COMPANIES ACT 2016
“equity share” means any share which is not a preference share;
An equity share is an ordinary share that represents ownership in a company. Under the Companies Act 2016, every share that is not classified as a preference share is regarded as an equity share.
Equity shareholders are the residual owners of the company. They generally have voting rights, participate in the company's profits through dividends (if declared), and are entitled to any remaining assets after all creditors and preference shareholders have been paid upon the company's winding up.
Unlike preference shares, equity shares do not carry preferential rights regarding dividends or the return of capital.
Key Characteristics of an Equity Share
An equity share generally:
- Represents ownership in the company;
- Carries voting rights, unless otherwise provided;
- Entitles the holder to dividends declared by the company;
- Participates in the company's growth and profitability;
- Shares in the residual assets upon liquidation after all debts and preferential claims have been satisfied; and
- Does not enjoy priority over preference shares for dividends or capital repayment.
Rights of Equity Shareholders
Equity shareholders generally have the right to:
- Vote at general meetings;
- Attend and participate in shareholders' meetings;
- Elect and remove directors in accordance with the Companies Act 2016;
- Receive dividends when declared by the company;
- Receive notices, annual reports, and financial statements;
- Share in surplus assets upon winding up after creditors and preference shareholders have been paid; and
- Exercise other rights provided under the Companies Act 2016 and the company's constitution.
Practical Examples
Example 1 – Ordinary Shares
ABC Sdn. Bhd. issues 100,000 ordinary shares to its shareholders.
These ordinary shares are equity shares because they are not preference shares.
Example 2 – Company with Two Classes of Shares
XYZ Berhad has:
- 1,000,000 Ordinary Shares; and
- 100,000 Preference Shares.
The ordinary shares are equity shares, while the preference shares are not.
Example 3 – Dividend Distribution
A company declares dividends for the financial year.
Preference shareholders receive their preferential dividend first in accordance with the terms of issue.
Any remaining distributable profits may then be distributed to the holders of equity shares.
Compliance Requirements
Companies issuing equity shares should ensure that:
- The rights attached to the shares are clearly specified;
- The issue and allotment of shares comply with the Companies Act 2016;
- The Register of Members accurately records all equity shareholders;
- Share certificates (where applicable) are properly issued; and
- Any changes in share ownership are recorded and lodged where required.
Importance
Equity shares form the foundation of a company's ownership structure by:
- Providing permanent capital for the company;
- Giving shareholders ownership and voting rights;
- Enabling shareholders to participate in the company's long-term growth and profitability;
- Supporting effective corporate governance through shareholder participation; and
- Representing the residual interest in the company after all liabilities and preferential claims have been satisfied.
Equity shares are the most common class of shares issued by companies incorporated under the Companies Act 2016 and play a fundamental role in corporate financing and shareholder ownership.
《2016 年公司法》
Equity Share（普通股／权益股份）
“Equity Share”（权益股份） 是指**任何不属于 Preference Share（优先股）**的股份。
根据《2016 年公司法》，凡不被归类为优先股（Preference Share）的股份，均属于普通股（Equity Share）。
普通股（Equity Share） 是代表公司所有权的股份，也是企业最常见的股份类别。
普通股股东（Equity Shareholders）属于公司的剩余权益拥有人（Residual Owners）。他们通常享有投票权，并可于公司宣布派发股息时分享公司利润；若公司进行清盘，在清偿所有债权人及优先股股东后，普通股股东有权按其持股比例分享公司的剩余资产。
与**优先股（Preference Share）**不同，普通股并不享有股息分配或资本返还方面的优先权，其回报通常取决于公司的经营表现及盈利能力，因此风险与潜在回报相对较高。
普通股的主要特点（Key Characteristics of an Equity Share）
普通股一般具有以下特征：
- 代表公司所有权（Represents Ownership in the Company）；
- 一般享有股东投票权，除非另有规定（Carries Voting Rights, Unless Otherwise Provided）；
- 有权于公司宣布派息时收取股息（Entitles the Holder to Declared Dividends）；
- 可分享公司的成长及盈利成果（Participates in the Company's Growth and Profitability）；
- 公司清盘时，在清偿所有债务及优先股股东权益后，有权分享剩余资产（Shares in the Residual Assets upon Liquidation）；以及
- 在股息及资本返还方面，不享有优先于优先股的权利（Does Not Enjoy Priority over Preference Shares）。
普通股股东的权利（Rights of Equity Shareholders）
普通股股东一般享有以下权利：
- 出席股东大会并行使投票权；
- 参与公司股东会议及讨论事项；
- 根据《2016 年公司法》选举及罢免董事；
- 于公司宣布派发股息时收取股息；
- 收取股东大会通知书、年度报告及财务报表；
- 于公司清盘时，在债权人及优先股股东获清偿后分享剩余资产；以及
- 行使《2016 年公司法》及公司章程赋予的其他权利。
实务示例（Practical Examples）
例子一：普通股（Ordinary Shares）
ABC Sdn. Bhd. 向股东发行 100,000 股普通股（Ordinary Shares）。
由于该等股份并非优先股，因此均属于普通股（Equity Shares）。
例子二：公司拥有两类股份（Company with Two Classes of Shares）
XYZ Berhad 拥有：
- **1,000,000 股普通股（Ordinary Shares）；**以及
- 100,000 股优先股（Preference Shares）。
其中：
- 普通股属于Equity Shares（普通股／权益股份）；
- 优先股则不属于 Equity Shares。
例子三：股息分配（Dividend Distribution）
某公司于财政年度结束后宣布派发股息。
根据股份发行条款：
首先由优先股股东获得其享有的优先股息；
其后，公司可将剩余可分配利润派发予普通股股东（Equity Shareholders）。
合规要求（Compliance Requirements）
公司发行普通股时，应确保：
- 明确载明普通股所附带的权利；
- 股份发行及配发符合《2016 年公司法》的规定；
- 股东登记册（Register of Members）准确记录所有普通股股东资料；
- 依法签发股票证书（如适用）；以及
- 股份转让及股权变更依法更新公司记录，并于需要时向马来西亚公司委员会（SSM）办理相关法定申报。
重要性（Importance）
普通股（Equity Share） 是公司资本结构及所有权制度的基础，其主要作用包括：
- 为公司提供长期及永久性资本；
- 赋予股东公司所有权及投票权；
- 让股东分享公司长期成长及盈利成果；
- 透过股东参与促进良好的公司治理（Corporate Governance）；以及
- 在公司清偿所有债务及优先权益后，代表公司剩余权益（Residual Interest）。
普通股是依据《2016 年公司法》成立的公司最常发行的股份类别，也是企业融资、股权结构及公司治理制度的重要组成部分，对于企业持续发展及股东权益保障具有关键意义。
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