Minutes of the 22nd Annual General Meeting
A SUMMARY OF THE MINUTES OF THE TWENTY SECOND ANNUAL GENERAL MEETING (“22ND AGM”) OF WCE HOLDINGS BERHAD (“THE COMPANY”) HELD ON A VIRTUAL BASIS AT THE BROADCAST VENUE AT UNIT 7-21, WISMA CONLAY, NO. 1, JALAN USJ 10/1, TAIPAN BUSINESS CENTRE, 47620 SUBANG JAYA, SELANGOR USING THE REMOTE PARTICIPATION AND VOTING FACILITIES (‘RPV FACILITIES”) PROVIDED BY METRA MANAGEMENT SDN BHD VIA ITS WEBSITE AT WWW.METRAMANAGEMENT.COM.MY (DOMAIN REGISTRATION NO. D1A403946) ON WEDNESDAY, 30 AUGUST 2023 AT 2.30 P.M.
ATTENDEES:
- All members of the Board of Directors
- Company Secretaries
- Management Team of the Company
- Representatives of Messr Baker Tilly Monteiro Heng PLT
- Shareholders / Proxies / Authorised Representatives / Invitees
CHAIRMAN
Datuk Ir. Hamzah Bin Hasan presided as the Chairman of the 22nd AGM of WCE Holdings Berhad (“WCEHB” or “the Company”). On behalf of the Board, the Chairman welcomed all for participating remotely from various locations through live streaming.
The Chairman then introduced the Chief Executive Officer and the Company Secretary, who were with him at the broadcast venue, and the Board members who were attending the meeting via video conferencing.
NOTICE OF MEETING
There being no objection, the notice convening the meeting, having been circulated to all the shareholders of the Company within the statutory period, was taken as read.
QUORUM
The Company Secretary confirmed a quorum and called the meeting to order at 2.30 p.m.
ANNOUNCEMENT ON POLLING AND ADMINISTRATIVE MATTERS
The Chairman informed that the resolutions set out in the Notice of meeting would be voted by poll in accordance with Paragraph 8.29A of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
The Chairman informed that the poll on all the resolutions would be conducted electronically via the RPV Facilities and the voting could be done at any time throughout the meeting until the end of the voting session .
The Chairman further informed that the poll would be administered by Metra Management Sdn Bhd and the appointed scrutineer was Symphony Corporate Services Sdn Bhd.
The Chairman further informed that shareholders could submit questions via the Question-and-Answer (“Q&A”) platform and the questions would be answered accordingly during the Q&A Session (Appendix A, as attached hereto).
The meeting was informed that Ordinary Resolutions 1 to 8 required a simple majority of more than 50% votes from the members present in person or by proxies and voting at the meeting, whereas the Special Resolution required a majority of not less than 75% votes from those members present in person or by proxies and voting at this meeting.
PRESENTATION BY MANAGEMENT
The meeting proceeded with the presentation of an update on the West Coast Expressway Project for the financial year ended 31 March 2023.
The Chairman then informed that the Company had received a letter dated 18 August 2023 from the Minority Shareholders’ Watch Group containing issues and enquiries, which had been responded to accordingly by the Company. He requested Mr Lyndon Alfred Felix, the Chief Executive Officer of the Company, to read the responses to the queries raised (Appendix B, as attached hereto).
| 1. | AUDITED FINANCIAL STATEMENTS FOR THE financial YEAR ENDED 31 MARCH 2023 TOGETHER WITH THE REPORTS OF THE DIRECTORS AND AUDITORS THEREON |
The Audited Financial Statements for the financial year ended 31 March 2023, together with the Reports of the Directors and Auditors thereon (“Audited Financial Statements”), having been circulated to all the shareholders of the Company within the statutory period, were tabled before the meeting for discussion.
It was noted that pursuant to Section 340(1)(a) of the Companies Act 2016, the agenda item did not require approval from the shareholders of the Company.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
| 2. | ORDINARY RESOLUTION 1
DIRECTORS’ FEES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 |
The meeting continued to consider the payment of Directors’ fees.
