Leon Fuat Berhad Shareholders Pass Resolution to Acquire Factory for Rm28.0 Million

SHAH ALAM, Malaysia, Jun 18, 2021 - (ACN Newswire) - Leon Fuat Berhad ("Leon Fuat"), a manufacturer and trader of steel products, specialising in rolled long and flat products, is pleased to announce today that all the resolutions of the Group's 14th AGM and EGM for the financial year ended 31 December 2021 has been passed by shareholders at a virtual meeting.

Leon Fuat Executive Director, Mr. Calvin Ooi

Shareholders passed a resolution for Supreme Steelmakers Sdn Bhd, a wholly-owned subsidiary of the Group, to acquire a factory, warehouse and office on a parcel of freehold land in Kajang, Selangor for RM28.0 million from Leon Fuat Holdings Sdn Bhd, a privately-held company in which several directors and major shareholders have interests in.

Other resolutions passed included the re-elections of Mr. Ng Kok Teong and Mr. Ooi Shang How, who were both due for retirement, as executive directors of the Group's board of directors. Shareholders also re-elected as well as retained Mr. Chan Kee Loin as an independent director while Dato Ng Ah Hock @ Ng Soon Por, Mr. Tan Did Heng and Mr. Tan Sack Sen were also retained as independent directors of the board.

Among the other resolutions up for voting, shareholders reappointed Baker Tilly Monteiro Heng PLT as the Group's auditors and authorised the directors to fix the remuneration of the auditors.

Executive Director of Leon Fuat, Mr. Calvin Ooi said, "We are pleased that the 14th AGM and EGM went smoothly on the virtual platform. Shareholders were delighted with our performance for 2020 despite the challenges posed to the operating environment. We believe that the Group can sustain the business based on the satisfactory performance of the first quarter ended 31 March 2021."

"However, we continue to be cautious given that COVID-19 infection rates remain high and cannot rule out a possible slowdown in activities from the industries that may lead to a drop in demand for steel products. We continue to take proactive measures such as negotiating forward contracts, prudent inventory management and cost-management to mitigate any negative impact while monitoring steel prices and related foreign currencies."

Please contact below for more information:Hakim JuraimiTel: +60 12-318 5410Email: h.juraimi@swanconsultancy.biz

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