MESB BERHAD [Registration No. 199501008356 (337554-D)]

(Incorporated In Malaysia)

 

SUMMARY OF KEY MATTERS DISCUSSED

AT THE TWENTY-FOURTH ANNUAL GENERAL MEETING

 The Twenty-Fourth Annual General Meeting (“24th AGM”) of the MESB Berhad (“the Company” or “MESB”) was held at Level 2, Hotel Sri Petaling, 30, Jalan Radin Anum, Bandar Baru Sri Petaling, 57000 Kuala Lumpur on Thursday, 19 December 2019 at 9.30 a.m.

The following key matters were discussed during 24th AGM of the Company, which were duly responded by the Chairman and the Chief Executive Officer of the Company:-

AGENDA 1 –  AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2019

Q1.   Based on the Audited Financial Statements for the financial period ended 30 June 2019, the earnings per share of the Group stood at 9.19 cents and the Group was in a profit position. Would the Company consider declaring dividend to reward its shareholders?

A1.    Although the Company recorded profits for the current year, this merely covered the losses in the previous two (2) financial years. The Board would take into consideration of the Group’s operating results, working capital requirement, growth and expansion plans before making recommendation of dividend payment. The Board would endeavour to achieve a better financial performance and reward the shareholders.

Q2.  The reasons for the Group unable to sustain the growth momentum in each quarter.

A2.    The retail business would pick up during the festive season such as Chinese New Year and Hari Raya and thus, the Group generated profit during the period from April to June 2019.

AGENDA 9 – AUTHORITY TO ISSUE AND ALLOT SHARES

 Q3.   The reason to seek shareholders’ approval for the authority to issue and allot shares, as the shareholders had on 26 November 2019 via Extraordinary General Meeting granted approval for the private placement.

A3.    The general mandate sought will provide flexibility to the Company for any possible fund-raising activities for further placement of shares for purpose of funding current and/or future investment projects, working capital, repayment of borrowings and/or acquisitions, if any.

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