The Chairman informed the meeting that the Board of Directors had proposed a payment of RM1,115,764.00 as Directors’ fees for the financial year ended 31 March 2023 to the Directors of the Company.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
| 3. | ORDINARY RESOLUTION 2
PAYMENT OF DIRECTORS’ BENEFITS |
The meeting continued to consider the payment of Directors’ Benefits of up to RM120,000.00 for the period from 22nd AGM until the 23rd AGM.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
| 4. | ORDINARY RESOLUTION 3
RE-ELECTION OF VUITTON PANG HEE CHEAH AS DIRECTOR |
The meeting continued to consider the re-election of Vuitton Pang Hee Cheah as Director of the Company pursuant to Clause 76(3) of the Constitution of the Company.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
| 5. | ORDINARY RESOLUTION 4
RE-ELECTION OF DATUK WIRA HJ. HAMZA BIN TAIB AS DIRECTOR |
The meeting continued to consider the re-election of Datuk Wira Hj. Hamza Bin Taib as Director of the Company pursuant to Clause 76(3) of the Constitution of the Company.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
| 6. | ORDINARY RESOLUTION 5
RE-ELECTION OF LEE CHUI SUM AS DIRECTOR |
The meeting continued to consider the re-election of Lee Chui Sum as Director of the Company pursuant to Clause 78 of the Constitution of the Company.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
| 7. | ORDINARY RESOLUTION 6
RE-APPOINTMENT OF MESSRS baker tilly monteiro heng PLT AS AUDITORS OF THE COMPANY |
The meeting was requested to consider the re-appointment of Messrs Baker Tilly Monteiro Heng PLT as Auditors of the Company for the next financial year.
It was noted that Messrs Baker Tilly Monteiro Heng PLT had indicated their willingness to continue in office.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
| 8. | ORDINARY RESOLUTION 7 (SPECIAL BUSINESS)
AUTHORITY TO ISSUE SHARES |
The meeting continued to consider the Authority to Issue Shares pursuant to Sections 75 and 76 of the Companies Act 2016 (“the Act”).
The Chairman informed that the full text of the proposed Ordinary Resolution 7 was set out in the Notice of meeting and the same was taken as read.
The Chairman further informed the meeting that the passing of the proposed resolution will empower the Directors of the Company to issue new shares in the Company up to an amount not exceeding 10% of the issued shares capital of the Company for the time being.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
| 9. | ORDINARY RESOLUTION 8 (SPECIAL BUSINESS)
PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE (“PROPOSED SHAREHOLDERS’ MANDATE FOR RRPT”) |
The meeting proceeded to consider the motion on the Proposed Shareholders’ Mandate for RRPT.
The Chairman informed that the details of the proposed resolution were set out in the Circular to Shareholders dated 28 July 2023.
There being no objection, the Proposed Ordinary Resolution 8 as contained in the Notice of the meeting was taken as read.
The Chairman further informed that the passing of the Proposed Ordinary Resolution 8 will enable the Group to enter into Recurrent Related Party Transations of a Revenue or Trading Nature (“RRPT”) pursuant to Paragraph 10.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
The meeting was informed that IJM Corporation Berhad (“IJM”), being the interested Major Shareholder, had abstained from voting in respect of the direct shareholdings in the Company on the Proposed Shareholders’ Mandate for RRPT.
Mr Lee Chun Fai, who is IJM’s nominee director, had abstained and continued to abstain from deliberating and voting in respect of the Proposed Shareholders’ Mandate for RRPT at the relevant Board meetings.
The Interested Director and/or Interested Major Shareholder had ensured that persons connected to them would abstain from voting in respect of their direct or indirect shareholdings in the Company on Proposed Shareholders’ Mandate for RRPT.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
| 11. | SPECIAL RESOLUTION (SPECIAL BUSINESS)
PROPOSED AMENDMENT TO THE EXISTING CONSTITUTION OF THE COMPANY |
The meeting continued to consider the last item on the agenda in respect of the proposed amendment to the existing Constitution of the Company.
The Chairman informed that the full text of the proposed Special Resolution was set out in the Notice of meeting and the same was taken as read.
The Chairman further informed that if the Special Resolution was passed and the general mandate described in Ordinary Resolution 7 was renewed, any such new issue of ordinary shares under the general mandate would exclude the shareholders’ pre-emptive right to be offered new shares to be issued by the Company.
