MGB Bhd (a subsidiary of LBS Bina Group Bhd), a construction and property development solutions provider, today concluded its 20th Annual General Meeting which was for the second time conducted on a fully virtual basis. MGB announced that all nine 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. The Dividend, amounting to approximately RM2.92 million, will be payable on July 20 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 May 31, 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.”
