Retail giant 99 Speed Mart Retail Holdings Berhad secured near-unanimous shareholder backing at its Third Annual General Meeting (AGM) yesterday, with all six ordinary resolutions passing cleanly via a poll vote.
The meeting, which took place at the DoubleTree by Hilton Shah Alam i-City, saw robust shareholder participation validating the mini-market operator’s corporate governance roadmap, board configurations, and remuneration structures. Independent scrutineer Value Creator Consultancy officially verified the voting results.
Shareholders overwhelmingly greenlit a total budget of up to RM918,000.00 in directors’ fees and up to RM144,000.00 in operational benefits for the company’s Non-Executive Directors. This approved package will cover the period starting June 6, 2026, until the conclusion of the next AGM in 2027.
The meeting also cemented board stability by comfortably re-electing three key directors who retired by rotation.
While Mr. Ho encountered a minor, localiaed block of dissenting votes totaling 30.7 million shares, his re-election was securely carried by a massive 7.97 billion affirmative votes.
A standout feature of the AGM was the successful renewal of the Shareholders’ Mandate for Recurrent Related Party Transactions (RRPT) of a revenue or trading nature (Ordinary Resolution 6).
The sharp drop in voting volume from the average 8 billion shares seen in other resolutions down to 1.03 billion shares highlights strict corporate governance. Major interested parties—including founder and ultimate major shareholder Lee Thiam Wah and connected entities—abstained from voting on the resolution to avoid conflicts of interest regarding transactions between the listed entity and private logistics or supply networks.
Additionally, financial audit house Messrs Crowe Malaysia PLT was officially re-appointed as the company’s independent auditors for the upcoming fiscal year, with the board authorized to fix their technical remuneration.