The Chairman then informed the shareholders or proxies to leave their questions in the Q&A platform and the Board would address the questions during the Q&A session later.
QUESTIONS & ANSWERS SESSION
The Chairman addressed the questions received from the shareholders/proxies, which were submitted prior to the 22nd AGM and through the real time submission of typed texts in the Q&A platform in the webinar.
POLLING AND RESULTS OF POLL
After dealing with all the businesses on the Agenda, the meeting proceeded to poll voting.
Thereafter, the meeting was adjourned for 10 minutes for the verification of votes.
Upon completion of the verification of the votes by poll, the Chairman called the meeting to order and announced the poll results as follows:-
ORDINARY RESOLUTION 1 – DIRECTORS’ FEES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
| Result On Voting By Poll | |||||
| Vote For | Vote Against | ||||
| No. of Proxy/Shareholder | No. of Shares | % | No. of Proxy/Shareholder | No. of Shares | % |
| 59 | 1,879,038,311 | 99.9646 | 27 | 665,465 | 0.0354 |
Based on the poll result, the Chairman declared the following motion carried:-
“THAT the payment of Directors’ Fees of RM1,115,764.00 for the financial year ended 31 March 2023 be approved.”
ORDINARY RESOLUTION 2 – PAYMENT OF DIRECTORS’ BENEFITS
| Result On Voting By Poll | |||||
| Vote For | Vote Against | ||||
| No. of Proxy/Shareholder | No. of Shares | % | No. of Proxy/Shareholder | No. of Shares | % |
| 55 | 1,879,694,111 | 99.9322 | 31 | 1,275,665 | 0.0678 |
Based on the poll result, the Chairman declared the following motion carried:-
“THAT approval be and is hereby given for the payment of Directors’ Benefits of up to an amount of RM120,000.00 for the period from the 22nd Annual General Meeting until the 23rd Annual General Meeting.”
ORDINARY RESOLUTION 3 – RE-ELECTION OF VUITTON PANG HEE CHEAH AS DIRECTOR
| Result On Voting By Poll | |||||
| Vote For | Vote Against | ||||
| No. of Proxy/Shareholder | No. of Shares | % | No. of Proxy/Shareholder | No. of Shares | % |
| 77 | 1,880,779,369 | 99.9899 | 10 | 190,408 | 0.0101 |
Based on the poll result, the Chairman declared the following motion carried:-
“THAT Vuitton Pang Hee Cheah, retiring pursuant to Clause 76(3) of the Constitution of the Company and who being eligible, be re-elected Director of the Company.”
ORDINARY RESOLUTION 4 – RE-ELECTION OF DATUK WIRA HJ. HAMZA BIN TAIB AS DIRECTOR
| Result On Voting By Poll | |||||
| Vote For | Vote Against | ||||
| No. of Proxy/Shareholder | No. of Shares | % | No. of Proxy/Shareholder | No. of Shares | % |
| 73 | 1,880,581,167 | 99.9793 | 14 | 388,610 | 0.0207 |
Based on the poll result, the Chairman declared the following motion carried:-
“THAT Datuk Wira Hj. Hamza Bin Taib, retiring pursuant to Clause 76(3) of the Constitution of the Company and who being eligible, be re-elected Director of the Company.”
ORDINARY RESOLUTION 5 – RE-ELECTION OF LEE CHUI SUM AS DIRECTOR
| Result On Voting By Poll | |||||
| Vote For | Vote Against | ||||
| No. of Proxy/Shareholder | No. of Shares | % | No. of Proxy/Shareholder | No. of Shares | % |
| 75 | 1,880,442,967 | 99.9720 | 12 | 526,810 | 0.0280 |
Based on the poll result, the Chairman declared the following motion carried:-
“THAT Lee Chui Sum, retiring pursuant to Clause 78 of the Constitution of the Company and who being eligible, be re-elected Director of the Company.”
ORDINARY RESOLUTION 6 – RE-APPOINTMENT OF MESSRS BAKER TILLY MONTEIRO HENG PLT AS AUDITORS OF THE COMPANY
| Result On Voting By Poll | |||||
| Vote For | Vote Against | ||||
| No. of Proxy/Shareholder | No. of Shares | % | No. of Proxy/Shareholder | No. of Shares | % |
| 80 | 1,880,790,069 | 99.9902 | 8 | 183,708 | 0.0098 |
Based on the poll result, the Chairman declared the following motion carried:-
“THAT Messrs Baker Tilly Monteiro Heng PLT be hereby re-appointed as Auditors of the Company at a fee to be agreed upon with the Directors and to hold office until the conclusion of the next Annual General Meeting.”
