CORP BRIEF: Bursa, PetChem, AmBank and Maybank

by TMR / pic by TMR FILE

Bursa to limit tenure of independent directors

BURSA Malaysia Bhd’s enhanced listing requirements now limit the tenure of an independent director to not more than a cumulative tenure of 12 years in a listed issuer and its group of corporations. All long-serving independent directors impacted by this enhancement must resign or be re-designated as non-independent directors by June 1, 2023. In a statement yesterday, the regulator also said listed issuers with a market cap of RM2 billion as at Dec 31, 2021, to appoint at least one woman director on their boards by Sept 1, 2022. For the remaining public-listed companies (PLCs), the requirement must be complied with by June 1, 2023. The exchange also said the appointment and re-election of directors across the PLC group, which must be published on the PLCs’ websites, starting from July 1, 2022. PLCs are also required to disclose the application of the PLCs’ fit and proper policy in the nomination and election of their directors in their annual reports.

PetChem to build melamine plant in Kedah

PETRONAS Chemicals Group Bhd (PetChem) will be building a 60,000 tonnes per annum melamine plant in Gurun, Kedah, making it the sole melamine producer in South-East Asia. The project is targeted to come onstream in 2024 and is in line with PetChem’s growth journey to expand into derivatives by adding value to the molecules from its existing products such as urea, methanol, polyolefins and others, PetChem said in a statement yesterday. PetChem, through its wholly owned subsidiary, Petronas Chemicals Fertiliser Kedah (PCFK), will be using the urea produced from PCFK as the feedstock to produce melamine. By housing the plant within the vicinity of PCFK, PetChem will be able to maximise the overall value through the integration of feedstock and utilities with the existing PCFK facility.

MYOR IRS trade with AmBank and Maybank

AMBANK Group and Malayan Banking Bhd (Maybank) have mutually entered into the first Malaysia Overnight Rate (MYOR) interest rate swap (IRS) transaction after Bank Negara introduced the new reference rate as an alternative to the Kuala Lumpur Interbank Offered Rate for IRS transactions in September 2021. The landmark transaction between both banks for a notional value of RM500 million sets a new footprint for further market development towards adopting MYOR as the preferred benchmark for ringgit cash and derivatives market.