Reference is made to the Company's announcement dated 8 July 2026 in relation to the receipt of a Notice of Requisition from Dato' Sheah Kok Fah, Sy Dioceldo Sy, Cheah Eng Chuan and Dato' James Jr Lee Weng Kei ("Requisitioning Shareholders") to convene an extraordinary general meeting of the Company pursuant to Section 310(b) of the Act and a Special Notice pursuant to Section 206(3) and 322(1) of the Act ("Requisition Notice").
The Board of Directors has carefully reviewed and upon receiving independent legal advice, was of the view that the Requisition Notice is invalid as the aggregate qualifying shareholding of the Requisitioning Shareholders does not meet the ten per centum (10%) requirements as prescribed under sections 310(b) and 311(3)(a) of the Act, as the shareholding of certain Requisitioning Shareholders are not registered under their personal name for the purpose of requisitioning the general meeting of the Company pursuant to the provisions of the Act.
While the Board considered the requirements under the Act in good faith, it explored whether the Requisition Notice could be accommodated. However, it could not be accommodated as it does not satisfy the legal requirements and the Board accordingly had to decline the Requisition Notice.
The Company is therefore unable to act upon the Requisition Notice on the above basis. The Company has informed the Requisitioning Shareholders accordingly.
The Board wishes to inform the shareholders that Ordinary Resolution 1 of the Requisition Notice, which sought the removal of Mr. Andrew Chan Lim-Fai as a Director of the Company, has been rendered academic, as Mr. Andrew Chan's resignation has been announced on 13 July 2026 following the Board's decision on 6 July 2026 for Mr. Steven Kang Boon Lian to replace him as the Executive Director and Group Managing Director.
The Board emphasises that its decision is not intended to oppress the rights of any shareholders in the Company. It has always valued and continues to value the shareholders' interests.
This announcement is dated 21 July 2026.