heralds the start of an exciting journey for a public-listed company (PLC).

The enthusiastic founders and key management of the PLC look forward to the future, convincing potential and existing shareholders on the PLC’s solid business and future plans.

Fast forward to two years ahead, and the scene changes.

In the area of Investor Relations (IR), most small cap PLCs would have ignored this very important component. Some face certain challenges in trying to communicate with the investors and soon give up.

Common grouses echoed by small cap PLCs are:-

“My market cap is not attractive enough for institutional investors”

Although the majority of fund managers do prefer to invest in larger PLCs due to issues of liquidity, there are some unit trust funds and insurance funds that are interested to invest in small cap PLCs with good growth potential.

Meanwhile, small cap PLCs can also target retail investors. Malaysian retail investors are fairly active, contributing 55% of total trading volume on Bursa Malaysia in April 2012.

Small cap PLCs can look at targeting retail-focused brokeragefirms.Thesefirmsareusuallynon-financialinstitution backed and have a large base of remisiers with retail investors as clients. When the equity research departments of these brokerage firms initiate coverage on a PLC, thereports are disseminated to their clients nationwide. This significantly enhances the PLC’s corporateprofileandvisibilityamongsttheretailinvestors.

“Let me focus on growing the business. When I deliver earnings, the market will respond”

Investor perception studies conducted by Rivel Research Group have discovered that the investment community inEuropeandUSplacemoreemphasison a company’s intangibles such as management credibility and effective business strategy than on earnings or revenue growth.

Therefore, it is crucial for PLCs to invest the time and effort in building and enhancing its corporate reputation.

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An initiative for small cap companies - MIRA IR Day

In advocating good IR practices, Malaysian Investor Relations Association (MIRA) and ZJ Communique, an IR service provider, teamed up to organise the MIRA IR Day, a platform which aims to showcase PLCs with small market capitalisation to the investment community.

The purpose of the event was to uncover small cap PLCs with healthy fundamentals. The organisers considered factors such as good financial trackrecord, decent dividend returns and undemanding valuations in selecting the PLCs. The pilot project was launched on 17 April 2012. The half-day event featured four PLCs giving an overview of their business and future plans. After the group presentations, question and answer sessions were held at separate rooms.

This enabled the audience to engage in a two-way dialogue with the management teams of the PLCs. The initiative was met with positive response from the investment community. More than 30 sell-side analysts and buy-side fund managers from 14 organisations attended the event.

The four PLCs who presented were ECS ICT Berhad, Greenyield Berhad, Kelington Group Berhad andTASCO Berhad.

The MIRA IR Day has successfully enhanced the outreach of the participating PLCs, enlarging their network and visibility amongst the investment community.

The event has demonstrated the effectiveness of IR as a vehicle for PLCs to reach out to the investment community by narrating their growth stories and future plans.

“MIRA IR Day”, 17 April 2012: (from left) MIRA Executive Director - Ma Kin Hoong, Greenyield Berhad Group Managing Director - Don Tham, ECS ICT Berhad Managing Director - Foo Sen Chin, Kelington Group Berhad Chief Operating Officer Steven Ong, TASCO Berhad Corporate Director Andy Lee, MIRA Director/Bursa Malaysia Head of Issuer Development Arulnathan Michael Dass and ZJ Communiqué Investor Relations Director Keow Mei-Lynn

“MIRA IR Day”, 17 April 2012: Corporate one-on-one small group meeting with the buy and sell-side participants

Join UsThe MIRA IR Day will be held regularly throughout the year, giving the opportunity for many small cap PLCs to leverage on this platform to reach out to the investment community.

If you are interested to be part of this initiative, please call MIRA at 03-2034-7677

It is ideal to have a dynamic spokesperson who is able to convey the company’s vision and get the “buy-in” from the investors.

Engaging face-to-face with the investment community and business media publications regularly enables a PLC to build relationships and portray a sense of accountability. Furthermore, proactive and honest communication during a crisis situation will enhance credibility.

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“Surveys show that fewer than half of Investor Relations officers have access to the company’s board directors, but over 80 percent of Investor Relations officers provide written reports for board directors.” (Capital Markets Board, INVESTOR RELATIONS – BEST PRACTICES Interviews With Executives)

It is common sense that a company’s board is responsible for the supervision or stewardship of the Company for the shareholders. The board’s ultimate accountability is towards the owners of the company and the shareholders, while the CEO and its management team are responsible for the company’s operations and performance set by the board.

In current times of volatile markets, shareholder, director and management expectations may diverge, yet Company’s boards rarely communicate directly to shareholders outside of the AGM. Therefore, pro-active communication can resolve the difference of opinions and address misconceptions of investors, driving the alignment of shareholder values of a listed company.

