We refer to the Company's announcement dated 5 March 2026, on the Proposal ("Announcement"). Unless otherwise stated, all abbreviations used in this announcement shall have the same meanings as defined in the Announcement.
The Company has promptly addressed the requisition with Pangolin and the matter has been duly tabled to the Board for consideration via its meeting held today. After due deliberation on the Proposal, the Board does not recommend the Proposal for the shareholders' approval at the forthcoming 28th AGM, based on the reasons and justifications set out below:
- Fiduciary Duty: Directors are required to act in the best interests of the Company as a whole, and not solely in the interests of any particular shareholder, including a vocal minority.
- Relevance to the Company's Business: The Proposal does not have a direct or material nexus to the Company's core business operations or performance.
- Nature of the Proposal: The Proposal appears to be driven by specific concerns or preferences of Pangolin, rather than reflecting a broader shareholder interest.
- Repetitive Nature: A substantially similar proposal has been raised by Pangolin in recent years and was not supported by shareholders.
- Potential Abuse of Process: The Proposal may be perceived as an attempt to generate publicity or exert pressure on the Board, rather than to advance the Company's long-term interests.
- Legal and Practical Constraints: The Proposal may not be fully aligned with the Company's Constitution and lacks a clear legal and operational framework for implementation. In addition, the Main Market Listing Requirements of Bursa Malaysia Securities Berhad do not provide an established mechanism or precedent for such an arrangement.
Please take note that this Announcement does not affect the validity of the Notice of the 28th AGM or the resolutions originally proposed to be tabled for the shareholders' approval at the forthcoming 28th AGM.
This announcement is dated 31 March 2026.