LEON FUAT SHAREHOLDERS APPROVE DIVIDEND FOR FY2022

Shareholders also approved all other resolutions at AGM

SHAH ALAM, 23 MAY 2023 – LEON FUAT BERHAD (“Leon Fuat” or the “Group”), a manufacturer and trader of steel products specialising in rolled long and flat steel, would like to announce that shareholders have approved all resolutions at the Group’s 16th AGM today.

Shareholders approved a resolution to pay out a final single tier dividend of 1.5 sen per share for the financial year ended 31 December 2022 (“FY2022”).

Resolutions to re-elect Mr. Ooi Seng Khong, Mr. Ooi Kong Tiong and Mr. Ng Kok Teong as directors were also approved as were resolutions to retain Mr. Chan Kee Loin, Mr. Tan Did Heng and Mr. Tan Sack Sen as independent directors.

Baker Tilly Monteiro Heng PLT was also re-appointed as the Group’s auditors for FY2023, with shareholders also authorising the directors to fix its remuneration.

Calvin Ooi Shang How, Executive Director of Leon Fuat said, “We had a smooth physical AGM and would like to thank all who made this shareholders’ meeting a success. The Group is cautiously optimistic of the outlook for FY2023 and will continue to seek opportunities to diversify products and services as well as the customer base to ensure earnings sustainability. We also will continue to monitor steel prices as well as related foreign currencies and take proactive measures such as through negotiating forward contracts and prudent inventory management to mitigate the risks to the business.”

“We would like to thank our shareholders who attended our physical AGM which allows us to have an effective engagement and who have been with us through thick and thin. The Group appreciates their trust and confidence and will continue to work to create value despite the challenging macroeconomic outlook. We view positively the recent announcement of Malaysia’s better-than-expected 5.6% year-on-year economic growth as this is a good indicator of the country's economic strength that we would want to leverage on.”