KUALA LUMPUR: Leon Fuat Bhd's shareholders have approved resolution to pay out a final single tier dividend of 1.5 sen per share for the financial year ended December 31 2023 (FY2023) at its 17th annual general Mlmeeting (AGM).
The shareholders also approved other resolutions such as to re-elect Ooi Shang How and Chan Kee Loin as directors, and to elect Thien Shy Wei and Wong Sze Yan as directors.
Baker Tilly Monteiro Heng PLT was also re-appointed as the group's auditors for financial year ended Dec 31 2024 (FY2024), with shareholders authorising the directors to fix their remuneration.
Resolutions were also passed authorising the directors to issue shares and for the proposed renewal of the existing shareholders' mandate for recurrent related party transactions of a revenue or trading nature.
Leon Fuat is a manufacturer and trader of steel products specialising in rolled long and flat steel.
Leon Fuat executive director Calvin Ooi Shang How said the unanimous approval of all resolutions, including the dividend payout shows its shareholders' confidence in Leon Fuat's strategic direction and financial stability.
"As we navigate the dynamic market environment, we remain focused on diversifying our product offerings and expanding our customer base to ensure sustained earnings.
"We will continue to implement proactive measures, such as forward contract negotiations and prudent inventory management, to mitigate potential risks associated with steel prices and currency fluctuations," he said in a statement.
The projected economic growth for Malaysia in 2024 of 4.0 per cent to 5.0 per cent is a positive sign, and the group is eager to leverage this opportunity to strengthen our position in the market, he added.