All 9 Resolutions Were Approved At The AGM
MGB Shareholders Approve Mandate for 10% Share Buy-back
Petaling Jaya, 15 June 2022 – MGB Berhad (“MGB” or the “Group”) (a subsidiary of LBS Bina Group Berhad), a construction and property development solutions provider, today concluded its 20th Annual General Meeting (“AGM”) which was for the second time conducted on a fully virtual basis. MGB announced that all nine (9) resolutions presented for consideration were passed by its shareholders.
The shareholders approved, amongst others, the payment of a single-tier final dividend of 0.493 sen per ordinary share for the financial year ended 31 December 2021 (“Dividend”). The Dividend, amounting to approximately RM2.92 million, will be payable on 20 July 2022 to the shareholders whose names appear in the Record of Depositors on 28 June 2022. In addition, MGB received approval to buy-back up to 10% of its own existing total number of issued shares in the Company.
After the AGM, MGB Executive Vice Chairman Tan Sri Dato’ Sri Lim Hock San commented, “We are delighted to have received the support of our shareholders and achieve a positive outcome at our 20th AGM. 2022 has been a tumultuous year with geopolitical issues and inflation the common enemy for construction companies. Nevertheless, we will push on strong and continue to deliver our projects. So far, MGB has built more than 19,000 units of properties, leveraging on the use of our in-house Industrialised Building System which has completed more than 5,000 housing units. As of 31 May 2022, our construction order book stands at a healthy RM1.64 billion while we have an estimated gross development value of RM2.15 billion under our property development segment. MGB is in good shape to deliver steady revenue over the next few years.
To add on, we are pleased to have received approval to pay out the 0.493 sen per share dividend to our shareholders. Notably, this will be the first final dividend to be paid out in our company’s history. We hope to continue rewarding our shareholders as MGB marches forward.”
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About MGB Berhad
Established in 2007, MGB Berhad (“MGB”) has evolved into a construction and property development solutions provider, primarily focusing on providing efficient and cost-effective solutions across a wide range of industries, in particular building mass market and affordable living spaces for generational living in Malaysia.
Through its subsidiaries, MGB provides a full range of design, construction and development services including design and build, project management, civil engineering, value engineering, geotechnical specialisation, and manufacturing in Industrialised Building System (IBS) precast concrete products.
MGB has accumulated a strong track record, with more than 14 years in design and build to general construction for residential, commercial and industrial buildings as well as infrastructure works. MGB has successfully completed more than 19,000 units of properties, particularly in the affordable homes segment. In addition, MGB has also completed more than 5,000 homes using their IBS technology.
For more information, please visit www.mgbgroup.com.my.
For media inquiries, please contact:
1. Ng Shu Wain at [email protected].
2. Corporate Communication, Media & Digital, LBS at [email protected]