PeterLabs seeks court order to halt EGM aimed at board shake-up
In a filing with Bursa Malaysia, the company said the legal action is intended to block their bid to call for an extraordinary general meeting (EGM), which seeks to remove existing board members and appoint new ones.
PeterLabs said it has commenced legal proceedings in the Seremban High Court to declare the May 15 requisition notice invalid, arguing that it is not in the best interest of the company.
It has also filed for an interlocutory injunction to restrain Bu and Lin from convening or conducting the proposed EGM, pending a final court ruling.
The requisition was submitted under the Companies Act 2016, accompanied by special resolutions to alter the composition of the board.
The group said its board, after obtaining legal advice, resolved not to convene the EGM, stating the proposed resolutions were not aligned with the interests of the company or its stakeholders.
Yesterday, PeterLabs announced that the group and its subsidiary Thye On Tong Trading Sdn Bhd had initiated legal proceedings against Lin and suspended executive director Datuk Loh Saw Foong.
This follows earlier disclosures made on May 13 and May 26, 2025, regarding Loh's suspension over alleged breaches of fiduciary duty. The group is seeking various declaratory reliefs and damages as part of the legal action.
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New Straits Times
2 hours ago
- New Straits Times
Reduced 19pc US tariff fuels hope
KUALA LUMPUR: The United States has lowered its tariffs on imports from Malaysia to 19 per cent, bringing a wave of relief to the country's export-heavy industries and the local stock market. The new rate — a reduction from the original 25 per cent — is on a par with regional neighbours such as Indonesia, the Philippines, Thailand and Cambodia. The White House issued a presidential order dated July 31, outlining broader changes to the US Reciprocal Tariff framework under Executive Order 14257. It saw sweeping revision to the "liberation day" tariffs announced by President Donald Trump in April, reducing or slightly increasing rates on US trading partners. The April announcement saw Malaysia facing a 24 per cent tariff, adjusted to 25 per cent in July, before being reduced to 19 per cent effective Aug 8. This sits above the global baseline of 10 per cent. Industry players welcomed the lower rate, saying it reflects the result of constructive dialogue and engagement between the Malaysian and US governments. The cut may seem modest but it marks a significant boost for Malaysian exporters navigating increasingly competitive and cost-sensitive global supply chains, they added. At Bursa Malaysia, the news prompted a positive market reaction. The stock exchange's benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) saw an immediate rise as investors quickly priced in the positive impact on Malaysian exporters, particularly in sectors such as semiconductor, palm oil and rubber products. The key index rose 1.33 per cent, gaining 20.10 points to close at 1,533.35, up from Thursday's close of 1,513.25. Following the tariff clarity, the FBM KLCI is expected to trade higher next week, driven by clearer investor outlook. Enhancing Competitiveness While it is still too early to assess the full extent of the impact, several export-oriented industries may benefit from improved competitiveness and increased demand. Federation of Malaysian Manufacturers (FMM) president Tan Sri Soh Thian Lai said the tariff cut enhances the cost competitiveness of Malaysian-manufactured goods in the US market and reflects improved bilateral trade relations. He commended Prime Minister Datuk Seri Anwar Ibrahim's direct engagement with US President Donald Trump as well as the Investment, Trade and Industry Ministry and other relevant agencies for their continued efforts in advocating for the interests of Malaysian industry on the international stage. Malaysian Furniture Council president Desmond Tan said the tariff reduction brings Malaysia's treatment more in line with that of neighbouring Asean nations, helping to preserve its relevance within the regional supply chain. "Hopefully these latest tariffs can reduce uncertainty. However, exporters will still need to adapt to a higher-cost trade environment and continued support from the government remains valuable," Tan told the New Straits Times. Trade talks between the Malaysian and US governments began on May 6 and concluded on July 31, involving multiple platforms of engagement, according to the Investment, Trade and Industry Ministry. The US is Malaysia's largest export market, with trade valued at RM198.65 billion and its largest source of foreign direct investment, with RM32.82 billion in approved investments recorded in 2024. Underlying Risks While the 19 per cent tariff is "less damaging" than the initially proposed 25 per cent, some industry specialists said it still represents a hurdle that will weigh on Malaysia's exports in the global market. Moomoo Malaysia head of dealing Ken Low said the tariff easing is a short-term relief as there remains underlying risks that investors and exporters must navigate in the coming months. "While the tariff reduction is a positive development for Malay-sia's export sectors, it is far from a comprehensive solution," he said. For exporters, particularly in industries like semiconductor, palm oil and medical devices, the 19 per cent tariff could still pressure margins and profitability, Low said. Companies will likely face higher costs for their goods entering the US market, with potential price hikes or margin erosion. Additionally, supply chain disruptions caused by tariffs could delay shipments and reduce overall demand. In the glove sector, Malaysia — which is a major glove producer and exporter — no longer holds a rate advantage over Thailand, Indonesia or Cambodia. But the country's 19 per cent tariff is still lower than Vietnam's 20 per cent and China's 30 per cent, offering marginal competitiveness in the US market, according to CIMB Securities. In 2024, Malaysia held the largest share (about 45 per cent) of the global rubber glove market, followed by China (28 per cent) and Vietnam (10 per cent). CIMB Securities expects some incremental shift in the US glove orders to Malaysia, but higher tariffs will still increase US buyers' cost base, which may limit restocking or lead to leaner inventories.
