Annual General Meeting

REXIT BERHAD (Company No. 200401029606 (668114-K))

(Incorporated in Malaysia)


SUMMARY OF THE KEY MATTERS DISCUSSED AT THE SEVENTEENTH (17TH) ANNUAL GENERAL MEETING OF THE COMPANY
Greens 3 Club House

Tropicana Golf & Country Resort, Jalan Kelab Tropicana,

47410 Petaling Jaya,

Selangor Darul Ehsan

Friday, 26/11/2021
9.30 AM
AGENDA OF THE 17TH AGM

The Chairman informed that the Audited Financial Statements for the financial year ended 30 June 2021 and the Reports of Directors and Auditors thereon were circulated to all the shareholders of the Company within the statutory period.

The Chairman then opened to the floor for questions. In summary, the questions raised by the shareholders/proxies and responses from Datuk Chung were as follows:-

  • Revenue of the Group
    The Group’s revenue are mainly from Malaysia while contributions from Hong Kong, China and Singapore accounts for 10% - 15%.
  • Growth in overseas market
    Currently, the main overseas market of the Group remains in Hong Kong, China.
  • Competitor and market share in Malaysia
    The Group’s main competitor are insurance companies that develop their own systems. Rexit’s e-Cover currently services about half of the general insurance motor-segment.
  • Income from other investment
    The income from other investment mainly attributable to bank deposits (current) and unit trust investment (non-current).
  • Impact of COVID-19 on business
    COVID-19 has negatively impacted the Group’s business as the insurance market experienced a slowdown.
  • What determined the Group’s growth?
    The major growth of the Company came from new customers and new product development from non-motor insurance.
  • Future plan
    The business performance of the Company relies on the insurance market. It was informed that the Company is developing new product for non-motor insurance.
  • Business trend - online insurance platform
    Online insurance platform fits the business model of providing service anytime, anywhere which most insurance agents operate in.
  • Business growth over the years
    The Company’s business growth over the years mainly derived from new customers and based on the new products developed for non-motor insurance.
  • Challenges faced in operating the business
    Competition from new players, insurance companies who sell their policies directly to the customers, slowdown in the insurance market as well the resources, i.e. sourcing, hiring and retaining IT talent are the main challenges.
  • Explore broader business strategy in near future
    The Group has from time to time submitting proposals for private and Government projects and will continue to do so in the future.
  • Shariah-compliant
    Currently, the Company is classified as Shariah-compliant securities.
  • Company’s Australian Dollar
    The Company does not operate in Australia. The Australian Dollar recorded in the Audited Financial Statements is linked to investment in foreign currency.
  • Available cash and bank balances
    The amount of cash and bank balances totaling about RM20 million is conserved for business expansion and M&A activities.
  • Talent Management

    The Company recruits talent locally.

    The Board duly noted the following suggestions from the shareholders:-

    1. Bonus issues to the shareholders
    2. Declaration of dividend to shareholders
    3. Distribution of treasury shares as dividend to shareholders.

    • There being no other questions from the shareholders/proxies, the Chairman declared the closure of the Question & Answer Session.

    Thereafter, the Chairman proceed to table seven (7) Ordinary Resolutions to the Meeting for the consideration and approval of the shareholders.

    VOTING

    The Company Secretary briefed the floor on the polling procedures. Thereafter, the shareholders and proxies proceeded to cast their vote accordingly. After the requisite time provided, the Chairman then declared the polling closed. The Chairman informed that the verification of the votes by the scrutineer would take 20 minutes and the Meeting will resume at 10.55 a.m. for the declaration of voting results.

    POLL RESULTS

    The meeting resumed at 10.55 a.m. and after obtaining the report from the scrutineer, the Chairman announced the results of the poll as follows:-

    Based on the above results, the Chairman declared that the following resolutions as CARRIED and RESOLVED:-

    Mr. Si Tho Yoke Meng retiring pursuant to Article 131 of the Company’s Constitution, be re-elected as Director of the Company

    Mr. Chan Chee Yuan retiring pursuant to Article 131 of the Company’s Constitution, be re-elected as Director of the Company

    That the payment of Directors’ fees of up to RM120,000 and Directors’ benefits of up to RM6,000 from 27 November 2021 until the next Annual General Meeting of the Company be hereby approved

    That Messrs. Ecovis Malaysia PLT be and hereby re-appointed as Auditors of the Company at a fee to be agreed upon with the Directors of the Company and they shall hold office until the conclusion of the next AGM

    That approval be and is hereby given for Datuk Ng Kam Chiu, who has served as an Independent Non-Executive Director of the Company for a cumulative term of more than twelve years, to continue to act as an Independent Non-Executive Director of the Company

    That, subject to the Companies Act 2016 (“the Act”), the Constitution of the Company and the approvals from Bursa Malaysia Securities Berhad (“Bursa Securities”) and any other governmental/regulatory authorities, where such approval is necessary, the Directors be and are hereby empowered pursuant to Section 75 and Section 76 of the Act, to issue shares in the Company, from time to time and upon such terms and conditions and for such purposes the Directors may deem fit and expedient in the interest of the Company, provided that the aggregate of number of shares issued pursuant to this resolution does not exceed 10% of the issued share capital of the Company for the time being and that such authority shall continue to be in force until the conclusion of the next AGM of the Company.

    That subject to the Act, the Constitution of the Company, the Listing Requirements of Bursa Securities for the ACE Market and the approval of such relevant governmental and/or regulatory authorities where necessary, the Company be and is hereby authorised to purchase its own shares (“Shares”) on the ACE Market of Bursa Securities at any time, upon such terms and conditions as the Directors shall in their discretion deem fit and expedient in the best interests of the Company provided that:

    That, upon the purchase by the Company of its own Shares, the Board be and are hereby authorised to:-

    That, such authority shall commence upon the passing of this resolution and shall continue to be in force until:-

    And that, authority be and is hereby given to the Directors of the Company and/or any one of them to complete and do all such acts and things as they may consider necessary or expedient in the best interest of the Company, including executing all such documents as may be required or necessary and with full powers to assent to any conditions, modifications, variations and/or amendments (if any) as the Directors in their discretion deem it and expedient to give effect to the aforesaid purchase contemplated and/or authorised by this Ordinary Resolution.

    CLOSURE OF MEETING

    There being no other business, the meeting ended at 11.00 a.m. with a vote of thanks to the Chair.