In many cases, Investor Relations Officers (IROs)are not part of the board, not even reporting to the CEO. 80% of them report to the CFO of a company. Given the function of Investor Relations (IR) is to communicate with a company’s investors, how should forward thinking boards communicate and engage with their investors and not just focus on the traditional duties of the Board?

Boards are starting to recognise that investor expectations have changed and are developing policies to manage dialogue with investors. Key

The Company Board and Investor Relations Alexander Lo & Owen Howden, Thomson Reuters

topics of strategy that should be managed by the board are CEO evaluation and succession, executive compensation, in addition to social and environmental policies.

Meeting with major shareholders before AGMs and adjusting shareholder proposals can help alleviate concerns from disgruntled investors. Making the AGM more accessible and webcasting it live on the web will engage investors. An open dialogue is the most effective way to deal with activist shareholders. Shareholder activism has been on the rise because it has been effective.

Also, it is becoming more common for shareholders to contact the board directly. Companies need to have a policy to deal with the queries and directors need to be well prepared on likely questions and how they should be answered. Increased communication improves transparency and can strengthen shareholder’s understanding on the company’s strategies and policies. This can also follow through to media and the broader market.

If an IRO is part of a board, he or she will interact with their board on a frequent basis. Quarterly updates and touch on shareholder movements, industry trends, and competitive intelligence. To keep an open dialogue IRO can brief the board on broker reports and investors’ opinions via perception studies. The investors’ perception on strategy and valuation is an important insight the board can gather from the IRO.

With the market increasingly demanding a higher level of accountability, open communication from the board definitelyenhancesthevalueofalistedcompany.

Alexander Lo, Managing Director of Thomson Reuters’ Corporate ServicesBusinessUnit,isresponsiblefortheInvestorRelationsandMultimedia Solutions businesses inAsia Pacific. Prior to ThomsonReuters,Mr.Lowas theGeneralManagerofD&BHongKongandTaiwan. D&B (NYSE:DNB) is the world’s leading source of commercial information and insight on businesses.

32


Past ResultsMalaysia Investor Relations Awards 2011

AWARD CATEGORIES AND WINNERS

BEST COMPANY FOR INVESTOR RELATIONS

LARGE CAPCIMB Group Holdings Berhad

MID CAPSP Setia Berhad

SMALL CAPKossanRubberIndustriesBerhad

BEST INVESTOR RELATIONS FOR AN IPO IN 2010

JOINT-WINNERS

Malaysian Marine and Heavy Engineering Holdings Berhad

PETRONAS Chemicals Group Berhad

BEST CEO FOR INVESTOR RELATIONS

LARGE CAPYBhg. Dato’ Sri Nazir Razak, CIMB Group

MID CAPTan Sri Dato’ Sri Dr. Tony Fernandes, AirAsia Berhad

SMALL CAPMr. Lim Chai Beng, CB Industrial Product Holding Berhad

BEST CFO FOR INVESTOR RELATIONS

LARGE CAPMr. Ashok Ramamurthy, AMMB Holdings Berhad

MID CAPMr. Lim Cheong Guan, Top Glove Corporation Berhad

SMALL CAPEn. Mohamed Azman Shah Ishak, TH Plantations Berhad

BEST INVESTOR RELATIONS PROFESSIONAL

LARGE CAPMr. Steven Tan Chek Chye, CIMB Group Holdings Berhad

MID CAPMr. Benyamin Ismail, AirAsia Berhad

SMALL CAPMr.EdwardYip,KossanRubberIndustriesBerhad

BEST INVESTOR RELATIONS WEBSITE

LARGE CAPCIMB Group Holdings Berhad

MID CAPAirAsia Berhad

SMALL CAPEvergreen Fibreboard Berhad

33


Acknowledgements

Partner

Media & Event

A Very Big Thank You To

Bursa Malaysia Berhad

AEON Corporation (Malaysia) Berhad

Alam Maritim Resources Berhad

Axis Real Estate Investment Trust

BoardRoom Limited

CIMB Group Holdings Berhad

Guiness Anchor Berhad

34

We would like to thank all the companies who have sponsored tables for this event. We really appreciate your kind thought and support to make this event a success.

Esente Communications (Malaysia) Sdn. Bhd.

Ipreo

Kulim (Malaysia) Berhad

Sime Darby Berhad

Thomson Reuters

Top Glove Corporation Berhad

United Malayan Land Berhad

See You Again Next Year


35

Malaysian Investor Relations Association (MIRA), wishes to thank listed companies, the Investor Relations community and partners for your advocacy and support towards advancing the practice and quality of IR in Malaysia.

We are delighted to share some of the Association’s achievements and also highlight some of the key new initiatives of MIRA for the new membership year.