New Straits Times
2 hours ago
- New Straits Times
Reduced 19pct US tariff fuels hope
KUALA LUMPUR: The United States has lowered its tariffs on imports from Malaysia to 19 per cent, bringing a wave of relief to the country's export-heavy industries and the local stock market. The new rate — a reduction from the original 25 per cent — is on a par with regional neighbours such as Indonesia, the Philippines, Thailand and Cambodia. The White House issued a presidential order dated July 31, outlining broader changes to the US Reciprocal Tariff framework under Executive Order 14257. It saw sweeping revision to the "liberation day" tariffs announced by President Donald Trump in April, reducing or slightly increasing rates on US trading partners. The April announcement saw Malaysia facing a 24 per cent tariff, adjusted to 25 per cent in July, before being reduced to 19 per cent effective Aug 8. This sits above the global baseline of 10 per cent. Industry players welcomed the lower rate, saying it reflects the result of constructive dialogue and engagement between the Malaysian and US governments. The cut may seem modest but it marks a significant boost for Malaysian exporters navigating increasingly competitive and cost-sensitive global supply chains, they added. At Bursa Malaysia, the news prompted a positive market reaction. The stock exchange's benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) saw an immediate rise as investors quickly priced in the positive impact on Malaysian exporters, particularly in sectors such as semiconductor, palm oil and rubber products. The key index rose 1.33 per cent, gaining 20.10 points to close at 1,533.35, up from Thursday's close of 1,513.25. Following the tariff clarity, the FBM KLCI is expected to trade higher next week, driven by clearer investor outlook. Enhancing Competitiveness While it is still too early to assess the full extent of the impact, several export-oriented industries may benefit from improved competitiveness and increased demand. Federation of Malaysian Manufacturers (FMM) president Tan Sri Soh Thian Lai said the tariff cut enhances the cost competitiveness of Malaysian-manufactured goods in the US market and reflects improved bilateral trade relations. He commended Prime Minister Datuk Seri Anwar Ibrahim's direct engagement with US President Donald Trump as well as the Investment, Trade and Industry Ministry and other relevant agencies for their continued efforts in advocating for the interests of Malaysian industry on the international stage. Malaysian Furniture Council president Desmond Tan said the tariff reduction brings Malaysia's treatment more in line with that of neighbouring Asean nations, helping to preserve its relevance within the regional supply chain. "Hopefully these latest tariffs can reduce uncertainty. However, exporters will still need to adapt to a higher-cost trade environment and continued support from the government remains valuable," Tan told the New Straits Times. Trade talks between the Malaysian and US governments began on May 6 and concluded on July 31, involving multiple platforms of engagement, according to the Investment, Trade and Industry Ministry. The US is Malaysia's largest export market, with trade valued at RM198.65 billion and its largest source of foreign direct investment, with RM32.82 billion in approved investments recorded in 2024. Underlying Risks While the 19 per cent tariff is "less damaging" than the initially proposed 25 per cent, some industry specialists said it still represents a hurdle that will weigh on Malaysia's exports in the global market. Moomoo Malaysia head of dealing Ken Low said the tariff easing is a short-term relief as there remains underlying risks that investors and exporters must navigate in the coming months. "While the tariff reduction is a positive development for Malay-sia's export sectors, it is far from a comprehensive solution," he said. For exporters, particularly in industries like semiconductor, palm oil and medical devices, the 19 per cent tariff could still pressure margins and profitability, Low said. Companies will likely face higher costs for their goods entering the US market, with potential price hikes or margin erosion. Additionally, supply chain disruptions caused by tariffs could delay shipments and reduce overall demand. In the glove sector, Malaysia — which is a major glove producer and exporter — no longer holds a rate advantage over Thailand, Indonesia or Cambodia. But the country's 19 per cent tariff is still lower than Vietnam's 20 per cent and China's 30 per cent, offering marginal competitiveness in the US market, according to CIMB Securities. In 2024, Malaysia held the largest share (about 45 per cent) of the global rubber glove market, followed by China (28 per cent) and Vietnam (10 per cent). CIMB Securities expects some incremental shift in the US glove orders to Malaysia, but higher tariffs will still increase US buyers' cost base, which may limit restocking or lead to leaner inventories.
