Summary of AGM

Summary of the key matters discussed at the Twenty-Fourth Annual General Meeting held at No. 9 Jalan 3/91A Taman Shamelin Perkasa Cheras 56100 Kuala Lumpur on Tuesday, 29 August 2017 at 10.00 a.m.

Mr Loy Kwee Keow (“the Chairman”) presided as Chairman of the Twenty-Fourth Annual General Meeting (“24th AGM” or “the meeting”). The Chairman 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 Chairman 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 24th 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        Responses from the Board of Directors
What is the reason for increase in losses after tax despite the high revenue recorded as compared to the preceding financial year and total accumulated losses of the Company?        The increase in loss after tax was due to higher cost of sales and other income recorded as compared preceding financial year. Total accumulated losses of the Company were recorded RM6.74 million.

What is the reason for deferment of the period for settlement of the Cash Balance Purchase Price in relation to the proposed acquisition of a piece of land in Mukim and Daerah Bentong, Negeri Pahang Darul Makmur?
 
The deferment of the period for settlement of the Cash Balance Purchase Price was due to pending bank borrowings approval.

 

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


Responses from the Board of Directors
g’Residence project has achieved 35% take-up rate while construction is at 25% where it reached seventh floor for first tower and sixth floor for second tower.


Key matters raised by the shareholders        Responses from the Board of Directors
What are the Gross Development Value (GDV) and Gross Development Cost (GDC) of g’Residence Project?        GDV and GDC of g’Residence project are approximately RM300.0 million and RM200.0 million respectively.

What is the current plot ratio of the two plots of adjoining leasehold land in Section 15, Shah Alam, Selangor Darul Ehsan (“the Land”) and the proposed development of the Land?
      
The approved plot ratio of the Kebenaran Merancang obtained from the Local Planning Authority for the Land is 3.8 while the allowable plot ratio is 4. The Land will be developed into a mixed development consisting of 300 units of serviced apartment, retail podium and parking area. Each unit will be selling below RM600 per square foot.

 

Key matters raised by the shareholders
What is the reason to defer the launch of the development of the Land in Shah Alam?


Responses from the Board of Directors
The Company is not deferring the launch but intends to amend the Kebenaran Merancang to increase the plot ratio to 5 as the amalgamation application for the Land is still in progress.


Key matters raised by the shareholders
What is the allowable construction period of g’Residence project?


Responses from the Board of Directors
The construction period of g’Residence project is 42 months from the date of first Sale and Purchase Agreement, whereby the first due date is on September 2018. The Directors informed that the construction work can be completed within the timeline.


Key matters raised by the shareholders        Responses from the Board of Directors
What is the entitlement of Beethoven Trading Sdn Bhd (“BTSB”) in the Joint Venture Agreement entered with the Company’s wholly-owned subsidiary, GSB Properties Sdn Bhd (“GSBP”)?        Entitlement of BTSB is 18% of the Net Gross Development Value (Sales proceeds collected and received by GSBP less discounts and rebates from the purchase price of the units of serviced apartments and/or commercial units).

The Company has been making losses for the past few years. What is the current financial results of the Company?
      
The Company forecasted a loss for the quarter ended 30 June 2017. The Directors informed that the loss can be reversed after the profits from the projects in Bentong, Pahang and Plentong, Johor Bahru are registered.

 

Key matters raised by the shareholders
When can the Shareholders expect a turnaround and declaration of dividend?


Responses from the Board of Directors
Turnaround will probably be achieved next year while the declaration of dividend is dependent on the Company’s performance.


As there were no further questions from the shareholders, the Statutory Financial Statements for the year ended 31 March 2017 together with the Directors’ and Auditors’ Report 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 24th AGM held on 29 August 2017:-

1. Approval of Directors’ Fees amounting to RM19,000 for the year ended 31 March 2017;
2. Approval of Directors’ Benefits (excluding Directors’ Fees) up to an amount of RM370,752 of the Subsidiaries of the Company;
3. Re-election of Mr Loy Kwee Keow as Director who retires pursuant to Article 82 of the Company’s Constitution;
4. Re-appointment of Ir. Liaw Boo Lai @ Leow Bong Lai (D.S.M.) as a Director who retires at the conclusion of the 24th AGM of the Company, as a Director of the Company;
5. Re-appointment of Messrs KPMG PLT as Auditors of the Company;
6. Retention of Mr Loy Kwee Keow as Independent Director in accordance with the Malaysian Code on Corporate Governance 2012;
7. Retention of Ir. Liaw Boo Lai @ Leow Bong Lai (D.S.M.) as Independent Director in accordance with Malaysian Code Corporate Governance 2012;
8. 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 Chairman at 11.00 a.m. with a vote of thanks
accorded to the Chair.