Malaysia Investor Relations Awards and Survey

MIRA commissioned Malaysia’s 1st IR survey in 2010, paving the way for the successful inaugural Malaysia Investor Relations Awards on 26 May 2011. The highly anticipated second survey conducted by Thomson Reuters Excel will underpin the second Malaysia IR Awards.

The independent IR survey and awards event marks another dedicated initiative that MIRA has taken in advancing and promoting good IR practices among public-listed companies. We strongly believe that such recognition by the investment community will drive IR practices to greater heights of achievement.

Enhancing IR Professionalism

MIRA is committed to develop and advance the status and integrity of IR professionals. Todate,103candidateshavesuccessfullyobtained theCertificate in InvestorRelations(CIR)since introducing thecertificationprogramme inAugust2009 incollaborationwiththeInvestorRelationsSocietyofUK.OnthebackoftheCIRqualification,theAssociationhas introduced an Individual Membership category to give recognition and status to IR professionals and practitioners. Sign up now and be part of the IR community of Malaysia! Diversifying MIRA programmes

Professional development and continuing education programmes are key to enhancing the proficiencyofIRpractitioners.Weprovidedourmemberswithqualitytrainingprogrammesby engaging quality speakers and collaborating with leading institutions. Please visit our website, http://www.mira.com.my/events.html for our past and upcoming training programmes. In addition toworkshops and seminars,members’ benefits programme isfurther expanded through complimentary sessions at MIRA Insight and MIRA Connections.

Expanding Membership Services

Membership diversity presents opportunities for the Association to introduce new initiatives. MIRA plans to its knowledge-sharing platform and collaborate with IR service providers to provideaccesstoIRtoolsandprofilingplatformsforourmembers.

Membership comprises the following categories:

• Corporate Membership (for companies listed on Bursa Malaysia)• Associate Membership (for companies which provide IR services such as consultancy

and technology)• Individual Membership (for IR professionals) We look forward to your participation, support and feedback - all of which will help raise the level of IR professionalism in corporate Malaysia. Please visit us at www.mira.com.my for more information.

Join Us As A MIRA Member


The in Investor Relations (CIR) professional is now regarded as an essential pre-requisite for those entering the Investor Relations profession in the United Kingdom.

Starting in the quarter of 2009, MIRA is pleased to offer the same quality of professional development available in the UK to IR practitioners in Malaysia. The CIR is offered in collaboration with the Investor Relations Society, UK’s professional body for IR, highly regarded as a leading authority on IR in UK and Europe (with 80% of companies on FTSE100 on LSE as its members) and among the earliest established professional bodies for IR.

MIRA will offer training and examination leading to the CIR at regular intervals throughout the year covering the following topics:

1. Introduction to Investor Relations

2. Companies and Regulations

3. Financial Markets

4. Regulatory Environment

5. Accounting Valuation & Investment Principles

The CIR allows IR practitioners to enhance their IR capabilities and benchmark against international best practices. It allows listed companies to identify IR professionals to strengthen their IR function.

The CIR is also an opportunity for development for professionals from intermediary roles such as investment banking and equity

research who want to make the cross-over into listed companies.

