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Thursday, 16 March 2023

Oppstar soars 225% on ACE Market debut, makes sterling debut on ACE Market

From left: Oppstar chief financial officer Chin Fung Wei, independent non-executive director Datuk Mohd Sofi Osman, independent non-executive chairman Datuk Siti Hamisah Tapsir, executive director and CEO Ng Meng Thai, executive director and chief technology officer Cheah Hun Wah, chief operating officer Tan Chun Chiat, independent non-executive director Datuk Margaret Yeo and independent non-executive director Foong Pak Chee 

Oppstar soars 225% on ACE Market debut

 

KUALA LUMPUR: Oppstar Bhd made its debut on the ACE Market of Bursa Malaysia at RM2.05 a share, a 225.4% premium over the issue price of 63 sen a share.

The stock was the most actively traded with 19.26 million shares exchanging hands.

The integrated circuit design service provider successfully raised RM104.25mil from the initial public offering exercise via the issuance of 165.48 million new ordinary shares.

Oppstar will utilise RM50mil to expand its workforce and RM25.00mil for the establishment of new offices both locally and regionally.

Meanwhile, another RM12mil will go towards research and development expenditure along with RM12.65mil for working capital.

The remaining RM4.6mil will be allocated for its listing related expenses.

“Our vision for the company is simple and clear and it is to show the global players that Malaysia is not only known for its back-end semiconductor value chain, but also has the capability to go into front-end semiconductor IC design.

"I am proud to say that we now serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the USA.

"As we gradually progress, we continually ask ourselves what we can do to expand our business and continue to build up Malaysia’s profile in the front-end semiconductor space. This was where the rationale to go for a listing came about leading up to this today," said Oppstar executive director and CEO Ng Meng Thai said in a statement. 

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Oppstar makes sterling debut on ACE Market

 

PETALING JAYA: Oppstar Bhd will focus on building its human resource capital post-listing, as the technology sector is set to grow from the opportunities presented by 5G, artificial intelligence and the Internet of Things.

The integrated circuit design service provider’s chief executive officer Ng Meng Thai said the bulk of the proceeds raised from Oppstar’s listing on the ACE Market of Bursa Malaysia yesterday would be used for the workforce expansion.

“At the moment we have 220 engineers and we have plans to increase that number to 500 in the next three years. With an enlarged workforce, we also hope to grow our revenue and profitability accordingly,” he said after the company’s listing yesterday.

The group is collaborating with various universities in the country to secure future design engineers.

“We started a programme in 2020 where we hire third-year university students for three months. They work part time for 20 hours a week and are paid RM1,500 a month. Upon graduating, they are required to work for us for a year. This is how we build our talent pool.

“When it comes to business, the multinational corporations (MNCs) are our customers. However these MNCs become our competitors when it comes to hiring. This is why other than fundraising, our objective in carrying out the listing exercise is also about hiring and retention,” said Ng.

Oppstar raised RM104.3mil from the public issue of 165.48 million new shares. The company made its debut in the market opening at RM2.05 per share, or a RM1.42 premium above the offer price of 63 sen per share.

The stock closed its maiden trading day up 285.7% or RM1.80 higher at RM2.43 a share. The share price hit a high of RM2.95 and a low of RM2 in intraday trade. Oppstar’s listing did not have an offer for sale of shares from its shareholders.

Oppstar chief financial officer Chin Fung Wei said the group intends to implement a long-term incentive plan of up to 15% of the total number of issued shares of the company for its employees.

“Prior to our initial public offering (IPO), we already had more than 20 shareholders. In fact, every one of our employees, except for those that came on board after the IPO’s closing date, is a shareholder of the company. This is one of our remuneration methods for our employees, apart from their monthly salary,” he said.

Ng added the group’s listing showed Malaysia was not only known for its back-end semiconductor value chain, but also had the capabilities to go into front-end semiconductor integrated circuit design.

“We serve clients in countries such as China, Malaysia, Japan, Singapore, as well as the US. Our expansion plans will enable us to groom future talent and grow our geographical presence which will progressively help strengthen Malaysia’s front-end semiconductor ecosystem in line with our vision,” he said.

