KUALA LUMPUR: Advancecon Holdings Bhd received unanimous approval from its shareholders for all resolutions tabled during its 18th Annual General Meeting (AGM), held today. The strong show of support reflects the confidence investors have in the company’s strategic direction and leadership.
During the meeting, shareholders endorsed the audited financial statements for the financial year ending 31 December 2024, along with the approval of Directors’ fees and benefits for the period until the next AGM. The re-election of two retiring directors, Yeoh Chong Keat and Tung Kai Hung, was also confirmed in accordance with the company’s Constitution, ensuring leadership continuity at the board level.
The AGM also saw the reappointment of Messrs. UHY Malaysia PLT as external auditors, with authority granted to the Board of Directors to determine their remuneration. In a move to enhance financial agility, shareholders approved the mandate for the board to issue and allocate new shares under Sections 75 and 76 of the Companies Act 2016. They also approved a waiver of statutory pre-emptive rights under Section 85.
Additionally, the renewal of the share buyback authority was granted, enabling Advancecon to repurchase up to 10 percent of its issued share capital. This initiative underscores the company’s proactive approach in managing its capital structure to optimise shareholder value.
Group Chief Executive Officer, Dato’ Phum Ang Kia, conveyed his appreciation to shareholders for their continued confidence in the company’s growth trajectory. He noted that the unified support from shareholders aligns with Advancecon’s strategic pivot towards infrastructure development, green energy and digital transformation.
“The strong support from shareholders reflects their confidence in our growth plan. As we move into a new phase driven by infrastructure, green energy and digital transformation, we remain committed to delivering sustainable value that connects communities and transforms lives,” he said.
Dato’ Phum highlighted recent milestones, including the construction of the Gerbil Data Centre in Port Dickson and the development of the Lagong Mas township in Selangor. These projects have contributed significantly to the Group’s order book, which now exceeds RM801 million, a clear indication of execution strength in both conventional and next-generation infrastructure segments.
The Board of Directors and senior management reiterated their commitment to robust corporate governance, fiscal discipline and timely project delivery, all of which are fundamental to the company’s mission.
Advancecon is well-positioned to play a strategic role in Malaysia’s economic advancement and support the national energy transition, reinforcing its contribution towards the country’s long-term sustainable development goals.
-Berita Harian
