TWENTIETH (20TH) ANNUAL GENERAL MEETING HELD ON 5 MAY 2021
1. The following questions were raised by the shareholders/proxies during the Twentieth (20th) Annual General Meeting (“20th AGM”) held fully virtual at the Broadcast Venue at Level 4, Menara Lien Hoe, No. 8, Persiaran Tropicana, Tropicana Golf & Country Resort, 47410 Petaling Jaya, Selangor Darul Ehsan on Wednesday, 4 May 2021 at 10.30 a.m. and duly replied by the Directors as follows :
Q1 : There were huge difference in revenue generated from 3 business segments as compared to financial year 2019. As a way moving forward, what would be the Board’s direction and focus in generating higher value to NetX and their shareholders ?
The difference is mainly due to revenue generated from Ariantec Sdn Bhd (“Ariantec”), a wholly-owned subsidiary of the Company which specialise in network infrastructure solutions, it is dependent on the contractual jobs. Moving forward, the Board will focus on the businesses that have been approved by shareholders on the Right Issues exercise which completed recently. In view of the challenging business environment, the Board needs to balance the need for growth, whilst monitoring the deteriorating credit environment.
Q2 : Please explain the reason for the proposed change in Constitution.
The proposed amendments are primarily to provide further clarify on certain terms of the Constitution and provide more flexibility for the Company and to ensure the compliance with the Companies Act 2016 and Listing Requirements of Bursa Malaysia Securities Berhad.
Q3 : What is the current outstanding contract value and forecast of 2021 contract value for Ariantec ? Whether the Group foreseen an increase in contract value as compared to year 2020?
The Company is continuously quoting and tendering for such opportunities. As prohibited under the Listing Requirement, the Company would not be able to provide any forecast numbers as this tantamount to a forward looking statement.
Q4 : What is NetX’s plan in generating higher revenue and recurring income in the future?
Beyond GemSpot, the Company is looking at disrupting the foreign exchange environment, as well as the e-lending business, as there is high growth demand in this sector.
2. All proposed resolutions tabled at the 20th AGM were carried and the 20th AGM concluded at 11.15 a.m.