ORDINARY RESOLUTION 7 – AUTHORITY TO ISSUE SHARES PURSUANT TO SECTIONS 75 AND 76 OF THE COMPANIES ACT 2016
| Result On Voting By Poll | |||||
| Vote For | Vote Against | ||||
| No. of Proxy/Shareholder | No. of Shares | % | No. of Proxy/Shareholder | No. of Shares | % |
| 65 | 1,879,714,041 | 99.9332 | 21 | 1,255,735 | 0.0668 |
Based on the poll result, the Chairman declared the following motion carried:-
“THAT, pursuant to Sections 75 and 76 of the Companies Act 2016 (“the Act”) and the Constitution of the Company and subject to the approvals from Bursa Malaysia Securities Berhad and other relevant government/regulatory authorities, where such approval is necessary, the Directors of the Company be and are hereby empowered pursuant to Sections 75 and 76 of the Act to issue shares in the Company at any time until the conclusion of the next Annual General Meeting and upon such terms and conditions and for such purposes as the Board of Directors may, in their absolute discretion, deem fit provided that the aggregate number of shares to be issued during the preceding twelve (12) months does not exceed 10% of the total number of the issued shares (excluding treasury shares) of the Company for the time being AND THAT the Board of Directors be and are also empowered to obtain approval for the listing of and quotation for the additional shares so issued on Bursa Malaysia Securities Berhad.”
ORDINARY RESOLUTION 8 – PROPOSED SHAREHOLDERS’ MANDATE FOR RRPT
| Result On Voting By Poll | |||||
| Vote For | Vote Against | ||||
| No. of Proxy/Shareholder | No. of Shares | % | No. of Proxy/Shareholder | No. of Shares | % |
| 72 | 1,084,582,069 | 99.9792 | 13 | 225,845 | 0.0208 |
Based on the poll result, the Chairman declared the following motion carried:-
“THAT, subject always to the Listing Requirements of Bursa Malaysia Securities Berhad, the Company and its subsidiary companies shall be mandated to enter into such recurrent transactions of a revenue or trading nature which are necessary for their day-to-day operations and with those related parties as specified in Section 2.4 of the Circular to Shareholders dated 28 July 2023 subject further to the following: –
(i) the transactions are in the ordinary course of business of the Company and its subsidiary companies on terms not more favourable to the related parties than those generally available to the public and are not detrimental to the minority shareholders of the Company; and
(ii) disclosure will be made in the Annual Report of the aggregate value of transactions of the Proposed Shareholders’ Mandate for RRPT conducted during the financial year, including amongst others, the following information: –
- the type of the recurrent transactions made; and
- the names of the related parties involved in each type of the recurrent related party transactions made and their relationship with the Company and/or its subsidiary companies.
AND THAT such mandate shall commence upon passing of this resolution and shall continue to be in force until: –
(i) the conclusion of the next Annual General Meeting (“AGM”) of the Company following the AGM at which such mandate was passed, at which time it will lapse unless by the resolution passed at a general meeting, the authority is renewed; or
- the expiration of the period within which the next AGM of the Company after the date it is required to be held pursuant to Section 340(2) of the Companies Act 2016 (“the Act”) (but shall not extend to such extension as may be allowed pursuant to Section 340(4) of the Act); or
- revoked or varied by resolution passed by the shareholders of the Company in general meeting;
whichever is the earlier;
AND FURTHER THAT the Directors of the Company be and are hereby authorised to complete and do all such acts and things (including executing all such documents as may be required) as they may consider expedient or necessary to give effect to the Proposed Shareholders’ Mandate for RRPT.”
