Minutes of the 23rd Annual General Meeting

Minutes of the 23rd Annual General Meeting

Minutes of the Twenty-Third Annual General Meeting (“23rd 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 (“RPV Facilities”) provided by Metra Management Sdn Bhd via its website at www.metramanagement.com.my (Domain Registration No. D1A403946) on Tuesday, 27 August 2024 at 2.30 p.m.

ATTENDEES

i) All members of the Board of Directors

ii) Companies Secretaries

iii) Management Team of the Company

iv) Representatives of Messrs Baker Tilly Monteiro Heng PLT

v) Shareholders / Proxies / Authorised Representatives / Invitees

CHAIRMAN

Datuk Ir. Hamzah Bin Hasan presided as the Chairman of the 23rd 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.

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.

For Ordinary Resolution 6, in view that the Chairman had served as an Independent Non-Executive Director of the Company for a cumulative term of more than nine (9) years, the Company will seek shareholders’ approval through a two-tier voting process.

Under this voting process, shareholders’ votes will be cast in two tiers; Tier 1 by the Large Shareholder of the Company and Tier 2 by the shareholders other than Large Shareholder. The decision will be determined based on the vote of Tier 1 and a simple majority of Tier 2.

The Large Shareholder has been identified as IJM Corporation Berhad (“IJM”), being the largest shareholder of voting shares in the Company by having a total direct shareholding of 26.65%.

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 2024.

The Chairman then informed that the Company had received a letter dated 20 August 2024 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 (as attached hereto).

1.                    AUDITED FINANCIAL STATEMENTS FOR THE financial YEAR ENDED 31 MARCH 2024
                       TOGETHER WITH THE REPORTS OF THE DIRECTORS AND AUDITORS  THEREON

The Audited Financial Statements for the financial year ended 31 March 2024, 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 2024

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 RM1,287,666.00 as Directors’ fees for the financial year ended 31 March 2024 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 23rd AGM until the 24th 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 TANG KING HUA AS DIRECTOR

The meeting continued to consider the re-election of Tang King Hua 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 TAN CHOR TECK AS DIRECTOR

The meeting continued to consider the re-election of Tan Chor Teck 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-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.

7.                      ORDINARY RESOLUTION 6 (SPECIAL BUSINESS)
                          PROPOSED CONTINUATION OF DATUK IR. HAMZAH BIN HASAN IN OFFICE AS
                          INDEPENDENT NON-EXECUTIVE DIRECTOR

The Chairman informed the meeting of his proposed continuation in office as Independent Non-Executive Director of the Company.

At this juncture, the Chairman handed over the chair of the meeting to Ms Lee Chui Sum (“Ms Lee”) to conduct this agenda item pertaining to the proposed continuation in office as Independent Non-Executive Director of the Company.

The meeting was requested to consider the continuation of Datuk Ir. Hamzah bin Hasan in office as Independent Non-Executive Director.

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 25 July 2024.

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.

Datuk 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.

QUESTIONS & ANSWERS SESSION

The Chairman addressed the questions received from the shareholders/proxies, which were submitted prior to the 23rd 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 2024

Result On Voting By Poll
Vote For			Vote Against
No. of Proxy/ Shareholder	No. of Shares	%	No. of Proxy/ Shareholder	No. of Shares	%
62	1,874,269,487	99.924458	23	1,416,935	0.075542

Based on the poll result, the Chairman declared the following motion carried:-

“THAT the payment of Directors’ Fees of RM1,287,666.00 for the financial year ended 31 March 2024 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	%
61	1,873,424,742	99.880433	25	2,242,680	0.119567

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 23rd Annual General Meeting until the 24th Annual General Meeting.”

ORDINARY RESOLUTION 3 – RE-ELECTION OF TANG KING HUA 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	1,872,617,806	99.833803	10	3,117,416	0.166197

Based on the poll result, the Chairman declared the following motion carried:-

“THAT Tang King Hua, 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 TAN CHOR TECK 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	%
78	1,875,333,140	99.978564	9	402,082	0.021436

Based on the poll result, the Chairman declared the following motion carried:-

“THAT Tan Chor Teck, 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-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	1,875,600,815	99.992499	9	140,707	0.007501

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 6 – PROPOSED CONTINUATION OF DATUK IR. HAMZAH BIN HASAN IN OFFICE AS INDEPENDENT NON-EXECUTIVE

Result On Voting By Poll (Tier 1)
Vote For			Vote Against
No. of Proxy/ Shareholder	No. of Shares	%	No. of Proxy/ Shareholder	No. of Shares	%
1	796,105,843	100.0000	0	0	0.0000

Result On Voting By Poll (Tier 2)
Vote For			Vote Against
No. of Proxy/ Shareholder	No. of Shares	%	No. of Proxy/ Shareholder	No. of Shares	%
67	1,078,112,724	99.868771	17	1,416,655	0.131229

