Leon Fuat Concludes 17th AGM with Approval of All Resolutions and FY2023 Dividend

Shareholders Approval Reflects Confidence in Strategic Direction and Financial Health of the Group

SHAH ALAM, 13 JUNE 2024 – LEON FUAT BERHAD (“Leon Fuat” or the “Group”), a manufacturer and trader of steel products specialising in rolled long and flat steel, today announced that shareholders have approved all resolutions at the Group’s 17th Annual General Meeting (“AGM”) held 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 2023 (“FY2023”).

Resolutions to re-elect Mr. Ooi Shang How and Mr. Chan Kee Loin as directors, and to re-elect Mr. Thien Shy Wei and Mr. Wong Sze Yan as directors were also approved.

Baker Tilly Monteiro Heng PLT was also re-appointed as the Group’s auditors for financial year ended 31 December 2024 (“FY2024”), with shareholders authorising the directors to fix their remuneration.

Resolutions were also passed authorising the directors to issue shares pursuant to Sections 75 and 76 of the Companies Act 2016 and for the proposed renewal of the existing shareholders’ mandate for recurrent related party transactions of a revenue or trading nature.

Calvin Ooi Shang How, Executive Director of Leon Fuat commented, “We are pleased with the smooth conduct of our AGM and extend our gratitude to all shareholders for their support. The unanimous approval of all resolutions, including the dividend payout shows our shareholders' confidence in Leon Fuat's strategic direction and financial stability. As we navigate the dynamic market environment, we remain focused on diversifying our product offerings and expanding our customer base to ensure sustained earnings. Additionally, we will continue to implement proactive measures, such as forward contract negotiations and prudent inventory management, to mitigate potential risks associated with steel prices and currency fluctuations.”

He added, “Our heartfelt thanks go to our shareholders for their trust and confidence. The effective engagement at this AGM reaffirms our focus to creating value and driving growth despite the challenging macroeconomic landscape. The projected economic growth for Malaysia in 2024 of 4% to 5% is a positive sign, and we are eager to leverage this opportunity to strengthen our position in the market.”