SPECIAL RESOLUTION – PROPOSED AMENDMENT TO THE EXISTING CONSTITUTION OF THE COMPANY
| Result On Voting By Poll | |||||
| Vote For | Vote Against | ||||
| No. of Proxy/Shareholder | No. of Shares | % | No. of Proxy/Shareholder | No. of Shares | % |
| 70 | 1,879,771,811 | 99.9900 | 13 | 187,345 | 0.0100 |
Based on the poll result, the Chairman declared the following motion carried:-
“THAT the existing Constituton of the Company be and is hereby amended by inserting the following new clause as Clause 12(4A) of the Constitution of the Company with effect from the date of passing this special resolution (“Proposed Amendment”):-
“12. (4A) Notwithstanding Clause 12(3) and 12(4), the Company is waived from convening a General Meeting to obtain prior shareholder approval for further issue or issues of shares (other than bonus or rights issue) if the total number of further issue or issues of shares, when aggregated with the total number of any such shares issued (other than bonus or rights issue) during the preceding twelve (12) months do not exceed ten percent (10%) of the total number of issued shares (excluding treasury shares) of the Company provided that there is in force a resolution of the Company in General Meeting authorising the Directors to make such further issue or issues as herein stated. It is hereby acknowledged such issue of shares (other than bonus or rights issue) which rank equally to the existing issued shares in the Company, will exclude the shareholders’ pre-emptive right to be offered new shares to be issued by the Company.”
THAT the Directors of the Company be and are hereby authorised to do all such acts and things and to take all such steps as they deem fit, necessary, expedient and/or appropriate in order to complete and give full effect to the Proposed Amendment with full powers to assent to any condition, modification, variation and/or amendment as may be required or imposed by the relevant authorities.”
CLOSURE
There being no further business, the meeting closed at 3.40 p.m. with a vote of thanks to the Chair.
Appendix A
Notes in respect of the Question-and-Answer (“Q&A”) Session during the Twenty-Second Annual General Meeting (“22nd AGM”) of the Company held on a virtual basis through live streaming from the Broadcast Venue at Unit 7-21, Wisma Conlay, No. 1, Jalan USJ 10/1, Taipan Business Centre, 47620 Subang Jaya, Selangor using the Remote Participation and Voting Facilities provided by Metra Management Sdn Bhd via its website at www.metramanagement.com.my (Domain Registration No. D1A403946) on Wednesday, 30 August 2023 at 2.30 p.m.
| Shareholder | Q1: | When will the West Coast Expressway (“WCE”) Project be completed? |
| Mr Lyndon Alfred Felix (“Mr Lyndon”) | A1: | The Group is targeting to complete the construction of Sections 1, 2, 6 and 11 by the financial year 2024 (“FY2024”)， and the remaining Sections 3, 4 and 7 by the financial year 2025 (“FY2025”). |
| Shareholder | Q2: | Does the Company have sufficient funds to complete the WCE Project? |
| Mr Lyndon | A2: | The proceeds from the disposal of Radiant Pillar Sdn Bhd (“RPSB”) will significantly cover the costs of the remaining construction of the WCE Project.
As such, the Company does not foresee the need for further equity fund raising at this juncture. |
| Shareholder | Q3: | When will the factories at Section 3 move out? |
| Mr Lyndon | A3: | The land hearing process for the remaining 8 lots relating to Section 3 (Shah Alam Expressway (KESAS) – Federal Highway Route 2) of the Expressway has been completed and the payments to the land owners are currently being finalised. We expect to fully complete the land acquisition process for these 8 lots by the end of the year. |
| Shareholder | Q4: | (1) When will the highway from Klang to Sabak Bernam be completed?
(2) Are there any electric vehicle (“EV”) charging stations located along the WCE? |
| Mr Lyndon | A4: | (1) The road users may take Sections 5, 6 and 7 to travel from Klang to Sabak Bernam upon completion of the said Sections.
The road users may now exit Section 5 from Bandar Bukit Raja Utara Toll Plaza and take the Federal Highway towards Sabak Bernam. Once Section 6 is completed by the end of the FY2024, the road users may exit from Assam Jawa Toll Plaza and travel through the Federal Route (“FR”) 54 and FR 5 towards Sabak Bernam. In addition, once Section 7 is completed in the FY2025, the road users may take Section 5, 6 and 7 to travel from Klang to Sabak Bernam. (2) The Group is discussing with a few vendors to equip the lay-bys and Rest and Service Areas with EV charging stations along the WCE. |
| Shareholder | Q5: | When will the Company declare the dividends? |
| Mr Lyndon | A5: | Upon completion of the WCE Project, the Group will be able to estimate and strategise the revenue from the operations. Thereafter, the Company will be in a better position to formulate a dividend yield policy for the declaration of dividends. |
| Shareholder | Q6: | (1) What is the projected traffic once all the Sections are opened?
