GFM Services : Minutes of the 10th AGM

GFM SERVICES BERHAD

[Registration No.: 201301003302 (1033141-H)]

(Incorporated in Malaysia)

MINUTES OF THE TENTH (10TH) ANNUAL GENERAL MEETING OF GFM SERVICES BERHAD ("GFM" OR "THE COMPANY") CONDUCTED FULLY VIRTUAL FROM THE ONLINE MEETING PLATFORM AT https://bit.ly/3J8mUAXPROVIDED BY ACCLIME CORPORATE SERVICES SDN. BHD. ON WEDNESDAY, 21 JUNE 2023 AT 10.00 A.M.

PRESENT:-
Board of Directors ("the Board")
Abdul Rahim Bin Abdul Hamid	-	Independent Non-Executive Director
		(Chairman)
Ruslan Bin Nordin	-	Group Managing Director
Mohammad Shahrizal Bin Mohammad Idris	-	Non-IndependentNon-Executive Director
Ashok Virendra Shah	-	Independent Non-Executive Director
Yong Hee Kong	-	Independent Non-Executive Director
Zainal Arifin Bin Khalid	-	Independent Non-Executive Director
Zainal Bin Amir	-	Non-IndependentNon-Executive Director
Tong Jia Wann	-	Independent Non-Executive Director

IN ATTENDANCE

Wong Youn Kim

- Company Secretary

BY INVITATION

As per Attendance Lists

GFM SERVICES BERHAD [Registration No.: 201301003302 (1033141-H)]

Minutes of the Tenth Annual General Meeting held on Wednesday, 21 June 2023 at 10.00 a.m.

1. CHAIRMAN
   The Chairman, Mr. Abdul Rahim Bin Abdul Hamid took the Chair and welcomed all present at the virtual Annual General Meeting ("AGM") of the Company which was held via an online platform at Kuala Lumpur ("Meeting"). This Meeting was conducted in a fully virtual environment in accordance with the Guidance issued by the Securities Commission Malaysia.
   He then introduced the members of the Board, the Company Secretary and the External Auditors to the members.
2. BRIEFING ON HOUSEKEEPING PROCEDURES

The Company Secretary, upon the request of the Chairman, briefed the members on the housekeeping procedures to be adhered to pertaining to the Meeting.

1. QUORUM
   The Chairman, having confirmed with the Company Secretary that the requisite quorum is present, called the Meeting to order at 10.00 a.m.
2. NOTICE OF MEETING
   The Chairman informed the members that the notice of the Meeting ("the Notice") was properly sent to all members of the Company and advertised in the New Straits Times newspaper on 28 April 2023.
   The Notice, having been circulated earlier, was taken as read.
3. POLL PROCEDURE
   Before proceeding with the Agenda of the Meeting, the Chairman highlighted that the businesses to be transacted at the Meeting involved the moving and passing of seven (7) Ordinary Resolutions which require the approval by a simple majority of members or their proxies present at the AGM.
   The Chairman informed the Meeting that all resolutions set out in the Notice would be voted by way of poll.
   The Chairman further said that each motion would require a proposer and seconder to move and second the motion before putting forward for voting, except for Agenda 1 in relation to the receiving of the Audited Financial Statements as formal approval from members is not required.
   With a view to facilitate the flow of the Meeting, Encik Ruslan Bin Nordin and Encik Mohammad Shahrizal Bin Mohammad Idris, the directors and shareholders of the Company offered themselves to be the proposer and seconder for all the motions.
   The Chairman also informed the members that Acclime Corporate Services Sdn. Bhd. had been appointed as the Poll Administrator to conduct the poll by way of online voting and Niche & Milestones International Sdn. Bhd. was appointed as the Independent Scrutineer to supervise the polling process and verify the poll results.

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GFM SERVICES BERHAD [Registration No.: 201301003302 (1033141-H)]

Minutes of the Tenth Annual General Meeting held on Wednesday, 21 June 2023 at 10.00 a.m.

6. PRESENTATION BY GROUP MANAGING DIRECTOR AND DIRECTOR OF CORPORATE SERVICES OF THE COMPANY

Encik Ruslan Bin Nordin ("Encik Ruslan"), the Group Managing Director of the Company and Encik Zakir Basree Bin Abdul Rahman, the Director of Corporate Services of the Company briefed the members on GFM's financial and operational performance for the financial year 2022, details of which were presented as follows:-

1. Business Overview
   GFM delivers optimal facilities management ("FM") solutions to organisations across various industries. It provides customised support services enabling companies to focus on their core business and help customers to achieve their objectives.
   Currently, GFM is primarily engaged in four services, which are as follows:
2. 1. Assets and Building Facilities Services
      GFM provides integrated facilities management services for built environments and manages asset concession for UiTM Mukah.
   2. Workforce Lodging Facilities Services
      GFM offers maintenance and management services for workforce lodging, including Centralised Labour Quarters.
   3. Highway RSA Facilities Services
      GFM is involved in the construction, operation and maintenance services of Highway Rest and Service Area.
   4. Oil and Gas ("O&G") Facilities Services
      GFM provides maintenance services for static and O&G plant turnaround under Integrated Turnaround Main Mechanical and Maintenance Mechanical Static

At present, the Company's focus is directed towards these four services, and looks ahead to future opportunities and growth in these areas.

1. Key Highlights during the financial year 2022 ("FY2022")
2. • During the FY2022, revenue grew by 13% to RM140.8 million from RM124.1 million in the preceding year ("FY2021").
   • For FY2022, GFM's net profit increased by 83% to RM18.3 million from RM10.0 million in FY2021, signifying a record high for GFM.
   • The Group's current orderbook stands at RM1.29 billion as at 31 March 2023.
   • The Group had achieved a safety performance of less than 1 million manhours without any lost time injuries.
   • The energy performance of GFM's sites has shown significant improvement, with a reduction of 19.4% in electricity consumption.
   • Currently, GFM has 360 employees.

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GFM SERVICES BERHAD [Registration No.: 201301003302 (1033141-H)]

Minutes of the Tenth Annual General Meeting held on Wednesday, 21 June 2023 at 10.00 a.m.

1. Ongoing Projects
   GFM successfully secured several new projects with the following parties during FY2022:-
2. • UiTM Tapah (Ends December 2034)
   • Istana Negara (Ends June 2027)
   • EduCity (Ends September 2023)
   • Pengerang Integrated Complex (Ends September 2023)
   • UiTM Mukah (Ends October 2035)
3. Strengthening Capabilities
   GFM has developed an in-house management system to enhance GFM Enterprise Management Systems. This system includes an incentive-based program designed to boost workforce productivity and performance. By utilizing this system, the Company aims to improve outcomes for its clients and ensure efficient project management. It is worth noting that the system has been endorsed by JKR for its use in FM projects, further validating its effectiveness and reliability.
4. Highest Ever Revenue in FY2022

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GFM SERVICES BERHAD [Registration No.: 201301003302 (1033141-H)]

Minutes of the Tenth Annual General Meeting held on Wednesday, 21 June 2023 at 10.00 a.m.

For FY2022, revenue grew by 13% to RM140.8 million from RM124.1 million for FY2021. The higher revenue was underpinned by maiden contributions from the Istana Negara contract in 3Q 2022. Additionally, revenue from Concession Arrangements remained stable and consistent during the period. These factors contributed to the overall growth in revenue for the specified timeframe.

1. Resilient Performance

The Group Gross Profit ("GP") margin expansion is in line with the higher revenue in FY2022.

Finance costs had also reduced on the back of the repayment of borrowings.

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