KLSE:CMSB

MIDF Amanah Downgrades Cahya Mata Sarawak to Neutral from Buy; Price Target is MYR1.16

Glass Lewis Controversy Alert: Cahya Mata Sarawak

Glass Lewis issued a controversy alert for Cahya Mata Sarawak (KLSE:CMSB) shareholders ahead of the company's annual general meeting on May 25, according to a recent release.The alert concerns the company's legal dispute with director and former deputy chair Mahmud Abu Bekir Taib, who filed legal proceedings against the company and other board members.The director alleged that he was excluded from board and committee meetings and not allowed to see board minutes and financial information.The company said the exclusion was due to conflicts of interest amid ongoing legal procedures.Glass Lewis said the issue points to internal governance friction and opens doubts on board stability, effectiveness, and oversight.The alert's rationale relates to relevant media coverage and egregious governance practices and falls under board effectiveness and oversight issue.