Based on the poll result, the Chairman declared the following motion carried:-

“THAT approval be hereby given to Datuk Ir. Hamzah bin Hasan, who has served as an Independent Non-Executive Director of the Company for a cumulative term of more than nine (9) years, to continue to serve as an Independent Non-Executive Director of the Company until the conclusion of the next Annual General Meeting of the Company””

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	%
62	1,873,441,781	99.881336	25	2,225,741	0.118664

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 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 RPPT

Result On Voting By Poll
Vote For			Vote Against
No. of Proxy/ Shareholder	No. of Shares	%	No. of Proxy/ Shareholder	No. of Shares	%
72	1,078,780,388	99.921150	15	851,291	0.078850

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 25 July 2024 subject further to the following:-

1. 1. 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
   2. 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: –
      1. the type of the recurrent transactions made; and
      2. he 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: –

1. 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
2. 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
3. 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.”

CLOSURE

There being no further business, the meeting closed at 4.00 p.m. with a vote of thanks to the Chair.

Notes in respect of the Question-and-Answer (“Q&A”) Session during the Twenty-Third Annual General Meeting (“23rd 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 Tuesday, 27 August 2024 at 2.30 p.m.

Shareholder	Q1:	Section 11 of WCE Expressway was open for traffic on 11 March 2024 and collection for toll charges only started on 24 July 2024, why was the collection of toll charges delayed for 4 months and was there any compensation from the government for the delay?
Mr Lyndon Alfred Felix (“Mr Lyndon”)	A1:	The delay of Section 11 tolling was due to additional technical requirements imposed by the authorities before tolling could commence.  There is no compensation from the government arising from this.
Shareholder	Q2:	In the previous quarter report (interim financial report) the group targeted to open Sections 1, 2, 6, and 11 before the end of 2023, and Sections 2,4, and 7 in Financial Year 2025, nevertheless there have been some delays.
Mr Lyndon	A2:	Management can only set a target for completion that is within their control. For example, the main line work for Sections 1 and 2 have been completed by the end of 2023. However, upon completion, there is due process of inspection and technical assessment that has to be done before the company can open the highway. The main reason for the delay is due to the additional technical requirements imposed by the authorities. Nevertheless, Section 1 is scheduled to open on 30 August 2024, and Section 2 is expected to be opened within 2 to 3 months.   On the other hand, the delay of Section 3 was mainly due to land acquisition issues. Although the land acquisition process was completed by the end of 2023, Management is unable to force the landowners to move due to the additional requirements set by the various agencies. However, to-date, Management successfully demolished and cleared 80% of the structures and expects to clear the remaining 20% in the next month.
Shareholder	Q3:	(i)       Why is the land near Jalan Garuda in Section 2 being re-excavated and what has caused this?   (ii)      Following site visits to Sections 2, 3, and 7, it was clear that Management is not fully committed to the construction efforts. While machinery and workers are at the site, there is no indication that the work will be completed within the scheduled timeframe.
Mr Lyndon	A3:	(i)       Specifically for this particular section, inspections carried out at the site highlighted certain geotechnical abnormalities due to the soil condition in that area, and this has required certain remedial measures to be undertaken.   (ii)      It is important to note that the visibility of machines and the level of work does not always commensurate with the levels activities that are going on. For example, in Section 2, the main line work has already been completed and the activities that are currently ongoing are in relation to some rectification work that was highlighted in the previous presentation. For Section 3, work is ongoing on all locations where the land is already available. However, there are pockets where no construction work can be done due to the land acquisition mentioned earlier and these areas (pockets) are now gradually being cleared and once those areas are available for possession, Management will immediately commence construction work. Section 7 is currently going through a process of surcharge for land consolidation hence it may seem that there are not much activities, but this is an important process of construction that needs to be carried out.
Shareholder	Q4:	When will the Company plan to hold a physical AGM?
Mr Lyndon	A4:	Management understands the importance of holding a physical AGM and appreciates the interest in this matter. Management will review this request for the upcoming AGM.
Shareholder	Q5:	The West Coast Expressway project is 93% completed and incurred a total IDE of RM6.872 billion.   (1)   How much will be the IDE for the remaining 7% of the project?   (2)   How much of the remaining budget is meant for land acquisition, if any?
Mr Lyndon	A5:	(1)   Without going into the specifics of how much more is required, Management has already budgeted the amount required to complete the highway and taken steps to secure additional fundings for construction completion.   (2)   Management does not expect to incur further expenditure for land acquisition. As highlighted previously, the processes relating to land acquisition have been almost fully completed.