The Star
2 hours ago
- The Star
A matter of safety net
A WOMAN who wants to conquer the world must first be able to sign her own cheque book. That's what my grandmother drummed into my head when I was growing up. My grandmother had felt strongly that women should work, even if they had the luxury of being ladies of leisure. My grandmother, a mother of 10, was a housewife. As my grandfather was attentive, and my aunts and uncles filial, she was never in want. But she was well aware that not all women were as fortunate. That was why she constantly reminded her granddaughters on the importance of being independent. There were numerous benefits of earning one's keep, she'd tell me. First is the liberation from not having to depend on others. Second is the sense of purpose; an idle mind is the devil's workshop, while an active one is a sanctuary for progress and wisdom. Lastly, you will get to have the final say. From a solo holiday trip right down to the kind of rims you'd like your car tyres to sport, the choice could be yours alone to make and enjoy. As of February 2024, the Labour Force report by the Statistics Department showed that among women in the country, the percentage who are working was only 56.5% while for men, the figure stood at 83.1%, highlighting the gender gap in the country. A 2023 survey conducted by Selangor government through the Selangkah app revealed that one of the main reasons women did not join the workforce was family responsibilities, which included childcare. Selangor women empowerment and welfare committee chairman Anfaal Saari, while speaking at an Ampang Jaya Municipal Council Women's Day event, said 13% of women in the survey stated inflexible working hours made it difficult for them to hold on to a job and meet their family's needs at the same time. 'Another 13% said they wanted to emphasise quality care and the safety of their children,' said Anfaal. The percentage of Selangor women who are unpaid family workers was also the highest in Malaysia at 20%, she added. I recently attended a workshop to develop the full potential of women in the workplace. It was organised by a voluntary organisation which focusses on facilitating 30% women representation on the boards of companies listed on Bursa Malaysia. During discussions to exchange ideas, gain insights and receive guidance on navigating the path to leadership, out popped the usual topic of guilt in leaving one's children in the care of others when reporting to work. One participant, who is a development associate of a company, summed up the situation beautifully. 'Those who are bold enough to embrace change are the ones who have what it takes to be in leadership roles and enjoy the perks that come with it, such as being able to afford better education opportunities for their children,' she said. A mother-of-two, who is now a partner of an international accounting firm, said it all boiled down to personal choice. While she works in Kuala Lumpur, her family resides in Penang. To see her family, she has to frequently travel to and fro. Many women in the working world are mothers, a company chief operating officer said. 'It is not wrong to choose your family. Whatever you decide, that is the right decision,' she said. However, it must also be remembered that women who are financially independent will always have a safety net for themselves. It will also give them the mandate to make important decisions for the family, from the quality of care for ageing parents to leaving lasting legacies for their own children. Under the 13th Malaysia Plan, the Government aims to raise female labour force participation to 60% by 2030 through measures such as expanded childcare, reskilling and gender-inclusive workplace initiatives.
