NEW TOYO INTERNATIONAL HOLDINGS LTD GENERAL ANNOUNCEMENT::MINUTES OF ANNUAL GENERAL MEETING HELD ON 24 JUNE 2020
Issuer & Securities
Issuer/ Manager
NEW TOYO INTERNATIONAL HOLDINGS LTD
Securities
NEW TOYO INT HLDGS LTD - SG1E32850828 - N08
Stapled Security
No
Announcement Details
Announcement Title
General Announcement
Date &Time of Broadcast
22-Jul-2020 17:32:11
Status
New
Announcement Sub Title
MINUTES OF ANNUAL GENERAL MEETING HELD ON 24 JUNE 2020
Announcement Reference
SG200722OTHRTPLT
Submitted By (Co./ Ind. Name)
Lee Wei Hsiung
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Please refer to the attachments.
Attachments
NTIH_Minutes%20of%20AGM_24.6.2020.pdf
Appendix%20A%20-%20Financial%20Highlights.pdf
Appendix%20B%20-%20QA.pdf
Total size =7534K MB
NEW TOYO INTERNATIONAL HOLDINGS LTD
(the "Company")
(Company Registration No.: 199601387D) (Incorporated in the Republic of Singapore)
MINUTES OF THE ANNUAL GENERAL MEETING OF THE COMPANY HELD BY WAY OF ELECTRONIC MEANS ON 24 JUNE 2020 AT 3.00 P.M.
PRESENT | : | Board of Directors |
Mr Yen Wen Hwa (Chairman of Meeting) | ||
Ms Angela Heng Chor Kiang | ||
Mr Lim Teck Leong David | ||
Mr Wan Tai Foong | ||
Ms Victoria Tay Seok Kian | ||
Mr Phua Tin How | ||
Tengku Tan Sri Dr Mahaleel Bin Tengku Ariff | ||
IN ATTENDANCE | : | Chief Financial Officer |
Mr Joshua Lam | ||
Company Secretary | ||
Mr Lee Wei Hsiung | ||
SHAREHOLDERS/ | : | As set out in the Attendance List maintained by the Company. |
CORPORATE | ||
REPRESENTATIVE/ INVITEES | ||
WELCOME NOTE
The Chairman welcomed the shareholders to the 24th Annual General Meeting ("AGM") of the Company, which was convened via electronic means due to the COVID-19 pandemic. He introduced all Board members and welcomed the new Directors, Mr Wan Tai Foong and Mr Phua Tin How to their first AGM of the Company since joining the Board. Due to the strict social distancing measures currently in place, the rest of the Board of Directors and Key Management were attending the Meeting via the live webcast.
QUORUM
Having confirmed with the Company Secretary that a quorum in accordance with the Company's Constitution was present, the Chairman declared the AGM opened.
NOTICE
The Chairman took the notice of the Meeting as read.
VOTING
The Chairman proposed all the 10 resolutions for this Meeting tabled, hence, there was no need to propose or second each individual resolution. Each resolution would be decided by poll based on proxy votes received before the Meeting. The Chairman confirmed that he had accepted the appointment as a proxy to vote in respect of the resolutions in accordance with shareholders' valid instructions given in the proxy forms received.
New Toyo International Holdings Limited
Minutes of Annual General Meeting held on 24 June 2020
Page 2 of 6
The Chairman informed the Meeting that the Company had appointed Entrust Advisory Pte. Ltd. as the Scrutineer for the Meeting. The Scrutineer had independently verified all votes received for the resolutions tabled.
The Chairman then invited Mr Joshua Lam, the Chief Financial Officer ("CFO") of the Company to present a summary of the Group's financial highlights for FY2019 to the shareholders. Details of which were set out in the Appendix "A" annexed to these minutes.
QUESTIONS RELATING TO THE ITEMS ON THE AGENDA OF THE AGM
For this year's Meeting, the Chairman said that shareholders have been invited to post/email questions to the Company prior the Meeting. He thanked shareholders for their questions and invited Ms Angela Heng, the Group Chief Executive Officer to address the substantial and relevant questions. Details of the questions raised and replies were set out in the Appendix "B" annexed to these minutes.
After addressing the questions, Ms Angela Heng thanked shareholders for their kind attention and handed the Meeting back to the Chairman.
The Chairman proceeded with the resolutions tabled at the Meeting.
RESOLUTION 1:
TO RECEIVE AND ADOPT THE DIRECTORS' STATEMENT AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 AND THE REPORTS OF THE AUDITORS THEREON
The first item on the agenda was to receive and adopt the Directors' Statement and Audited Financial Statements for the financial year ended 31 December 2019 together with the Report of the Auditor thereon.
Based on proxy votes received, Chairman reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
The Chairman declared Resolution 1 carried.
RESOLUTION 2:
TO DECLARE A FINAL TAX EXEMPT (1-TIER) DIVIDEND OF 0.9 SINGAPORE CENTS PER ORDINARY SHARE FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019
The second item on the agenda was to declare a final tax exempt (one-tier) dividend of 0.9 Singapore cents per ordinary share for the financial year ended 31 December 2019.
Based on proxy votes received, Chairman reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
The Chairman declared Resolution 2 carried.
New Toyo International Holdings Limited
Minutes of Annual General Meeting held on 24 June 2020
Page 3 of 6
RESOLUTION 3:
TO APPROVE THE ADDITIONAL DIRECTORS' FEES OF S$30,000 FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019
The third item on the agenda was to approve the additional Directors' fees of S$30,000 for the financial year ended 31 December 2019.
Based on proxy votes received, Chairman reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
The Chairman declared Resolution 3 carried.