Shareholder	Q6:	In terms of the ability of the Company to pay dividends to shareholders in the future, it will be dependent on the dividends declared and received from its main subsidiary, West Coast Expressway Sdn Bhd (WCE). Can the CEO or Management confirm that WCE can only declare and pay dividends AFTER all the interest payments for its borrowings which amounted to more than RM6 billion have been satisfied?
Mr Lyndon	A6:	In the nature of concession business, in the early years of operations, recording of book losses is normal and within expectation. This is because toll revenue has just picked up whereas big chunky cost items like interests and amortisation have to be accounted for. However, when it reaches the break-even point, a decent amount of profitability is expected.   In summary, Management will be in a better position to assess and project dividends yields once the highway is fully complete as full toll revenue would be obtained.
Shareholder	Q7:	What further cost overruns and quantum of extra expenditures are occurring or required for the sections still not fully complete and opened for the toll?
Mr Lyndon	A7:	Management has done their budget estimation and has a clear estimation of the required costs. The completion of the highway is the priority and Management has made necessary steps to source for additional funds without going to the market to raise additional funding. Typically, there are no unusual costs, but only basic construction costs, interest costs, and some pre-operating expenses until the completion of the highway.
Shareholder	Q8:	EV charging stations have already been installed in at least three of the lay-bys of the toll plazas.   (1)   Who bears the cost of the capex for these charging stations, is it jointly borne by the service provider and WCE? (2)   Who will bear the expenses in the operations of the EV station, i.e., electricity used for charging, etc.?
Mr Lyndon	A8:	The service provider is funding the capex of these chargers. The Company benefits in terms of having these facilities at the lay-bys without incurring much costs. Besides, the company is getting a share of revenue and fixed rental.
Shareholder	Q9:	Does the Company have enough funds to finish off Sections 3 and 7 without additional borrowing?
Mr Lyndon	A9:	As mentioned earlier, the Company will be taking additional steps to secure additional fundings to completed Section 3 and 7.
Shareholder	Q10:	I understand that WCE has an estimated debt of about RM6 billion. This has incurred an annual interest of about RM200 million.   Phrase 1 of the highway was projected to be completed in March 2025 but has now been delayed to March 2026. This has incurred an additional interest of over RM200 million, and further loss of income due to the late opening of the portion of the highway.           This will in the long run tarnish the image and branding of WCE as one of the leading highway companies in Malaysia. Investors will lose confidence in the company and it might even possible possible to be removed from FTSE Bursa Malaysia MID70 Index.   It is unclear why the Company has not sourced external contractors to expedite their projects. It is due to existing commitments with the current contractors, limitations in budgets or resources, quality control, etc?
Mr Lyndon	A10:	To allay the fears and concerns of shareholders, the focus of  Management is to complete the highway.   Management is clear on how much is needed to complete the highway, ascertain and obtain the required funding to complete the highway and update the projection to ensure the additional funding will not only be sufficient to complete the highway but also to make the highway profitable and feasbile in the long run.   In terms of the Company’s branding and image, the Company has received positive contributions from the toll revenue and an increase in traffic over the last year. The opening of sections has provided alternative highways for the road users and relieved the congestion in PLUS. In addition, Management also actively engaged with the road users through its social media platforms.   WCE has created a pretty positive image and Management believes that the delays will not lead to negative publicity for the Company.
Shareholder	Q11:	Why are there so few rest and recreation (R&R) stations along WCE Highway? Are there any plans for improvement?
Mr Lyndon	A11:	WCE is in the midst of putting up the R&R, it is in the construction and development process. By the end of this year, there will be quite a tangible representation of R&R along the whole corridor.
Shareholder	Q12:	When is the remaining 20% of land acquisition can be completed?
Mr Lyndon	A12:	As mentioned earlier, the remaining 20% of land acquisition is expected to be completed in one month.
Shareholder	Q13:	Shareholders’ funds will continue to go down until FY2030 (assume) with continuous losses annually. Is there any possibility for shareholders’ funds to dip close to Zero and/or Negative AND will WCEHB trigger PN17 criteria in the near future?
Mr Lyndon	A13:	Management is clear about the parameters relating to these risks and monitors them closely. Management is taking all the necessary steps to ensure that it has the right balance to not fall into this position.
Shareholder	Q14:	Our company boasts that it is actively engaging with all its stakeholders, government, analysts, fund manager, etc.; How is it that to-date, interest to invest in our company shares by various funds both local and foreign are rather still poor and minimal?   What would the Board do to improve and enhance greater interest and demand in our languishing shares of the Company?
Mr Lyndon	A14:	Management actively carries out various investors’ relation programmes, such as briefings for analysts and investors, site visits and frequent engagement with business media (both print and online) and, Management also ensures that its social media platforms are up to date. There has been quite a lot of visibility for WCE during the year.   The performance of shares is not purely due to investors’ relation activities, but also due to external factors such as global economic and geopolitical situations, and other factors which are not directly related to the performance of the Company.