The group plans to payout at least 25% of its annual earnings as dividends. AmInvestment Research said the US-China trade war bodes well for Oppstar because China is compelled to develop its own semiconductor capabilities. 

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Wednesday, 15 March 2023

Know how this vital law protects you from fraud

 

Photo: 123rf.com

CONSUMER protection laws are designed to safeguard consumers and ensure they are not subjected to fraudulent or unethical practices by businesses. One such law in Malaysia is the Financial Consumer Services Act 2013, which aims to protect consumers from unfair or deceptive practices by financial institutions.

One issue that has received increased attention in recent years is “mis-selling” by banks selling investment products to its depositors. Mis-selling refers to the practice of selling financial products to consumers that are not suitable for their needs or financial situation, which can often result in significant financial losses.

Banks have been known to engage in mis-selling by aggressively pushing investment products such as mutual funds, stocks, and insurance policies to their depositors without adequately disclosing the risks involved.

The Financial Consumer Services Act (FCSA) seeks to address this issue by imposing strict requirements on financial institutions to ensure that they act in the best interests of their clients.

FCSA requires financial institutions to disclose information about their products and services in a clear and concise manner, to ensure that consumers can make informed decisions.

It also provides for the establishment of a dispute resolution mechanism to enable consumers to seek redress for grievances.

In addition, the Act requires financial institutions to obtain sufficient information about their clients’ financial situation and investment goals before recommending any investment product.

This is particularly important if customers do not have the same level of knowledge or experience as more seasoned investors.

The Act also provides consumers with greater protection in the event of a dispute. It establishes an independent dispute resolution mechanism that is fair and impartial to resolve complaints and disputes between consumers and financial institutions.

In addition to this, the FCSA provides for compensation for consumers who have suffered losses as a result of mis-selling. Financial institutions are required to establish complaint handling procedures that enable consumers to make complaints and seek redress. These procedures must be transparent and accessible, and financial institutions must take reasonable steps to resolve complaints in a timely and efficient manner.

The FCSA also provides for enforcement measures to be taken against financial institutions that engage in unfair and deceptive practices. This includes fines, penalties, and other sanctions that may be imposed by the regulator.

These measures are designed to deter financial institutions from engaging in practices that are harmful to consumers.

It is important to note, however, that consumer protection laws are only effective when they are enforced. Financial institutions that engage in mis-selling must be held accountable for their actions, and consumers must be empowered to seek redress when they are harmed. This requires a strong and effective regulatory framework, as well as consumer education and advocacy to ensure that consumers are aware of their rights and able to protect themselves.

The FCSA is an important piece of legislation that plays a vital role in protecting consumers in the financial sector.

It provides consumers with greater transparency and clarity in financial transactions, and ensures that they are not subject to unfair and deceptive practices.

The provisions of the Act relating to the mis-selling of investment products by banks are particularly important, as this is a problem that has affected many consumers in the past.

With the FCSA in place, consumers can have greater confidence in the financial sector and can be assured that their rights and interests are being protected.

- PROF DR ONG TZE SAN School of Business and Economics Universiti Putra Malaysia 

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Financial Services Act 2013 - Bank Negara Malaysia

 


https://www.bnm.gov.my/documents/20124/820862/Financial+Services+Act+2013.pdf

 

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Tuesday, 14 March 2023

Stop moral policing at govt offices, a form without substance; Michelle Yeoh after her Oscar win: 'I'm bringing this home', with substance

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MORAL policing related to dress codes at government offices has to stop, says a senior government backbencher.

The Chief Secretary to the Government should also issue civil servants updated instructions on the dress code at government offices, police station and hospitals, said M. Kulasegaran (PH-Ipoh Barat).

“There have been cases where people were stopped from lodging a report at the police station or even from getting (medical) treatment because of what they wore.

“I feel this is unacceptable in any multiracial country,” Kulasegaran told the Dewan Rakyat during committee stage debate of Budget 2023.

On March 10, The Star reported that a woman known as Khor Hooi Chin, 41, whose hemline was slightly above her knees, was denied entry into a government building by a staff member who told her that her attire did not comply with the dress code.

There have also been several other recent cases of women being denied entry to hospitals, police stations and government offices due to their attire.

“I hope a guideline will be issued to all to put an end to this moral policing,” Kulasegaran said. 

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