PNB says voted for all proposals at Apollo Food AGM

TheEdge Thu, Oct 27, 2022 05:47pm - 1 year View Original


KUALA LUMPUR (Oct 27): Malaysian Government-owned fund manager Permodalan Nasional Bhd (PNB) disclosed that it had on Thursday (Oct 27) voted in favour of all six proposals tabled at Apollo Food Holdings Bhd's annual general meeting (AGM) which was held virtually.

In a statement, PNB said it voted in favour of Apollo's proposals which included the company's planned payment of a final dividend of 15 sen a share for financial year ended April 30, 2022 besides the re-election of directors Liang Chiang Heng and Liang Kim Poh.

PNB said it had also voted in favour of Apollo's proposal to re-appoint BDO PLT as as the company's auditor and to authorise Apollo directors to fix BDO's remuneration.

According to chocolate wafer products and layer cake maker Apollo’s latest annual report, PNB-related entity Amanah Saham Bumiputera owns a 12.08% stake in  Apollo as on August 3, 2022.

Amanah Saham Bumiputera is the second-largest shareholder of Apollo after controlling shareholder Keynote Capital Sdn Bhd with a 51.31% stake in Apollo which has 80 million outstanding shares.

In Apollo’s Bursa Malaysia filing on Thursday (Oct 27), the company announced that all resolutions set out in the company's 28th AGM notice dated August 26, 2022 were duly passed by shareholders of the company via poll.

"Asia Securities Sdn Bhd was appointed to act as scrutineer to validate the votes cast at the meeting," Apollo said.

On Thursday, Apollo’s share price closed down one sen or 0.26% at RM3.80, which brings its market capitalisation to RM304 million.

Apollo’s latest reported number of shareholders stood at 3,882 as on Aug 3, 2022, according to the company's annual report.

At a glance, shareholder turnout at Apollo's AGM on Thursday appeared low based on the votes cast in favour of and against the proposals.

Votes in favour of each of the proposals were received from between 63 and 78 shareholders, who collectively own about 52 million shares in Apollo, according to Apollo's Bursa filing.

Meanwhile, between one and 14 shareholders had voted against each of the proposals, Apollo said.

 

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