Summary of AGM

Summary of the key matters discussed at the Twenty-Fifth Annual General Meeting held at No. 1, 1st Floor, Bangunan One Wangsa, Jalan Wangsa Permai 1/1, 52200 Kuala Lumpur on Tuesday, 28 August 2018 at 10.00 a.m.

Datin Toh Siew Chuon (“the Chairperson”) presided as Chairperson of the Twenty-Fifth Annual General Meeting (“25th AGM” or “the meeting”) of GSB Group Berhad (“GSB” or “the Company”). The Chairperson called the meeting to order at 10.00 a.m. after confirmation of the requisite quorum being present pursuant to Article 63 of the Company’s Constitution. The Chairperson highlighted to the shareholders that pursuant to Paragraph 8.29A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all resolutions set out in the notice of the 25th AGM must be voted by way of poll. Among the key matters raised by the shareholders on the performance of the Company and its subsidiaries as well as the responses from the Board of Directors were as follows:-

 

 

Key matters raised by the shareholders
Upon completion of the Conditional Mandatory Take-Over Offer from AmInvestment Bank Berhad on behalf of Javawana Sdn Bhd, Javawana has acquired 40.17% of the total voting shares of the Company. What is the future plans for the Company?


Responses from the Board of Directors

There will be no change to the Company’s business sector. The Management is still assessing the existing business set-up of the Company for future planning and will inform the shareholders after the Management has made decision on any plans for the Company




 

Key matters raised by the shareholders
What is the Company’s view on the slow property market?


Responses from the Board of Directors

Property market is slowing down globally. The Management will set suitable marketing strategy to deal with the current market trend.




 

Key matters raised by the shareholders
What is the percentage of sales of g’Residence project in Plentong, Johor Bahru?


Responses from the Board of Directors

g’Residence project has achieved construction of approximately 50% completion of work as of to-date. g'Residence has a total of 480 units of serviced apartments and 25 units of retail lots. In terms of the total Sale and Purchase Agreement signed, total 244 units out of 480 units of serviced apartments are sold, which is about 50% of sales. Total sales value is equivalent to approximately RM128 million. There are remaining 236 units of serviced apartments unsold whereby 44 units are non-bumi lots. 40% of the total units of 480 units are bumi lots which is 192 units.




 

Key matters raised by the shareholders
When g’Residence project will complete? How the Company generate income from the unsold units of the project?


Responses from the Board of Directors

g'Residence project is expected to complete by first quarter of year 2019. There will have progress billings from the sold units of the project. The construction is reaching top floors where high percentage billing can be issued to the purchases. In addition, sale of the unsold units is still ongoing.




 

Key matters raised by the shareholders
Is the completion of g’Residence project will be delayed? What is the margin of the project? How the Company is to deal with the unsold bumi units?


Responses from the Board of Directors

The completion of the g’Residence project will be delayed. Total margin of the project is about 18% to 20% depending on the discounts and rebates to the purchasers. The Company may convert the unsold bumi units to non-bumi units, if necessary.




 

Key matters raised by the shareholders
Based on page 14 of the Annual Report, why the number of Board Meeting attended by Datin Toh Siew Chuon and Mr Tee Eng Seng during the financial year ended 31 March 2018 is not available?


Responses from the Board of Directors
Datin Toh Siew Chuon and Mr Tee Eng Seng appointed as the Directors of the Company with effect from 19 June 2018.




 

Key matters raised by the shareholders
The Company is to obtain approval from the shareholders for the Directors to allot shares in the Company. Is there any plan to allot new shares?


Responses from the Board of Directors
It is a general mandate for the Directors to allot and issue shares in the Company up to an amount not exceeding total 10% of the issued share capital of the Company. Currently, the Company has no plan to allot new shares.




 

As there were no further questions from the shareholders, the Statutory Financial Statements for the year ended 31 March 2018 together with the Directors’ and Auditors’ Reports thereon were received by the shareholders. The following Ordinary Resolutions were voted by way of poll and were duly passed by the shareholders at the 25th AGM held on 28 August 2018:-

1. Approval of Directors’ Fees amounting to RM19,000 for the year ended 31 March 2018;
2. Re-election of Datin Toh Siew Chuon as Director who retires pursuant to Article 89 of the Company’s Constitution;
3. Re-election of Mr Tee Eng Seng as Director who retires pursuant to Article 89 of the Company’s Constitution;
4. Re-appointment of Messrs KPMG PLT as Auditors of the Company;
5. Authority to allot and issue shares pursuant to the Companies Act 2016.

There being no other matters to be transacted, the meeting was called to a close by the Chairperson at 11.05 a.m. with a vote of thanks accorded to the Chair.