At A Glance
MAG Holdings Berhad (“MAG” or the “Company” and together with its subsidiaries, the “Group”) is currently an aquaculture-based food producer group listed on the ACE Market of Bursa Malaysia Securities Berhad. It is one of the main players in the prawn farming business in Malaysia.
MAG was incorporated in Malaysia under the Companies Act 2016 (then the Companies Act 1965) in 2004 as a private limited company under the name Key West Global Telecommunications Sdn Bhd and changed its name to Key West Global Telecommunications Berhad when it turned into a public company.
In 2014, it changed its name to XingHe Holdings Berhad when the Company completed the acquisition of Supreme Global Group Limited group whose principal operating unit – Henan XingHe Oil and Fat Company Ltd, is a China-based company involved in edible vegetable oil business.
In 2019, the Group reduced its investment in the edible vegetable oil business in China and diversified into prawn aquaculture business in Malaysia.
MAG, the acronym for “Malaysian Aquaculture Group”, assumed its present name in 2020, to better reflect its present principal business in aquaculture.
Group Corporate Structure
Board of Directors
Mr Ng Min Lin is the Executive Chairman of the Board of Directors. He is a Board member since 2011.
Mr Ng spent his early years as an audit associate with KPMG, Penang. Subsequently, he ventured into the corporate world when he became the Corporate Development Manager of a company that manufactures and franchises water vending machines. A year later, he was promoted to Group Finance Director, when the company concerned got listed on the PLUS Market (now known as Icap Securities and Derivatives Exchange) in the United Kingdom. As he looked for greener pastures, Mr Ng established Esabee Biotika Sdn Bhd, a multi-level marketing company which specialises in microalgae. He was the Chief Executive Officer of the company until his resignation in the mid-2011.
Mr Ng had also invested into companies involved in sectors such as mining, agriculture, and energy. His involvement in these sectors had gained him vast experience in the corporate world. He is an alumnus from The University of New South Wales, Sydney, Australia, having graduated there in 2002 with a Bachelor of Commerce, majoring in Finance and Accounting.
Mr Wang ZhiMin joined the Board in 2014. He is currently an Independent Non-Executive Director of the Company, Chairman of the Remuneration Committee and a member of the Audit and Risk Management, and Nomination Committees.
Mr Wang started his career after graduation as a credit analyst in the loan approval department of China Construction Bank (中国建设银行) and was subsequently promoted to manager in 1993.
In 2000, Mr Wang joined Puyang Changshin CPA Limited (濮阳昌信会计师事务所有限公司) as an Audit Manager until 2003. Thereafter, he spent a short stint in Guangdong Gaoyu CPA Limited (广东高域会计师事务所有限公司) as an Audit and Asset Valuation Manager before he joined Zhengzhou Huanghe DaGuan Co., Ltd. (郑州黄河大观有限公司) (“DaGuan”) in late 2003 as its Financial Controller until 2010. Mr Wang was responsible for the company’s accounting and financial matters as well as its investments in various other businesses. During his employment with DaGuan, Mr Wang was also the Chief Financial Officer of Henan Hanhai Investment Co., Ltd. (河南翰海投资有限公司) (“HanHai”) from 2005 to 2007. DaGuan and HanHai belong to the same ultimate controlling shareholder.
In 2010, Mr Wang joined Guangzhou CITIC Xintong Logistics Co., Ltd. (广州中信信通物流有限 公 司 ) as General Manager of Finance and Corporate Affairs, managing the company’s financial matters and corporate affairs until March 2012 when he joined Henan XingHe Oil and Fat Company Limited (“Henan XingHe”) as the Assistant to the Managing Director. Mr Wang was responsible for the supervision of Henan XingHe’s corporate affairs, strategic planning, financial management and capital management. On 31 July 2016, he resigned from Henan XingHe and was re-designated as a Non-Independent Non-Executive Director of the Company on 6 September 2016. In 2017, he joined Henan Neihuang Yilong Textile Co., Ltd. (河南省内黄意隆纺织有限責任公司) as its Deputy General Manager.
Mr Yeoh Wooi Kia joined the Board in June 2020 as an Independent Non-Executive Director and he is currently a member of the Audit and Risk Management, Nomination and Remuneration Committees.
Mr Yeoh started his career as an audit associate with KPMG, Penang in 2001. Subsequently, he joined Plexus Manufacturing Sdn Bhd as an accountant in 2004 and Hong Leong Assurance Bhd as an Unit Manager in 2008. Mr Yeoh left Hong Leong Assurance Bhd in 2014. He is currently the Business Development Director of AYG Consulting which is engaged in the provision of marketing and general business advisory services, and corporate training solutions to corporate clients from various industries such as trading, direct-selling, e-commerce, food and beverages, entertainment, and events management.
Mr Yeoh graduated from University of Tasmania in 2000 with a Bachelor of Commerce (Accounting) and has been a member of the Malaysian Institute of Accountants since 2008.
Mr Collin Goonting A/L O.S. Goonting joined the Board in July 2020 as an Independent Non-Executive Director.
Mr Goonting was admitted to the Honourable Society of the Inner Temple as a barrister in 1972. He is also an Advocate and Solicitor of the High Court of Malaya.
In addition to litigation, Mr Goonting was also active in the corporate and financial sectors, internationally and in Malaysia since 1972. He has acted as the lead counsel in many high-profile criminal as well as civil cases for more than 20 years.
In 1991, when Labuan was made an International Offshore Financial Centre by the Malaysian government, Mr Goonting established a branch of Messrs. Collin Goonting & Co in Labuan to service international companies setting up offices there. His firm has acted for international offshore banks as well as other foreign companies clients in financial matters especially in the setting up of offshore companies and special purpose vehicles. He was also active in providing legal services for local offshore banks in Labuan offering Islamic financial products.
Mr Goonting also provided legal advice in English and international laws to multinational oil corporations in Labuan engaged in offshore drilling in Labuan.
In 2001, he set up a legal firm in Jakarta and was appointed as the legal consultant to a company building geothermal power plants. In addition, his firm also advised on private equity funding, debt restructuring and recovery as well as liquidation to foreign banks and financial institutions in Indonesia. He still provides consulting advice to oil and gas companies in Indonesia.