SHAH ALAM, Malaysia, June 28, 2022 - - Leon Fuat Bhd, a manufacturer and trader of steel products, says its shareholders yesterday approved a final single tier dividend of 2.0 sen per share for the financial year ended Dec 31, 2021 (FY2021).
Shareholders also voted to re-elect Dato' Sri Ooi Bin Keong, Mr Tan Did Heng, Mr Tan Sack Sen and Dato Lim Cheng Poh as directors as well as to retain Mr Chan Kee Loin as an independent director. Also retained as independent directors were Did Heng and Sack Sen.
Among the other resolutions up for voting, shareholders reappointed Baker Tilly Monteiro Heng PLT as the Group's auditors and authorised the directors to fix the remuneration of the auditors.
Mr Calvin Ooi Shang How, Executive Director of Leon Fuat says, "We would like to thank shareholders for their trust and confidence in us as we navigated a challenging FY2021. Our financial performance for the first quarter ended 31 March 2022 was satisfactory despite the decrease in overall gross profit margin."
"We are cautiously optimistic of achieving profitable results for the remaining quarters of FY2022 but would like to point out that the outlook has dimmed considerably with the World Bank having cut global economic growth outlook to 2.9% for this year from the 4.1% growth outlook it had forecast in January 2022.
"To mitigate risks, the Group will continue to monitor steel prices closely as well as related foreign currencies. We will also take proactive measures such as anticipating price and currency volatility through negotiating forward contracts as well as prudent inventory management."