To know more details, please go to www.mira.com.my

36


C I RC I RCertificate in Investor Relations

1 AEON Co. (M) Bhd.

2 Alam Maritim Resources Bhd.

3 Alliance Bank Malaysia Bhd.

4 AMMB Holdings Bhd.

5 APM Automotive Holdings Bhd.

6 Asian Pac Holdings Bhd.

7 Axiata Group Bhd.

8 Axis REIT Managers Bhd.

9 Bandar Raya Developments Bhd.

10 Benalec Holdings Bhd.

11 Berjaya Sports Toto Bhd.

12 Boustead Heavy Industries Corp. Bhd.

13 Boustead Holdings Bhd.

14 Bumi Armada Bhd.*

15 Bursa Malaysia Bhd.

16 C.I. Holdings Bhd.

17 CapitaMalls Malaysia REIT Management Sdn. Bhd.

18 Careplus Group Bhd.

19 Carlsberg Brewery Malaysia Bhd.

20 CIMB Group Holdings Bhd.

21 Classic Scenic Bhd.

22 Choo Bee Metal Industries Bhd.

23 Crest Builder Holdings Bhd.

24 Damansara REIT Managers Sdn. Bhd.*

25 Dayang Enterprise Holdings Bhd.

26 Deleum Bhd.

27 Delloyd Ventures Bhd.

28 DiGi.Com Bhd.

29 Dijaya Corporation Bhd.

30 Eastern & Oriental Bhd.

31 ECS ICT Bhd.

32 Eksons Corporation Bhd.

33 Equine Capital Bhd.

34 Evergreen Fibreboard Bhd.

35 Eversendai Corporation Bhd.

36 Faber Group Bhd.

37 FACB Industries Incorporated Bhd.

38 Focus Point Holdings Bhd.

39 Freight Management Holdings Bhd.

40 Furniweb Industrial Products Bhd.

41 Gamuda Bhd.

42 GD Express Carrier Bhd.

43 Genting Bhd.

44 Genting Malaysia Bhd. (Resorts World)

45 Genting Plantations Bhd.

46 GHL Systems Bhd.

47 Glomac Bhd.

48 Greenyield Bhd.

49 GuocoLand (Malaysia) Bhd.

50 GW Plastics Holdings Bhd.

51 Handal Resources Bhd.

52 Harbour-Link Group Bhd.

53 Heitech Padu Bhd.

54 Hektar Asset Management Sdn. Bhd.

55 HELP International Corporation Bhd.

56 Hua Yang Bhd.

57 Ideal Jacobs (Malaysia) Corporation Bhd.

58 IJM Corporation Bhd.

59 Ireka Corporation Bhd.

60 Jobstreet.com Sdn. Bhd.

61 K&NKenangaHoldingsBhd.

62 KarambunaiCorp.Bhd.

63 KelingtonGroupBhd.

64 KencanaPetroleumBhd.

65 KeyAsicBhd.

66 KhazanahNasionalBhd.

67 KossanRubberIndustriesBhd.

68 KPJHealthcareBhd.

69 KUBMalaysiaBhd.

70 KurniaAsiaBhd.

71 KwantasCorporationBhd.

72 Lafarge Malayan Cement Bhd.

73 Latexx Partners Bhd.

74 LBS Bina Group Bhd.

75 LestariPasifikBhd.

76 Malayan Banking Bhd.

77 Malaysia Airports Holdings Bhd.

78 Malaysia Smelting Corporation Bhd.

79 Malaysia Airlines System Bhd.

80 Malaysian Building Society Bhd.

81 Malaysian Genomics Resources Centre Bhd.

82 Malaysian Resources Corporation Bhd.

83 Masterskill Education Group Bhd.

84 Mesiniaga Bhd.

85 MISC Bhd.*

86 Mulpha International Bhd.

87 Naim Holdings Bhd.

88 NCB Holdings Bhd.

89 OKACorporationBhd.

90 Padiberas Nasional Bhd.

91 PeterLabs Holdings Bhd.

92 Petronas Chemicals Group Bhd.

93 Pharmaniaga Bhd.

94 PohKongHoldingsBhd.

95 PPB Group Bhd.

96 Prestariang Systems Sdn. Bhd.*

97 Privasia Technology Bhd.

98 Protasco Bhd.

99 Public Bank Bhd.

100 Puncak Niaga Holdings Bhd.

101 QL Resources Bhd.

102 Ramunia Holdings Bhd.

103 ReliancePacificBhd.

104 RHB Capital Bhd.

105 SAAG Consolidated (M) Bhd.

106 Salcon Bhd.

107 Sarawak Plantation Bhd.

108 Sealink International Bhd.

109 Shell Refining Company (FOM)Bhd.

110 Sime Darby Bhd.

111 Smartag Solutions Bhd.

112 SMR Technologies Bhd.

113 SP Setia Bhd.

114 Stemlife Bhd.

115 Sunway Bhd.

116 Sunzen Biotech Bhd.

117 TA Enterprise Bhd.

118 Tambun Indah Land Bhd.

119 Tenaga Nasional Bhd.

120 Time dotCom Bhd.

121 Time Engineering Bhd.

122 Top Glove Corporation Bhd.

123 TSH Resources Bhd.

124 UnitedMalayanLandBhd.

125 UOADevelopmentBhd.

126 UMWHoldingsBhd.

127 UzmaBhd.

128 Voir Holdings Bhd.

129 Wah Seong Corporation Bhd.

130 WCT Bhd.

131 Yee Lee Corporation Bhd.

MIRA Corporate Members 2011/2012

MIRA Associate Members1 Boardroom Corporate Services

(KL)Sdn.Bhd.

2 Burson-Marsteller (M) Sdn. Bhd.

3 Chart Nexus Sdn. Bhd.

4 Columbus Circle Governance Sdn. Bhd.

5 Esente Communications (M) Sdn. Bhd.

6 SI Portal.Com Sdn. Bhd.

7 Thomson Reuters*

8 ZJ Advisory Sdn. Bhd.

9 Arkadin Malaysia Sdn. Bhd.

10 GYH Corporate Services Sdn. Bhd.

* New members


Malaysia Investor

Relations Awards

2012

Malaysian Investor Relations Association Berhad

(777008-W)

Annexe Building, Bursa Malaysia,

Exchange Square, Bukit Kewangan, 50200 Kuala Lumpur, Malaysia

Tel: +603 2034 7491Fax: +603 2732 0771

Email: [email protected]

www.mira.com.my

MIRA_3COVER.indd 1 6/1/12 5:05 PM

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