ANNOUNCEMENT REGARDING THE DATE OF ENFORCEMENT OF THE COMPANIES ACT, 2016

ANNOUNCEMENT REGARDING THE DATE OF ENFORCEMENT OF THE COMPANIES ACT, 2016 The Companies Commission of Malaysia (SSM) announced today that the Companies Act 2016 (AS 2016) will take effect in stages beginning with the first phase of the January 31, 2017. The date of the first phase of the US in 2016, the Companies Act 1965 is repealed.

2. Several provisions in the US in 2016 which have not been enforced are: (A) section 241 - provisions relating to the registration requirements of the company secretary to be registered with the Registrar; and (B) Chapter 8 of Part III - the provisions on corporate rescue mechanisms of corporate voluntary arrangement (corporate voluntary arrangement) and management of the judiciary (judicial management).

3. Starting date of enforcement, the SSM would like to draw the attention of the Y.Bhg. Tan Sri / Datuk / Dato '/ Datin / Sir / Madam regarding the following items:

(A) Identification of Member / Director Tunggal (single member / director company) Starting date of the US in 2016, the company may be established by or have a member and the single member can also be a single director. However, for public companies, in 2016 the US still maintains the minimum 2 directors.

(B) Changes in "certificate of incorporation" to "registration notice" Starting date of enforcement of this AS 2016, the SSM will issue a notice of registration of the incorporation of new companies to replace the registration certificate to prove that the provisions relating to company registration requirements have been met in accordance with the provisions of the law.

(C) Elimination of the concept of authorized share capital (authorized capital) Under the US in 2016, the company no longer needs to state the amount of the authorized capital. Instead, companies are only required to inform the number of issued capital (issued share capital) and the number of paid-up capital (paid up capital) and related changes through the statement of allotment (return of allotments).

(D) Elimination of the concept of nominal value of shares (shares with nominal value) Starting January 31, 2017, any shares issued are no longer tied to the nominal value set when the company was incorporated. The Company may issue shares at a price set by factors that affect the company's current situation and needs.

(E) The Company does not have a constitution or memorandum and articles of association For companies incorporated starting January 31, 2017, the company has the option to have a constitution or otherwise. For companies incorporated prior to AS 2016 came into force, the constitution will continue to apply to the company until the company decides otherwise. However, a company limited by guarantee is still required to have a constitution.

(F) The Company does not need to have the official seal (common seal) Starting January 31, 2017, the company has the option to not have an official seal. Implementation of company documents must follow the procedures outlined under Chapter 9 of Part II of the situation if the company chose to have the official seal.

(G) Elimination of the annual general meeting the needs of private companies Starting January 31, 2017, all private companies are no longer required to hold annual general meetings. Instead decisions of private companies may be conducted entirely through a circular resolution.

(H) Separation of lodgement of the Annual Financial Statements Under US 2016, lodgement of the annual requirement is based on the anniversary date of incorporation of a company, while the date of lodgement of the Financial Statements no later than 7 months from the date of the financial year end of the company.

4. The SSM call and seek the cooperation of the Hon. Tan Sri / Datuk / Dato '/ Datin / Sir / Madam to take into account the changes mentioned above in the review, formulate or implement policies and processes that give kesanterhadap a company when dealing with the Ministry / Department / Agency / Organization under regulation Hon. Tan Sri / Datuk / Dato '/ Datin / Sir / Madam. It aims to ensure that the policies that are business-friendly contained in AS 2016 can be implemented more efficiently and the benefits can be enjoyed by the corporate community as a whole. 5. In addition to the US in 2016, SSM will also enforce Interest Scheme Act 2016 starting January 31, 2017. Interest Schemes Act is to regulate the supply of the interest as an alternative to raise capital for the company's business. Provisions under the Interest Scheme was formerly part of the Companies Act 1965. Original article: FB SSM

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