(2) How frequent will the toll rate be adjusted? |
| Mr Lyndon | A6: | (1) Currently, the Group has an average daily traffic (“ADT”) of 60,000 for Sections 1, 2, 6 and 11. Once the remaining Sections are opened by the FY2025, the ADT is expected to be increased by the medium-haul and long-haul travellers. However, the Group will only be able to provide more information on the projected traffic upon the completion of the remaining Sections.
(2) As stipulated in the concession agreement, the toll rate adjustment will take place after three years from the completion of the WCE Project and subsequently, at five-year intervals. |
| Shareholder | Q7: | What are the outlook and prospects of the Company? |
| Mr Lyndon | A7: | The Group is currently focusing on three main areas of the WCE Project.
Firstly, the Group is targeting to complete the construction of Sections 1, 2, 6 and 11 by the FY2024 and the remaining Sections 3, 4 and 7 by the FY2025. In addition, the land acquisition is almost completed. As such, the Group is of the view that the progress of the construction is back on track and the Group is optimistic about the completion of the WCE Project. Secondly, the ADT has increased by 65% year on year. Upon completion of the four Sections 1, 2, 6 and 11, the ADT is expected to increase further. Furthermore, the traffic congestion on PLUS highway is reaching its breaking point and it will compel the road users to use WCE. In addition, it is expected that WCE will be more favourable to the commercial and heavy vehicle users as WCE is connected to the other major highways and it is built on flat land. Lastly, the proceeds from the disposal of RPSB will significantly cover the costs of the remaining construction of the WCE Project. |
| Shareholder | Q8: | Why are the quarterly losses of the Company increasing significantly? |
| Mr Lyndon | A8: | The quarterly losses are increasing due to the cessation of capitalisation of the interest expenses for the completed Sections. |
| Shareholder | Q9: | What are the expectations of the Company for the unresolved legal cases in respect of the land acquisition? How much will be the savings? |
| Mr Lyndon | A9: | The Group is expecting positive outcomes from the recent legal cases, which can result in more savings. |
| Shareholder | Q10: | Are there any chances of securing more WCE route concessions from the Government? |
| Mr Lyndon | A10: | Any extensions to the north or south will be government-led projects. The Group will observe if there are any opportunities to participate in the projects. |
| Shareholder | Q11: | What measures does the Company take to complete Section 7 by 31 December 2024 as it is currently 62% completed only? |
| Mr Lyndon | A11: | The main challenge in completing Section 7 is the extensive ground treatment due to the soft ground. However, the Group is constantly monitoring of the progress Section 7’s progress have been on-going and will ensure full focus on this section once the additional four sections are completed in FY2025. |
| Shareholder | Q12: | Will the rest areas be modelled after the PLUS highways? |
| Mr Lyndon | A12: | The Group will incorporate new innovative designs in the rest areas by including EV charging stations and other facilities. |
| Shareholder | Q13: | How does the Company calculate the depreciation of WCE upon completion? |
| Mr Lyndon | A13: | Upon completion of the construction works and commencement of operations, the intangible assets will be amortised based on the projected traffic volume over the concession period. The detailed description can be referred to Note 3.7 of Page 114 of the Annual Report 2023. |
| Shareholder | Q14: | As Section 7 is expected to be completed by the end of FY2025 and it is located in the middle of the WCE, will the long-haul travellers avoid using WCE? |
| Mr Lyndon | A14: | The whole alignment of WCE (Perak) will be completed by the FY2024 and the Section 7 is only 30+ kilometers. Hence, we are confident that the long haul travellers will still use WCE. |
| Shareholder | Q15: | How much are the Auditors’ and share registrar’s fees? |
| Mr Lyndon | A15: | The auditors’ remunerations are disclosed in Note 25 of the Annual Report 2023, and the share registrar’s fees are disclosed in Note 31(b) of the Annual Report 2023. |