RESOLUTION 4:
TO APPROVE THE DIRECTORS' FEES OF S$420,000 FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2020, TO BE PAID QUARTERLY IN ARREARS
Resolution 4 was to approve the Directors' Fees of S$420,000 for the financial year ending 31 December 2020, to be paid quarterly in arrears.
Based on proxy votes received, Chairman reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
The Chairman declared Resolution 4 carried.
RESOLUTION 5:
TO RE-ELECT MR YEN WEN HWA WHO IS RETIRING BY ROTATION PURSUANT TO REGULATION 109 OF THE COMPANY'S CONSTITUTION
The Chairman said that the next item on the Agenda was on his re-election as a Director of the Company. He proposed that Ms Angela Heng to take over the Chair for the conduct of the proceedings for this item of business.
Ms Angela Heng informed the Meeting that Resolution 5 was to re-elect Mr Yen Wen Hwa ("Mr Yen"), who retires pursuant to Regulation 109 of the Company's Constitution and has offered himself for reelection as a Director. Mr Yen shall, upon re-election as a Director of the Company, remain as Non- Executive Chairman of the Board.
Based on proxy votes received, Ms Angela Heng reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
Ms Angela Heng declared Resolution 5 carried and handed over the Chair back to Chairman.
New Toyo International Holdings Limited
Minutes of Annual General Meeting held on 24 June 2020
Page 4 of 6
RESOLUTION 6:
TO RE-ELECT TENGKU TAN SRI DR MAHALEEL BIN TENGKU ARIFF WHO IS RETIRING BY ROTATION PURSUANT TO REGULATION 109 OF THE COMPANY'S CONSTITUTION
Resolution 6 was to re-elect Tengku Tan Sri Dr Mahaleel bin Tengku Ariff ("Tengku"), who retires pursuant to Regulation 109 of the Company's Constitution and has offered himself for re-election as a Director. Tengku shall, upon re-election as a Director of the Company, remain as a member of the Audit Committee and Remuneration Committee.
Based on proxy votes received, Chairman reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
The Chairman declared Resolution 6 carried.
RESOLUTION 7:
TO RE-ELECT MR WAN TAI FOONG WHO IS RETIRING BY ROTATION PURSUANT TO REGULATION 119 OF THE COMPANY'S CONSTITUTION
Resolution 7 was to re-elect Mr Wan Tai Foong ("Mr Wan"), who retires pursuant to Regulation 119 of the Company's Constitution and has offered himself for re-election as a Director. Mr Wan shall, upon re-election as a Director of the Company, remain as a member of the Audit Committee.
Based on proxy votes received, Chairman reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
The Chairman declared Resolution 7 carried.
RESOLUTION 8:
TO RE-ELECT MR PHUA TIN HOW WHO IS RETIRING BY ROTATION PURSUANT TO REGULATION 119 OF THE COMPANY'S CONSTITUTION
Resolution 8 was to re-elect Mr Phua Tin How ("Mr Phua"), who retires pursuant to Regulation 119 of the Company's Constitution and has offered himself for re-election as a Director. Mr Phua shall, upon re-election as a Director of the Company, remain as a member of the Remuneration Committee.
Based on proxy votes received, Chairman reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
The Chairman declared Resolution 8 carried.
New Toyo International Holdings Limited
Minutes of Annual General Meeting held on 24 June 2020
Page 5 of 6
TO NOTE THE RETIREMENT OF MR LIM TECK LEONG DAVID WHO IS RETIRING BY ROTATION PURSUANT TO REGULATION 109 OF THE COMPANY'S CONSTITUTION AND HAS DECIDED NOT TO SEEK RE-ELECTION
The next item on the agenda was to note the retirement of Mr Lim Teck Leong David ("David") as a Director of the Company at the conclusion of the Meeting. David retired pursuant to Regulation 109 of the Company's Constitution and has decided not to seek re-election. The Chairman invited David to say a few words.
After David's short speech, the Chairman, on behalf of the Board of Directors expressed their appreciation to David for his invaluable contributions during his term in office and wished him well in his future endeavours.
RESOLUTION 9:
TO APPOINT ERNST & YOUNG LLP AS AUDITORS OF THE COMPANY IN PLACE OF THE RETIRING AUDITORS, KPMG LLP, AND TO AUTHORISE THE DIRECTORS TO FIX THEIR REMUNERATION
Resolution 9 was to approve the appointment of Ernst & Young LLP as Auditors of the Company in place of the retiring Auditors, KPMG LLP, to hold office until the conclusion of the next AGM and to authorise the Directors to fix their remuneration. The full text of the motion was set out in the Letter to Shareholders dated 9 June 2020.
Based on proxy votes received, the Chairman reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
The Chairman declared Resolution 9 carried.
On behalf of the Board of Directors, Chairman expressed their appreciation to KPMG LLP for their professional support during this term in office and liked to take this opportunity to welcome Ernst & Young LLP on their appointment.
RESOLUTION 10:
TO AUTHORISE DIRECTORS TO ISSUE SHARES AND CONVERTIBLE SECURITIES
The last item on the Agenda was to authorise the Directors to issue shares and convertible securities in the capital of the Company. The full text of the motion is set out in the Notice of AGM.
Based on proxy votes received, Chairman reported that the results were as follows:
Votes for: 100.00%
Votes against: 0.00%
The Chairman declared Resolution 10 carried.
New Toyo International Holdings Limited
Minutes of Annual General Meeting held on 24 June 2020
Page 6 of 6
CONCLUSION
There being no other business to transact, the Chairman declared the Meeting closed at 3.30 p.m. He thanked everyone for their attendance and wished all the best of health.
Confirmed as True Record of Proceedings
Yen Wen Hwa
Chairman of Meeting
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New Toyo International Holdings Ltd. published this content on 22 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2020 10:32:02 UTC
