This article first appeared in The Edge Malaysia Weekly on June 9, 2025 - June 15, 2025

At the May 30 annual general meeting of Cahya Mata Sarawak Bhd (KL:CMSB), there seems to be a crack in the voting pattern of the Taib family, which controls the company.

The strange voting pattern is particularly obvious based on the outcome of one of the resolutions, which was an amendment to the company’s constitution that was not approved during the AGM. It was the only resolution out of 13 that wasn’t approved.

The resolution was to ensure stronger oversight over management decisions leading to more comprehensive decision-making and better problem solving. It required 75% approval from shareholders present and voting. The proposal should not come as a surprise as CMS has had more than its fair share of governance issues, with the latest being between the company and deputy chairman Datuk Seri Mahmud Abu Bekir Taib.

Shareholders holding 443 million shares, representing some 41% of the company, voted during the AGM. The resolution on the amendment to the constitution received support from 67% of the shareholders, who held 297 million shares. It was opposed by shareholders holding 146 million shares, which was almost 33% of those who cast their ballots.

The Taib family collectively holds close to 250 million shares, which is 23% of CMS. The 23% is broken into two blocks — 12.5% or 134.8 million shares held by Majaharta Sdn Bhd and 10.3% or 111 million shares held under the trust of the late Lejla Taib.

The strength of the Taib family voting as a block was evident at the AGM based on the re-election of Mahmud, who received the overwhelming support of 97% of shareholders who voted. The outcome suggests that the family voted as a block in favour of the elder brother of group managing director Datuk Seri Sulaiman Abdul Rahman Abdul Taib.

The other substantial shareholders in CMS are Lembaga Tabung Haji with 6.8% or 73 million shares and the Sarawak Economic Development Corporation (SEDC) with 5.7% or 60 million shares. 

Who were the shareholders holding 146 million shares that voted against the resolution? 

Did SEDC and Tabung Haji colletively oppose the resolution?

Or, was there a split in the voting by Majaharta and the late Lejla Taib’s blocks of shares?

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